Clearing may be early test for London

Britains Chancellor of the Exchequer George Osborne speaks at a news conference in central London, Britain June 27, 2016. REUTERS/Richard Pohle/Pool

LONDON: A battle George Osborne (pic) won last year against the European Central Bank (ECB) may have to be re-fought, showing one of the many ways UK leaders could be forced to defend London’s position as a leading financial centre.

In a rare British victory at the European Union’s (EU) general court, judges in March 2015 sided with Chancellor of the Exchequer Osborne by saying the central bank can’t dictate where euro-denominated trades are cleared.