DTCC to open Dublin office ahead of Brexit

The Depository Trust & Clearing Corporation, the world’s largest repository for over-the-counter and exchange-traded derivatives reporting, is to open an office in Dublin ahead of the UK’s departure from the EU.

The firm, which currently employs over 300 people in the UK, said that the opening of an office in the Irish capital would allow it to continue to provide a regulatory reporting service for its clients in the EU27 from March 2019.

Andrew Douglas, chief executive of DTCC’s European repository business, said: “Regardless of the outcome of the final negotiations between the EU and the UK, DTCC’s global trade repository will maintain a presence in the UK as well as aim to establish a new trade repository entity in Ireland.”

The announcement follows a warning issued last week by the European Securities and Markets Authority (Esma), the EU financial markets regulator, that financial services firms have not done enough to prepare for a “hard” or “no-deal” Brexit.

Esma’s warning follows the publication of a statement by the European Banking Authority in June which concluded that financial firms’ preparations for Brexit are “inadequate”.

DTCC’s global trade repository maintains approximately 40 million open over-the-counter positions per week and processes over one billion messages per month. It holds reporting data on around 80% of global derivatives trades.

The move by DTCC follows applications filed last month by the stock exchanges Cboe Europe and Turquoise to open offshoots in Amsterdam in preparation for Brexit.

©2018 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

Innovative US companies are providing some of the solutions to the climate crisis and transition to a more sustainable economy. We see potential opportunities in areas including renewable energy and…
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

IRELAND SPOTLIGHT

Visit our dedicated Ireland channel for all the latest news and analysis on the country's investment industry.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST