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Financial trade processing infrastucture provider the Depository Trust & Clearing Corporation (DTCC) is opening an office and recruiting staff in Ireland’s capital city, Dublin, to ensure it can continue to provide its services to customers in the European Union (EU) after the UK leaves the trading bloc.
This is another example of how financial services IT jobs could leave London following Brexit.
DTCC, which has UK operations in London and Wrexham, as well as in other major European cities, is opening the Dublin office as a direct result of Brexit.
“Our continued growth and desire to get ahead of new regulatory obligations, because of Brexit, now takes us across the Irish Sea to Dublin,” said Simon Farrington, managing director Europe at DTCC.
The company will hire and develop a local team. Firms processing trades after execution have sophisticated IT infrastructures which support the highly automated trading sector. These organisations require skilled IT professionals.
Andrew Douglas, managing director for government relations at DTCC, said the company would retain UK operations.
“Regardless of the outcome of the final negotiations between the EU and the UK, DTCC will maintain a presence in the UK, as well as aim to establish a new trade repository entity in Ireland, ensuring ongoing compliance with both ESMA [European Securities and Markets Authority] and the Financial Conduct Authority [FCA] requirements under the relevant legislation in both jurisdictions,” he said.
Mary Buckley, IDA Ireland
EU cities, including Dublin and Paris, are eager to attract bankers. Speaking to Computer Weekly in March, Shane Nolan, senior vice-president of technology at IDA Ireland, which is responsible for attracting foreign investment to Ireland, said: “Financial services is the most high-profile industry to be affected by Brexit because the re-regulation of banks and financial businesses takes so long.
“Financial services firms don’t have time to wait and see what the Brexit agreement between the UK and EU is going to be,” he said.
These companies are making moves now. At the time, Nolan said IDA had brought in about 28 financial institutions of various sizes and profiles since the Brexit vote, all of which were Brexit-driven. DTCC is another example.
Mary Buckley, executive director at IDA Ireland, said: “Having one of the world’s leading post-trade market infrastructure providers [DTCC] establish in Ireland will add to the country’s capabilities and reputation as an international location for financial services.
“Ireland is home to 20 of the world’s top 25 financial services companies. Our pro-business environment, access to the UK and EU markets, and highly skilled talent pool continues to attract investment from the global financial services industry.”
Read more about how Brexit will affect UK IT
- Loss of access to the single market and the ability for banks to trade across Europe will inevitably mean the UK is no longer the place for fintechs to be headquartered.
- Brexit fears and frustrations are mounting for UK tech sector leaders.
- Fintech is one of the most promising tech sectors in the UK, but it could be the one that suffers most as a result of the UK leaving the EU.
- Business and tech experts give their verdict on prospects for the UK as Brexit negotiations finally get under way.