Thomson Reuters to move its Multilateral Trading Facility to Dublin following Brexit

Thomson Reuters is set to move its FX Multilateral Trading Facility (MTF) to Dublin from London following Britain's exit from the EU next year.

The company has opted to transfer its $300 billion-a-day foreign exchange trading facility to Dublin over Amsterdam - where most of its rivals have located.

Thomson Reuters has applied to the Central Bank to move its foreign exchange MTF to Dublin so that it can continue to sell into the EU's single market.

Thomson Reuters building in Canary Wharf, London. Photo: Google images.

As of yet, there are no plans to move London staff to Dublin so the move will create new job opportunities here in Ireland.

The company will transfer all existing client relationships as well as Fixed Income Callouts and Auctions, from RTSL to its new Irish legal entity ahead of the Brexit date.

This will include all EU/UK clients as well as non-EU clients accessing these service.

IDA Ireland today welcomed the announcement.

Martin Shanahan, CEO IDA Ireland said:

“Thomson Reuters’ choice of Ireland is very significant in terms of our ability to attract top international brands that have influence and reach.

"This provides IDA Ireland with another powerful calling card for new types of business within International Financial Services and points to Ireland’s attractiveness to international financial services business.

Ireland has the right mix of regulation, skills, experience and office space to make us a very logical place for financial services to locate.

“Our track record, pro-business environment, highly skilled talented workforce and an unwavering commitment to the European single market continues to appeal to investors.”

Minister for Business, Enterprise and Innovation Heather Humphreys TD said:

"This decision by Thomson Reuters to establish this operation in Dublin is very welcome news and illustrates the strength of Ireland's position in attracting significant companies in the Financial Services Sector.

The Government has been making strenuous efforts to ensure that we have the right conditions in place in Ireland, especially regarding skills availability, to attract the knowledge-based sectors and announcements like this one today are a vindication of these efforts.

"We represent a very attractive base in the Eurozone for these companies and we will continue to pursue new investors in this sector."

- Digital Desk

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