"Britain will sue the European Cental Bank to prevent it from implementing a new policy that would drive London's financial services sector to the Continent, according to the FT.
The new policy is part of what the report calls a "turf war" with Germany and France, who seek to move financial clearing houses to Frankfurt or Paris.
From the FT:
at http://www.businessinsider.com/britain-sues-ecb-over-threat-to-its-financial-business-2011-9?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29#ixzz1XwyKBFe9
The new policy is part of what the report calls a "turf war" with Germany and France, who seek to move financial clearing houses to Frankfurt or Paris.
From the FT:
An ECB policy paper, released in the summer, requires clearing houses to be based in the eurozone if they handle more than 5 per cent of the market in a euro-denominated financial product.
Britain will ask the courts to strike down the rule on the grounds that it restricts the free movement of capital and infringes on the right to establish cross-border businesses across a multicurrency European Union..."
at http://www.businessinsider.com/britain-sues-ecb-over-threat-to-its-financial-business-2011-9?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29#ixzz1XwyKBFe9
