The Depository Trust and Clearing Corporation (DTCC) is planning to open a new office in Ireland to ensure it continues to fully serve European clients after the UK’s exit from the EU.
The new office in Dublin will house its Global Trade Repository (GTR), one of the most used infrastructures for reporting OTC and exchange traded depositories, to ensure its users can meet European regulatory requirements.
“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, managing director, EMEA at DTCC.
“We look forward to hiring and developing a local team, and working with lawmakers, regulators, trade associations and other key industry stakeholders to ensure the success of our new operations in Ireland.”
DTCC’s GTR currently accounts for 80% of the global derivatives reporting market, and is the largest in Europe.
According to DTCC’s Andrew Douglas, CEO of DTCC’s European GTR, the reporting house will maintain a presence in the UK, as well as establishing a new trade repository entity in Ireland.
DTCC is the latest market infrastructure planning to move its European operations from London to Ireland. Clearstream had announced their ambition to add 200 new jobs to its Cork office, while Euroclear, which had rollback tentative plans on opening an Irish central securities depository (CSD), had said it will look at alternative ways to carry out settlement services in Ireland.
“As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities and the Government has, therefore, been making strenuous efforts to ensure that we have the right conditions in place in Ireland to attract the key knowledge-based sectors,” said Heather Humphreys, Ireland’s minister for business, enterprise and innovation.