The European Commission has given the securities industry four months to come up with proposals for slashing the costs of cross-border trades, or the EC will impose its own plan. Financial News reports that the EC, irked by cross-border trading costs that are six times higher than domestic ones, has set a "firm timetable for change" – namely, July – for plans to defragmentize the current trading infrastructures.
 
"If there is no substantive move forward," the EC said, "the commissioners made it clear that they would come forward with their choice of policy tools to address the issues before the summer break."