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JUSTIÇA NO EXTERIOR •
THE GUARDIAN (LO) • BUSINESS • 15/9/2011
UK takes ECB to court to save City s euro trading
Action to counter plan by ECB to force clearing houses to move into eurozone
Jill Treanor
The Treasury is ready to take
the European Central Bank
(ECB) to the EU"s highest
court to block rules that
could jeopardise the City of
London as a centre for trading
in euro-dominated financial
instruments.
The legal action follows a
plan by the ECB to force
many of the specialist clearing
houses that, in effect,
guarantee trading in financial
products to move into the
eurozone.
Through its new location
policy, the ECB wants any of
the so-called "central counterparties"
that handle more
than 5% of a eurodenominated
product to be
based in the eurozone. This
could force organisations
such as the LCH Clearnet
clearing house to re-evaluate
its base in London. The Treasury
will argue at the European
Court of Justice that
the ECB plan contravenes the
principles of the European
Union and EU law, including
the free movement of services
and capital across the
union.
A Treasury spokesperson
said: "This decision contravenes
European law and fundamental
single market principles
by preventing the clearing
of some financial products
outside the euro area.
That is why we have begun
proceedings against the ECB
through the European Court
of Justice. The government
wants to see this resolved
swiftly and without involving
the courts but, if necessary,
will not shy away from continuing
legal action to make
sure there is a level playing
field across the EU for British
businesses."
The policy change was posted
on the ECB"s website at
the start of July and could
affect the City, home to a
vibrant and large market of
euro-denominated financial
products such as interest rate
swaps.
The Treasury is fighting to
maintain London"s position
as a leading financial centre
and is sensitive to any EU
rules that might put the City
at a disadvantage.
Michael McKee, partner at
law firm DLA Piper, said:
"There would certainly appear
to be a prima facie arguable
case that any attempt to
require a clearing house, located
in the EU but outside
of the eurozone, to relocate
inside the eurozone breaches
EU treaty free-movement
requirements. The EU treaties
relate to all EU countries.
The eurozone is not a separate
legal entity for EU treaty
purposes."
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