Britain victorious in clash over City of London clearinghouses

London

BRITAIN has scored a rare victory in its bid to challenge European Union powers over the City of London as EU judges sided with the UK in a clash with the European Central Bank (ECB) on clearinghouses.

The EU General Court in Luxembourg ruled on Wednesday that the ECB lacks legal powers to dictate the location of the clearing of euro-denominated trades. It said that the central bank would require a change in EU law to win those rights.