LONDON, Feb 28 (Reuters) - The European Union's deal this month on rules to end the bloc's reliance on London for clearing derivatives is "light" on big banks, but just a first step, EU financial services chief Mairead McGuinness said on Wednesday.

"The final agreement is not as ambitious as I would have hoped. It's complex, it has as a lot of exemptions, and it's relatively light for the largest market participants," McGuinness told a conference held by Deutsche Boerse Group in Frankfurt.

"This is not the end, but rather the first steps of addressing our concerns, so I ask the industry to continue to pay attention to this issue and to actively reduce exposures to CCPs (clearing houses) outside the EU," she said. (Reporting by Huw Jones; Editing by Alison Williams)