EU court to rule on ECB challenge to UK clearing
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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.
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