UK launched case in July 2011 after ECB first announced the rules
The European Court of
Justice has ruled in favour of the UK government in its dispute
with the European Central Bank (ECB) over rules requiring
clearing houses dealing in euro-denominated products to be
based in the Eurozone.
In its ruling, the
court said the central bank requirements went beyond basic
oversight to intervening in the regulation of clearing houses,
which the courts judged was outside the ECB’s
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