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EU court backs UK on euro trading

A European Union high court has handed Britain and its London financial hub a victory by ruling against a European Central Bank (ECB) decision that would have forced financial institutions clearing trades in euros to be based in the eurozone.

So-called clearing houses ensure financial contracts such as futures are honoured, reducing risk for traders.

In its role as financial overseer, the ECB wanted to make clearing houses that mainly process trades denominated in euros to be based in one of the 19 euro states.

Today the General Court annulled the policy.

London is Europe's predominant financial centre and the ECB's proposal could have eroded its position and cost thousands of jobs.

Britain called the decision "a major win".

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