See examples:

http://blogs.ft.com/maverecon/2007/10/lessons-from-th.html/
"There are no doubt solid economic efficiency reasons for taking certain financial activities out of commercial banks and out of investment banks, and putting them in special purpose vehicles (SPVs), Structured Investment Vehicles (SIVs, that is, SPVs investing in long-term, often illiquid complex ***securitised financial instruments*** and funding themselves in the short-term wholesale markets, including the ABCP markets), Conduits (SIVs closely tied to a particular bank) and a host of other off-balance-sheet and off-budget vehicles. Incentives for efficient performance, including appropriate risk management can, in principle, be aligned better in a suitably designed SPV than in a general-purpose bank. The problem is that it is very difficult to come up with any real-world examples of off-balance sheet vehicles that actually appear to make sense on efficiency grounds."

http://www.ecb.eu/press/key/date/2000/html/sp000113.en.html
"Evidence shows that the euro area money market is already highly integrated and liquid. Significantly higher trading volumes in this market have already led to lower bid-ask spreads for very short-term maturities. Efforts to integrate national securities markets and settlement systems are under way. The euro is also increasing competition in the banking sector, thus strengthening existing trends towards securitisation, as well as consolidation and/or disintermediation in this sector. ***Securitised financial instruments*** are easier to trade internationally. Furthermore, the unprecedented size of mergers and acquisitions within the euro area is encouraging the development of a large domestic market for corporate bonds. Even a high-risk market segment comparable to the US "junk" bond market is likely to emerge within the euro area over time."

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Note added at 18 mins (2008-05-09 12:40:48 GMT)
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... or US spelling "securitized financial instruments" - see http://www.fasb.org/derivatives/issueb12.shtml
"In evaluating whether a beneficial interest that does not meet the definition of a derivative has an embedded derivative requiring bifurcation under paragraph 12, a beneficial interest holder must consider the terms of the beneficial interest itself and the aggregate sources of cash flows that are available to service the interest. That is, beneficial interest holders must consider whether the nature and extent of cash flows generated by the ***securitized financial instruments*** are or are not consistent with the stated terms of the interest. Further, the consideration of whether a beneficial interest contains an embedded derivative that must be bifurcated should include the priority of interests (that is, the “cash waterfall”), the relative concentration of risks across various tranches of securities issued by the securitization vehicle, and the nature of any additional credit enhancement or other guarantee available to the interests."