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Thomson Reuters to move foreign exchange derivative trading to Ireland

Updated: 15.20 The finance and media company Thomson Reuters is to move its foreign exchange deri...
Newstalk
Newstalk

11.38 15 May 2018


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Thomson Reuters to move foreig...

Thomson Reuters to move foreign exchange derivative trading to Ireland

Newstalk
Newstalk

11.38 15 May 2018


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Updated: 15.20

The finance and media company Thomson Reuters is to move its foreign exchange derivative trading facility from London to Dublin.

The company says it has applied to the Central Bank to move its facility because of Brexit.

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In a statement, the company says: "Thomson Reuters has commenced the process of applying to the Central Bank of Ireland for authorisation to operate its FX Multilateral Trading Facility from Dublin rather than London as a result of the UK's planned departure from the European Union.

"It is our intention to transfer all existing client relationships of the Thomson Reuters MTF and Dealing, as well as Fixed Income Callouts and Auctions, from RTSL to our new Irish legal entity ahead of the Brexit date."

Thomson Reuters told clients on Tuesday it had applied for a licence.

It will be used to cover the derivatives business - the largest in Europe - which trades more than US$300bn (€251bn) a day.

Neill Penney, the company's co-head of trading, said there were no plans to move staff from London but that some new personnel would be hired in Dublin.

He said Thomson Reuters had opted for Dublin over Amsterdam because it was the most cost-effective, would "minimize disruption for clients" and because Dublin's growing role as a centre for financial technology and research would "open a number of doors" if the company wanted to expand.

"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 said.

Foreign exchange (FX) derivatives are contracts to buy or sell foreign currencies at a future date.

Thomson Reuters is the parent of Reuters News and controlled by Canada's Thomson family.

The global firm provides financial, legal and news and media services.


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