The Depository Trust and Clearing Corporation has joined the rash of firms opening new offices in Europe to avoid the fall out from Britain's upcoming exit from the European Union.
The New York post-trade infrastructure has begun a recruitment offensive in Dublin, Ireland following the opening of a new base in the Irish capital for its Global Trade Repository service.
"Our continued growth and desire to get ahead of new regulatory obligations, because of Brexit, now takes us across the Irish Sea to Dublin,” says 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.”
The move has been seized upon by the Irish Government as a showcase for its ability to lure away firms fleeing the threat of disruption from Brexit.
Heather Humphreys TD, Minister for business, enterprise and innovation, comments: “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.”
DTCC says it is now actively recruiting for several open positions, including a systems director and general manager.