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Brexit win for Dublin as world's largest repository, Depository Trust & Clearing Corporation (DTCC) establishes a post trade markets infrastructure GTR service for OTC and exchange traded derivatives Back
July 18th 2018: The largest trade repository in the world DTCC, said in a statement today that it will extend its presence in Europe by adding a new location in Ireland ahead of the UK's withdrawal from the EU. The decision to choose Dublin is a win for Ireland, in the light of post Brexit competition amongst EU-27 jurisdictions to attract financial infrastructure businesses in the wake of Brexit, with Amsterdam a strong competitor to gain much of the UK Brexit-related drift to date in other areas of the financial infrastructure ecosystem, such as exchanges.
The Depository Trust & Clearing Corporation’s DTCC derivatives repository accounts for almost half of EMIR (EU regulated OTC) swaps reporting.

Steven Maijoor, the chairman of the European Securities & Markets Authority in the past year called on trade repositories and credit ratings agencies to draft Brexit contingency plans. “As a direct supervisor of credit rating agencies and trade repositories within the EU, with a number of entities headquartered in London, ESMA requires appropriate contingency plans from individual supervised entities,” he has said.

“We’re pleased that DTCC has chosen Dublin as its preferred location to establish its new base for its EU27 derivatives reporting business,” said Mary Buckley, Executive Director at IDA Ireland. “Having one of the world’s leading post-trade market infrastructure providers establish in Ireland will add to our growing capabilities and reputation as an international financial services location of choice. Ireland is home to 20 of the world’s top 25 financial services companies and 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. We wish DTCC much success and look forward to working with them in the months and years ahead.”

Ireland's Ministries for Business, Enterprise and Innovation as well as Financial Services and Insurance joined IDA Ireland in welcoming DTCC’s move.

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announced that it intends to open a new office in Dublin 'to continue providing an authorised regulatory reporting service for clients in the EU27 and the UK as the UK advances towards a departure from the European Union (EU) in March 2019'. DTCC offers a Global Trade Repository (GTR) service for over-the-counter and exchange traded derivatives reporting – the largest trade repository in the world.

“DTCC has had a strong presence in Europe for over two decades, including in London, Wrexham, Brussels, Frankfurt and Stockholm. 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, EMEA at DTCC. “We look forward to hiring and developing a local team, and working with lawmakers, regulators, trade associations and other key industry stakeholders to ensure the success of our new operations in Ireland.”

“DTCC’s GTR serves approximately 80% of the global financial market, and, according to European Securities Markets Authority (ESMA) figures, is operating as the largest trade repository in Europe,” said Andrew Douglas, CEO of DTCC’s European GTR and Managing Director for Government Relations across EMEA. “Regardless of the outcome of the final negotiations between the EU and the UK, DTCC’s GTR 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 and the Financial Conduct Authority (FCA)’s requirements under the relevant legislation in both jurisdictions.”

“I was delighted to see that DTCC will be opening an office in Dublin. This once again shows that Ireland is now a major player and a very attractive location for financial services companies from all over the world,” said Ms. Heather Humphreys TD, Minister for Business, Enterprise and Innovation. “We have the right skills and structures to support new projects and to welcome new investors. As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities and the Government has, therefore, been making strenuous efforts to ensure that we have the right conditions in place in Ireland to attract the key knowledge-based sectors. I look forward to our mutually beneficial relationship continuing to develop in the years ahead.”

“This is an exciting time for international financial services in Ireland and DTCC’s selection of Dublin as its location highlights the solution that Ireland can offer for companies considering their Brexit strategy,” said Michael D’Arcy TD, Minister of State for Financial Services and Insurance. “The Government will continue to work closely with the industry to implement the IFS2020 Strategy in its aim to promote Ireland as the European location of choice for specialisation and innovation in financial services. I wish DTCC every success in the future and I look forward to working with them.”

DTCC is now actively recruiting for several open positions, including a Systems Director and General Manager. Interested individuals should get in touch with Radley Barco: rbarco@dtcc.com

In May, Thompson Reuters announced the establishment of an MTF business in Dublin , and earlier this year the International Swaps and Derivatives Association (ISDA) nominated irish courts along with French Courts as the operatible jurisdictions for determinations regarding its new Master Agreements applicable post Brexit.

With 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to financial markets. In 2017, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.61 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at U.S. $57.4 trillion. DTCC’s Global Trade Repository maintains approximately 40 million open OTC positions per week and processes over one billion messages per month.

Only two of the seven ESMA-registered TRs collecting swaps data under the European Markets Infrastructure Regulation are based in the EU27. Regis-TR, a joint venture between Clearstream and Spanish central securities depository Iberclear, is in Luxembourg, while KDPW in Poland operates a specialist repository for domestic financial instruments.

The Depository Trust & Clearing Corporation’s DTCC Derivatives Repository, which accounts for almost half of EMIR swaps reporting, is one of at least two London-based TRs likely to establish a separate EU27 entity to ensure pan-European coverage post-Brexit.

Unlike most of its competitors, DTCC already operates a multi-jurisdiction model with eight separate repositories including five across Asia-Pacific.
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