IDA Ireland Welcomes Thomson Reuters’ Decision to Select Dublin for its FX Multilateral Trading Facility (MTF)

IDA Ireland has welcomed the announcement that Thomson Reuters intends to relocate its FX Multilateral Trading Facility to Dublin.

Subject to licence approval by the Central Bank of Ireland, Thomson Reuters plans to operate its FX Multilateral Trading Facility (MTF) from Dublin rather than London as a result of the UK’s planned departure from the European Union (Brexit) on 29 March 2019.

The company announced that it will transfer all existing client relationships of the Thomson Reuters MTF and Dealing, as well as Fixed Income Callouts and Auctions, from RTSL to its new Irish legal entity ahead of the Brexit date. This will include all EU/UK clients as well as non-EU clients accessing these services, subject to regulatory permissions being granted in key jurisdictions outside the EU/UK.

Minister for Business, Enterprise and Innovation Heather Humphreys TD said, “This decision by Thomson Reuters to establish this operation in Dublin is very welcome news and illustrates the strength of Ireland’s position in attracting significant companies in the Financial Services Sector.  The Government has been making strenuous efforts to ensure that we have the right conditions in place in Ireland, especially regarding skills availability, to attract the knowledge based sectors and announcements like this one today are a vindication of these efforts. We represent a very attractive base in the Eurozone for these companies and we will continue to pursue new investors in this sector.”

Martin Shanahan, CEO IDA Ireland said: “Thomson Reuters’ choice of Ireland is very significant in terms of our ability to attract top international brands that have influence and reach. This provides IDA Ireland with another powerful calling card for new types of business  within International Financial Services and points to Ireland’s attractiveness to international financial services business. Ireland has the right mix of regulation, skills, experience and office space to make us a very logical place for financial services to locate.

“Our track record, pro-business environment, highly skilled talented workforce and an unwavering commitment to the European single market continues to appeal to investors.”