EU executive approves 18-month clearing access for UK

The European Commission has approved a proposal to allow clearing houses in Britain to continue serving European Union customers for 18 months from January, its financial services chief said on Monday.

"This will ensure financial stability, give market participants 18 months to reduce their excessive exposures to UK CCPs, allow EU CCPs to build up their clearing capability," Valdis Dombrovskis said on Twitter.

Britain left the EU in January and its unfettered access to the bloc ends in December. LCH, a unit of the London Stock Exchange, clears the bulk of euro-denominated interest rate swaps.