US brokerage Interactive Brokers Group has set up an office in Dublin after being authorised by the Central Bank of Ireland. 

The company says it plans to expand its staffing substantially over the next year, and that setting up in Ireland is a response both to Brexit and to its rapid growth in the European market.

Founder and chairman Thomas Peterffy said: “We are expanding to Ireland partly due to Brexit and partly due to our plan of establishing subsidiaries around the world to support our rapid global growth. Client accounts have grown by more than 52% in a year.”

The Connecticut-based company says it is different to most brokerage companies “by pursuing an uncompromising focus on technology as a way to bring professional quality investment tools to both demanding professional traders and the average retail investor”.

Clients residing anywhere in the world can invest in multiple assets classes (in stocks, options, futures, currencies, bonds, and funds) on 135 markets in 33 countries from a single Integrated Investment Account, Interactive says, and adds that it is “well-known for its advanced technology, superior pricing, industry-low margin rates, and tight forex conversion pricing”.

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Its target market ranges from individual investors through hedge funds, proprietary trading groups, financial advisors and introducing brokers.

Barron’s ranked Interactive Brokers as Number 1, with five out of five stars in its February 2020 Best Online Broker Review. In Ireland, it will trade as Interactive Brokers Ireland Ltd.