EU says Britain's euro clearing extension will be its last

EU Commission Financial Services Chief Mairead McGuinness said she will propose measures to reduce "our excessive dependence" on major clearers based outside the bloc.

The European Union has agreed to prolong until June 30, 2025 permission for Britain's clearinghouses to continue serving customers in the bloc, with officials saying it would be the final extension.

Clearing has become a Brexit battleground between Britain and the EU as the bloc seeks oversight of euro-denominated trades.