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Britain’s FX & clearing industry saved from mandatory relocation to eurozone as ECB loses court case 

March 9, 2015

Andrew Saks-McLeod, LeapRate

Europe’s central bank has lost a court case which would have mandated relocation of firms managing financial trades in euros from London to the Eurozone. With London a strong world financial center, this ruling marks a milestone victory which ensures the continued presence of the electronic trading sector in its de facto home.

A long, drawn out court case has been won against the European Central Bank (ECB) which marks a major milestone in protecting London’s financial center from the European Commission’s attempts to instigate rulings that would have required British companies managing financial trades in euros to relocate to the eurozone.

The judgement, which was delivered on Wednesday this week by the General Court, located in Luxembourg, is instrumental in putting an end to a three year dispute between the British authorities and the European Central Bank over whether the European Central Bank has the authority to require British companies handling large trades in euros to be based in the 19-country currency bloc.

Read More: LeapRate

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