Fi­nance data firm mov­ing divi­sion from UK to Ire­land be­fore Brexit

Belfast Telegraph - - BUSINESS - BY STAFF RE­PORTER

Shift: Thom­son Reuters’ Neill Pen­ney FI­NAN­CIAL data and news and in­for­ma­tion provider Thom­son Reuters is to trans­fer its $300bna-day for­eign ex­change de­riv­a­tives trad­ing plat­form from Lon­don to Dublin ahead of the UK’s de­par­ture from the Eu­ro­pean Union next year.

Thom­son Reuters runs one of the world’s largest trad­ing plat­forms in the $5 tril­lion-a-day global for­eign ex­change mar­ket.

The move is a blow to Lon­don, but will have lit­tle im­pact on its own in the Re­pub­lic.

Sep­a­rately, Ber­muda-based Aspen In­sur­ance an­nounced yes­ter­day that it is seek­ing au­tho­ri­sa­tion to set up an Ir­ish sub­sidiary to main­tain ac­cess to the EU af­ter Brexit.

Thom­son Reuters has ap­plied to the Ir­ish cen­tral bank to move its for­eign ex­change Mul­ti­lat­eral Trad­ing Fa­cil­ity to Dublin so it can con­tinue to sell into the sin­gle mar­ket post-Brexit, the com­pany said in a state­ment.

Neill Pen­ney, the firm’s co­head of trad­ing, said there were no plans to move staff from Lon­don but that some new per­son­nel would be hired in Dublin.

“It doesn’t mat­ter for our cus­tomers which Eu­ro­pean city we are in ... from a tech­nol­ogy front, the tech­nol­ogy is re­main­ing where it is, which is in Lon­don and New York,” he added.

He said Thom­son Reuters had opted for Dublin over Am­s­ter­dam be­cause it was the most cost-ef­fec­tive, would “min­imise dis­rup­tion for clients” and be­cause Dublin’s grow­ing role as a cen­tre for fi­nan­cial tech­nol­ogy and re­search would “open a num­ber of doors” should the com­pany want to ex­pand.

Even if only the le­gal en­tity moves, the de­par­ture of any part of a cur­ren­cies trad­ing busi­ness will be a blow to Lon­don.

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