A US financial services company is hedging its bets ahead of Brexit by establishing an office in Ireland in advance of the March 2019 UK departure date.
The Depository Trust and Clearing Corporation (DTCC), which holds around the data for around four-fifths of the global derivatives market, said Wednesday it intends to open a Dublin office to continue offering services for clients in the 27 EU countries and the UK.
DTCC offers post-trade services to the financial services industry and its global trade repository serves around 80 per cent of the global market.
"Our continued growth and desire to get ahead of new regulatory obligations, because of Brexit, now takes us across the Irish Sea to Dublin," said Simon Farrington, the company's Europe, Middle East and Africa managing director.
The company, which is the largest trade repository in Europe, intends to maintain its UK presence irrespective of the outcome of Brexit negotiations.
"We're pleased that DTCC has chosen Dublin as its preferred location to establish its new base for its EU27 derivatives reporting business," said Mary Buckley, executive director at IDA Ireland.
“Having one of the world’s leading post-trade market infrastructure providers establish in Ireland will add to our growing capabilities and reputation as an international financial services location of choice. Ireland is home to 20 of the world’s top 25 financial services companies and our pro-business environment, access to the UK and EU markets and highly skilled talent pool continues to attract investment from the global financial services industry.”
While it’s unclear how many people DTCC intends to hire, it has begun recruitment for positions including a systems director and general manager.
