Author: Mike Paterson

In news out earlier this morning the UK has scored a notable victory over the ECB with regards to the clearing of large euro transactions

The UK has won a court ruling against the ECB which could have forced firms handling large euro transactions to move to the Eurozone.

The surprise victory ends a three-year dispute which could have banned the clearing and settlement of euro-transacted deals in the UK after the ECB had said firms managing large euro deals should be Eurozone-based.

But the EU General Court has ruled that the ECB lacked the legal powers to enforce this saying:

The ECB lacks the competence necessary to regulate the activity of securities clearing systems as its competence is limited to payment systems alone

A victory for common sense methinks

The BBC carries more here



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