Euroclear considers Dublin move

Settlement bank Euroclear is looking at the option of setting up a branch or a subsidiary to provide a route between its UK and Irish markets following Brexit, the head of its UK and Irish operation said yesterday.

Brussels-based Euroclear’s UK operation Crest currently settles UK and Irish shares and John Trundle did not rule out the settlement of Irish shares moving from London to the continent. Settlement refers to the final leg of a financial trade, when legal ownership is exchanged for cash.

“That will have to change a bit in the light of Brexit and we are looking at the options of a branch and a subsidiary to try to provide a route by which we can provide solutions to this market,” John Trundle told a conference in Dublin.