UK prepares to do battle with ECB

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The British Treasury has confirmed it will take the European Central Bank (ECB) to court over proposed new clearing house location regulations.

Under the ECB plan, clearing houses that handle more than 5% of the market in a euro-denominated financial product would have to be based in the eurozone.

This would be a significant blow to the City of London, where finance is the core business. The Treasury has come out swinging, saying it is prepared to take the argument all the way to the European Co

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