EU vote could reopen euro clearing fight

By Owen Sanderson
23 Jun 2016

A British vote to leave the European Union could lead to the reopening of a spat between the Bank of England and the European Central Bank over clearing euro-denominated trades. Last year, the UK won a court battle in the European Court of Justice, keeping the right to clear euro-denominated trades outside the eurozone.

“If they wanted to revive the attempt after a UK exit, there’d be nothing to stop them,” said Simon Gleeson, a partner at Clifford Chance in London. “The ECB really does believe it is unsafe for CCPs to settle trades in non-central bank money.”

The case was brought ...

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