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LONDON, March 4 (Reuters) - The European Union's
second-highest court has ruled the European Central Bank (ECB)
was wrong to insist that euro clearing houses should be based in
the single currency area, apolicy Britain had challenged.
The General Court said on Wednesday it annulled the policy
published by the ECB, which required clearing houses to be
located in the 19-country euro zone.
"The ECB does not have the competence necessary to impose
such a requirement on central counterparties involved in the
clearing of securities," the Luxembourg-based General Court said
LONDON, March 4 (Reuters) - The European Union's
second-highest court has ruled the European Central Bank (ECB)
was wrong to insist that euro clearing houses should be based in
the single currency area, apolicy Britain had challenged.
The General Court said on Wednesday it annulled the policy
published by the ECB, which required clearing houses to be
located in the 19-country euro zone.
"The ECB does not have the competence necessary to impose
such a requirement on central counterparties involved in the
clearing of securities," the Luxembourg-based General Court said