Wednesday 15 August 2018

DTCC begins recruitment drive as it opens new Dublin office ahead of Brexit

Ireland is home to 20 of the world’s top 25 financial services companies (Stock)
Ireland is home to 20 of the world’s top 25 financial services companies (Stock)
Louise Kelly

Louise Kelly

A global financial services firm is planning on opening a new office in Dublin ahead of the UK's exit from the European Union next March.

The Depository Trust & Clearing Corporation (DTCC) said it was extending its presence in Europe to continue providing its Global Trade Repository (GTR) service for clients across The EU and the UK post-Brexit.

The largest trade depository in Europe, DTCC offers a GTR service for over-the-counter and exchange traded derivatives reporting to around 80pc of the global financial market.

"DTCC has had a strong presence in Europe for over two decades, including in London, Wrexham, Brussels, Frankfurt and Stockholm. 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."

CEO of DTCC’s European GTR and Managing Director for Government Relations across EMEA Andrew Douglas said that, regardless of the outcome of the final negotiations between the EU and the UK, its GTR will maintain a presence in the UK as well as establish a new trade repository entity in Ireland.

"[This will ensure] ongoing compliance with both ESMA and the Financial Conduct Authority (FCA)’s requirements under the relevant legislation in both jurisdictions," he said.

DTCC’s selection of Dublin as its location highlights the solution that Ireland can offer for companies considering their Brexit strategy, according to Minister of State for Financial Services and Insurance Michael D’Arcy TD.

Executive Director at IDA Ireland Mary Buckley said she was pleased that DTCC had chosen Dublin as its preferred location to establish its new base for its EU27 derivatives reporting business.

"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.

"Ireland is home to 20 of the world’s top 25 financial services companies and our pro-business environment, access to the UK and EU markets and highly skilled talent pool continues to attract investment from the global financial services industry."

The recruitment process for the new office has already begun, including for the position of systems director and general manager.

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