The European Union’s highest court struck down a U.K. challenge to ban shortselling. The case stemmed from a 2012 EU regulation which gave the European Securities and Markets Authority (ESMA) the right to regulate and prohibit short-selling in the 28-nation bloc in order to protect financial markets from speculative trading. The U.K. has repeatedly resisted attempts for more centralized regulation. There are currently two separate challenges before the Court of Justice which have yet to be resolved. There is a challenge on an EU-wide cap on banker bonuses and a proposed financial transaction tax in 11 EU member states. The Deal’s Renee Cordes reports from Brussels.
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