UPDATE 1-EU extends equivalence for Swiss stock exchanges to end-June

The European Commission will allow Swiss stock exchanges to access the European Union market until the end of June, Johannes Hahn, the EU commissioner in charge of relations with neighbouring countries, said on Monday. The decision, to be formalised after consultations with EU states, temporarily extends the existing "equivalence" regime that permits Swiss financial firms to operate in the 28-nation bloc after it expires at the end of this year.

"We have decided to extend this equivalence for share trading venues for another six months," Hahn told a news conference. The decision is meant to give the Swiss government more time to endorse a new treaty that would govern its relations with the EU. The draft treaty agreed with Brussels is subject to public consultation until "spring", the Swiss government has said.