Monday 17 June 2019

Brokers work on despite Dublin stock exchange closure

Investec remained open yesterday. Photo: Philip Toscano/PA
Investec remained open yesterday. Photo: Philip Toscano/PA
Ellie Donnelly

Ellie Donnelly

Irish stockbrokers trooped into work yesterday with Davy, Goodbody, Investec and Cantor Fitzgerald all open for business - despite the decision by the new owner of the Irish Stock Exchange to shut for a continental-style May Day holiday.

In a twist, the stockbrokers will also have to work on Monday because the exchange here will open despite the Irish bank holiday and the London markets being closed.

Euronext, which bought the renamed Euronext Dublin last year, closed its stock exchanges in Paris, Brussels, Amsterdam and Lisbon yesterday.

For the first time the Irish bourse also closed for a May Day holiday - but the wider Dublin market did not follow suit.

Deep ties of culture and money mean the Irish stockbroking community remains much more in step with London than with Paris, so staff at all of the Irish finance houses worked a normal - albeit quieter than usual - day yesterday.

A spokesperson for Goodbody said the Euronext Dublin closure didn't really affect it because the bulk of companies its analysts and traders follow are listed in London too.

"A small number just trade in Dublin today - this matters a lot less than 10 years ago. We are fully staffed today.

"While Dublin is important to us, the bulk of our capital market trading is done through London."

That view was shared across the Irish market.

Indo Business

Also in Business