Thomson Reuters to relocate FX MTF to Dublin ahead of Brexit

Thomson Reuters has applied for authorisation to operate its FX MTF in Dublin before the Brexit deadline.

Thomson Reuters has confirmed that it is seeking authorisation to relocate its foreign exchange (FX) multilateral trading facility (MTF) from London to Dublin.

The company said in a statement that it has begun the process of applying to the Central Bank of Ireland for approval to operate its MTF in the Irish capital, ahead of the UK’s planned departure from the European Union on 29 March next year.

Currently the Thomson Reuters MTF and Dealing business, which includes its Forward Matching and FXall request for quote (RFQ) services, are operated out of London. However, the anticipated termination of passporting rights into the EU means the firm does not expect it will be able to continue running the business out of London.

Thomson Reuters intends to transfer all existing client relationships for FX MTF and Dealing, alongside fixed income callouts and auctions, to its new Irish legal entity before the Brexit date.

“We will endeavour not to place any additional requirements or burdens on our clients, thus ensuring a full continuation of services without disruption,” Thomson Reuters said in the statement.

The firm does not foresee existing clients having to undertake new onboarding processes to the Irish MTF, as the data required to meet requirements under MiFID II has already been captured as part of onboarding clients last year.

The Thomson Reuters Order Book, Mid Book, Price Stream and Spot Matching will remain in the UK, along with its spot market and post-trade services.