UP TO 50 new jobs will be created in Dublin over the next two years as a global financial services firm announced plans to establish a European base in the capital.

BNY Mellon said it planned to set up a futures and derivatives clearing company, BNY Mellon Clearing International Limited, which would deliver the high-end jobs.

The company, which will be the first Markets in Financial Instruments Directive authorised futures and derivatives clearing company to be established in Ireland, will clear trades for clients in Europe, the Middle East and Africa.

The new jobs will be in finance, risk management, technology, operations, sales, compliance and legal.

BNY Mellon, which offers a range of services to traditional and alternative asset managers, banks, pension funds, insurance companies and corporates, already has operations in Ireland, employing more than 1,800 people in Dublin, Cork, Wexford and Navan. It opened its first office here in 1994.

Ireland is now the second largest location for BNY Mellon, which operates in 36 countries.