Ahead of the UK’s planned withdrawal from the EU, The Depository Trust & Clearing Corporation (DTCC) plans to extend its presence in Europe by adding a new location in Dublin.
According to DTCC, they will continue to provide an authorised regulatory reporting service for clients in the EU27 and the UK.
Simon Farrington, managing director, Europe, the Middle East and Africa (EMEA) at DTCC, said: “DTCC has had a strong presence in Europe for over two decades, including in London, Wrexham, Brussels, Frankfurt and Stockholm.”
He continued: “Our continued growth and desire to get ahead of new regulatory obligations, because of Brexit, now takes us across the Irish Sea to Dublin.”
“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.”
Andrew Douglas, CEO of DTCC’s European GTR and managing director for government relations across EMEA, commented: “DTCC’s GTR serves approximately 80 percent of the global financial market, and, according to European Securities Markets Authority (ESMA) figures, is operating as the largest trade repository in Europe.”
“Regardless of the outcome of the final negotiations between the EU and the UK, DTCC’s GTR will maintain a presence in the UK as well as aim to establish a new trade repository entity in Ireland, ensuring ongoing compliance with both ESMA and the Financial Conduct Authority’s (FCA) requirements under the relevant legislation in both jurisdictions.”
Heather Humphreys, minister for business, enterprise and innovation, said: “I was delighted to see that DTCC will be opening an office in Dublin. This once again shows that Ireland is now a major player and a very attractive location for financial services companies from all over the world.”
Michael D’Arcy, minister of state for financial services and insurance, noted: “The government will continue to work closely with the industry to implement the IFS2020 Strategy in its aim to promote Ireland as the European location of choice for specialisation and innovation in financial services.”
Mary Buckley, executive director at IDA Ireland, added: “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.”
Image: Shutterstock 