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CME latest company to weigh up Dublin move

By Donal O'Donovan

Published 15/11/2016

CME is weighing stronger ties to the Republic to ensure its London clearing operations aren’t disrupted when the UK leaves the EU
CME is weighing stronger ties to the Republic to ensure its London clearing operations aren’t disrupted when the UK leaves the EU

Global financial clearing house CME Group, which employs around 100 people in Belfast, has become the latest big-hitter to look at opening in Dublin following Brexit, it has emerged.

Managers at the Chicago-based derivatives exchange are understood to be weighing stronger ties to the Republic to ensure its London clearing operations aren't disrupted when the UK leaves the UK.

CME's options in Dublin could include seeking out regulatory licensing or opening offices.

A spokesman for CME declined to comment. The CME clearing business is small, but a shift to Dublin would be a notable coup. The firm opened an IT office in Belfast in 2012, but it's not thought to be the target of the latest plans.

Yessterday, the German finance ministry said it is fielding an increasing number of information requests from financial institutions in Britain considering a move to Germany since the UK's decision to leave the EU.

Germany's financial centre Frankfurt is seeking to lure financial institutions from Britain, vying with Dublin, Paris and other European cities to attract business from London, Europe's dominant financial centre.

"Frankfurt is a love at second sight," Thomas Steffen, a senior German finance ministry official, said at a conference yesterday.

Belfast Telegraph

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