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Matheson advises on first Irish futures and derivatives clearing entity - BNY Mellon
PRACTICE AREA GROUP: Financial Institutions
Matheson, lawyers of choice to international companies and financial institutions doing business in and through Ireland, advised BNY Mellon on the establishment of BNY Mellon Clearing International in Dublin. This is the first futures and derivatives clearing entity to be established in Ireland under MiFID, and it will clear futures and derivatives trades for institutional clients in Europe, the Middle East and Africa.
The global financial firm, BNY Mellon Clearing International Limited (BNY Mellon), plans to establish a European base in Dublin which will lead to 50 new jobs being created over the next two years. The jobs will be in the areas of finance, risk management, technology, operations, sales, compliance and legal.
Commenting on the announcement, Joe Beashel, Partner in the Financial Institutions Group at Matheson, who led the team that advised BNY Mellon said: “This is a welcome announcement and signifies that Ireland is still a location of choice for international financial services. BNY Mellon is one of the largest and most significant international financial services firms operating in Ireland, the fact that Dublin will now be its European base is another milestone which will help towards improving conditions for growth in this area.”
Taoiseach, Mr Enda Kenny, speaking at the official opening of BNY Mellon in the Irish Stock Exchange on Tuesday 14 June said, “Exports will be the driver of our economic recovery. Over 33,000 are directly employed in the export of financial services. This announcement today reflects the potential of the IFSC to create the jobs which will underpin and be the fruit of that recovery. Not willing to rest on our laurels the Government is looking to building upon the success of the IFSC.”
BNY Mellon offers a range of services to traditional and alternative asset managers, banks, pension funds, insurance companies and corporates. The company already has operations in Ireland, employing more than 1,800 people in Dublin, Cork, Wexford and Navan. Ireland is now the second largest location for BNY Mellon, which operates in 36 countries.