July 3, 2019
Refinitiv initiates client onboarding for new Dublin-based MTF
New MTF minimizes regulatory risks and ensures seamless continuation of services for Refinitiv FX clients irrespective of Brexit outcome
LONDON – In advance of a September go-live, Refinitiv has initiated the onboarding process for applicable FX trading clients to its new Dublin-based Multi-Lateral Trading Facility (MTF). This new MTF enables Refinitiv to continue to provide its regulated FX trading services to customers in the EU, irrespective of the outcome of Brexit. Both FXall and Forwards Matching are covered by the MTF, which meets multiple MiFID II requirements relating to execution workflow, trading controls, post-trade transparency and reporting.
As part of the launch of the MTF, Refinitiv is pleased to announce that Deirdre Flannery and Kieran Fitzpatrick will serve as Independent Non-Executive Directors (INEDs) of Refinitiv’s new legal entity in Ireland, Financial and Risk Transactions Services Ireland Limited (FRTSIL). Ms. Flannery has significant corporate governance and risk management experience in the financial services sector and will serve as the Chair of the FRTSIL Board. Mr. Fitzpatrick is CEO of Barracuda, a specialist FX Order Management technology company. Graham Macgregor, currently Regional Head of Transaction Relationship Management at Refinitiv, will serve as the Chief Executive Officer (CEO) of the new entity.
“The launch of our Dublin-based MTF represents a milestone for our FX business in responding to the challenges of Brexit. 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.” said Neill Penney, Managing Director, Co-Head of Trading, Refinitiv. “I welcome Deirdre and Kieran to the FRTSIL Board. 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.”
“Refinitiv is long established as market leader in the FX industry, and I am excited by the opportunity to work with them as they move their regulated FX trading capabilities to Ireland.” said Ms. Flannery.
Mary Buckley, Executive Director in IDA Ireland said “Refinitiv’s choice of Ireland for this Multi-Lateral Trading Facility (MTF) is very welcome. Our track record, pro-business environment, highly skilled talented workforce and an unwavering commitment to the European single market continues to appeal to investors.”
More information on Refinitiv FX solutions is available here.