Banks and money managers can continue to process their transactions via so-called clearing houses in Great Britain.
On Tuesday, the EU Commission extended an exemption rule that allows financial institutions to continue operating in the EU after Brexit.
Clearing houses are particularly located in the financial capital of London, for example the London Stock Exchange (LSE) has its own clearing house.
For example, they settle transactions in securities between buyers and sellers and provide a buffer against risk if one of the parties cannot fulfill their part of the purchase contract.
The exemption for financial service providers would actually have expired at the end of June, but is now valid until June 2025. During this time, the EU should expand its own clearing capacities and corresponding supervision in order to reduce its dependence on institutions from third countries.
"Central clearing houses play an important role in containing risks in the financial system," Commissioner Mairead McGuinness said in a statement.
The EU Commission also launched a public consultation on how to expand the clearing system and intends to present concrete proposals in the second half of 2022.
Parallel to the EU Commission's decision, Deutsche Börse's clearing house, Eurex Clearing, published record figures for the clearing of over-the-counter euro transactions in January.
The average volume of interest rate derivatives traded over the counter grew to 276 billion euros.
According to estimates by the Bloomberg news agency, however, this is only a fraction of the volumes processed by clearing houses in London.