February 6, 2017 / 3:26 PM / 10 months ago

Accept European Court or risk losing euro clearing, ECB tells UK

FRANKFURT, Feb 6 (Reuters) - Whether Britain accepts the authority of the European Court of Justice will be a key factor when the European Central Bank decides if the clearing of euros can remain in London after Brexit, ECB President Mario Draghi said on Monday.

“It’s too early to take a firm stance on the regulatory framework that should be established once the UK leaves the EU,” Draghi told a European Parliament committee.

“What is important is that we don’t step back on the single market. And to be part of the single market, you have to be subject to the European Court of Justice. We’ll have to look carefully at that.”

The ECB has a say in approving a planned merger between the London Stock Exchange and Deutsche Boerse, with the location of the headquarters and the clearing operations seen as a possible sticking point. (Reporting By Francesco Canepa; Editing by Kevin Liffey)

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