Brussels is proposing to dump the companies running its live share trading database if they fail to meet revenue targets for two years, a move that has raised concerns among some industry participants about the effectiveness of the ambitious project.
The European Commission has suggested setting minimum turnover targets for the companies running a database of live stock information, known as a consolidated tape, according to documents seen by the Financial Times. If the data provider fails to meet the target for two years, officials could withdraw its tender, according to a proposal circulated in Brussels.
The plans form the basis for a meeting between officials and industry on Thursday that will try to hammer out the fine details for running the tapes.