Global financial services firm DTCC is to open new offices in Dublin which will enable it to keep on providing an authorised regulatory reporting service for clients in the EU27 and the UK as Brexit looms.
The US-based Depository Trust & Clearing Corporation (DTCC) has had a presence in Europe for over two decades, including in London, Brussels, Frankfurt and Stockholm.
EMEA managing director Simon Farrington said: “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.”
DTCC offers a Global Trade Repository (GTR) service for over-the-counter and exchange-traded derivatives reporting, which it says is the largest trade repository in the world.
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GTR chief executive Andrew Douglas (pictured) added: “DTCC’s GTR serves approximately 80% 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 requirements under the relevant legislation in both jurisdictions.”
The company is now recruiting for several open positions, including a systems director and general manager. Those interested should get in touch with Radley Barco at rbarco@dtcc.com.
DTCC is owned by the industry, it says, and operates facilities, data centres and offices in 16 countries, centralising and standardising “processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers”.
IDA Ireland is supporting the company’s move to open offices in Dublin. Executive director Mary Buckley said: “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.”
In 2017, DTCC’s subsidiaries processed securities transactions valued at more than $1.61 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at $57.4 trillion.
