The European Central Bank (ECB) today lost a legal battle over the location of central counterparties (CCPs) in Europe, after the EU's general court ruled in favour of the UK.
The legal action, brought by the UK and backed by Sweden, stemmed from a rule imposed by the ECB requiring CCPs throughout the EU that clear large volumes of euro-denominated securities to be based within the boundaries of the eurozone, to simplify the provision of emergency liquidity.
The ECB argued this was necessary bot
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