UK To Sue ECB Over Changes To European Banking Rules(RTTNews) - The U.K. government has decided to take legal action against the European Central Bank (ECB) over proposed changes to European banking rules that could prevent clearing houses in the U.K. from dealing with euro-denominated financial products, according to reports.
The new policy will force all major clearing houses dealing with euro-denominated financial products to relocate to Eurozone, which may hurt the City of London and jeopardize its position as a major market in financial services, reports said.
The ECB policy requires clearing houses that handle more than 5 percent of the market in a euro-denominated financial product to be based in Eurozone.
http://www.rttnews.com/ArticleView.aspx?Id=1714177
It's all about "how much you made when you were right" & "how little you lost when you were wrong"