EU court to rule on ECB challenge to UK clearing
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 area. The central bank argues that this would make it easier to help an ailing clearer.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’