UK wins court battle with ECB over clearinghouses locations
EU judges have sided with the UK over the location of clearinghouses. The ruling stated that the ECB doesn't have the legal powers to dictate the locations of clearing of euro-denominated trades.
The ECB wanted euro trades to be cleared within the eurozone only, saying that its oversight needs day to day watching, something it can't guarantee outside of the 19 nation block.
The UK fought the action on the basis that locating clearinghouses in the EZ would affect the City the most and discriminate the other EU members not in the EZ
It's no surprise to hear that UK politicians are heralding this as a win against Europe's power grab. It's also being trumpeted as a positive for Britain's EU membership with a Lib Dem MEP saying that if the UK was outside of Europe we would not have been able to make this challenge.
The BOE has also just come out with comments saying that they have noted the EU court judgement and will continue to work with the ECB on financial stability
The UK has lost other cases against Europe, most notably over the short selling ban and bank bonuses. We were also told off for making a noise in daring to stand up to the FTT.
There's more from Bloomberg here
