Finance data firm moving division from UK to Ireland before Brexit

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.