The Depository Trust & Clearing Corporation (DTCC) has announced intentions to open a Dublin office ahead of the UK’s planned withdrawal from the European Union in March 2019.

“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 for 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.”

The post-trade market infrastructure provider wants to continue providing an authorised regulatory reporting service for clients in the European Union and the UK. DTCC offers a Global Trade Repository (GTR) service for over-the-counter and exchange traded derivatives reporting.

Andrew Douglas, chief executive of DTCC’s European GTR and managing director for government relations across EMEA, explained that the GTR serves approximately 80 per cent of the global financial market and operates 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 European Securities and Markets Authority and the Financial Conduct Authority’s requirements under the relevant legislation in both jurisdictions,” he said.

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