Frankfurt — The European Central Bank (ECB) made a play for power over London’s lucrative clearing industry, bolstering its case in a key issue in Brexit talks between the EU and the UK. The Frankfurt-based ECB seeks to change its legal statute to be given a "clear legal competence" over clearing of euro-denominated financial instruments, it said in a statement on Friday. Specifically, it asked to change Article 22 of its statute to say: "The ECB and national central banks may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems, and clearing systems for financial instruments, within the Union and with other countries." The central bank said the legal change would allow it to fully exercise the powers laid out in a clearing proposal from the European Commission. These include "a significantly enhanced role" for the ECB and eurozone central banks in supervising clearing houses, particularly systemically important ones locate...
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