Trading firm Refinitiv announced on Wednesday that it is starting the onboarding process for its new subsidiary in Dublin, Financial and Risk Transactions Services Ireland Limited (FRTSIL).
The company is launching a multilateral trading facility (MTF) for FX trading in the Irish capital so that it can still provide services to clients in the European Union if there is a no-deal Brexit.
That subsidiary is going to begin operating in September, but Refinitiv will be transferring clients to the MTF in the run-up to the launch.
“The launch of our Dublin-based MTF represents a milestone for our FX business in responding to the challenges of Brexit,” said Neill Penney, Managing Director, Co-Head of Trading, Refinitiv.
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“It means our EU-based customers will have seamless access to FXall and Matching during the coming months, regardless of the future direction of Brexit.”
New board members
Alongside the onboarding announcement, Refinitiv also said that it would be appointing two independent non-executive directors to the board of the new Irish entity.
Kieran Fitzpatrick, the chief executive officer of FX technology company Barracuda, will be joined by Deirdre Flannery – a financial services executive who spent over twenty-five years at the Bank of Ireland. Flannery will also act as chairman of the board for Refinitiv’s Irish subsidiary.
“I welcome Deirdre and Kieran to the FRTSIL Board,” added Penney. “Their experience in the governance of complex financial institutions and the FX markets respectively will be invaluable. We look forward to their independent guidance and support as we move forward with the new company.”