George Osborne beats ECB in clearing house ruling
by Jill Treanor from on (#4949)
European court rules that they should not be forced to move from London to the eurozone in a victory for the chancellor
George Osborne declared a victory over Europe on Wednesday after a landmark ruling that protected the City's position as a major financial centre and prevented leading clearing houses being forced to move out of London.
The European Central Bank had argued that clearing houses - such as LCH Clearnet, which step in between major banks and financial firms on big deals to guarantee the transactions - should be based in the eurozone as they handle euro-denominated deals.
