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EU court to rule on ECB challenge to UK clearing
Published Sun, Feb 22, 2015 · 09:50 PM
London
THE European Union's (EU) top court rules next month on a battle between the European Central Bank (ECB) and Britain whose outcome could reduce London's role as the bloc's top financial centre, lawyers said.
The ECB says clearing houses - third parties standing between two sides of a trade to ensure its completion - that process more than 5 per cent of any euro-denominated security should be based in the single currency …
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