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Sharp surge in short-term investments in Ireland in wake of Brexit negotiations

  • Ireland
  • General

13-09-2017

It was reported on 4 September 2017 that the Irish Stock Exchange (“ISE”) saw an increase in profit of 21% since 2016.  It has also reportedly seen an increase in stock trades of 17.4% since last year. The Government confirmed in July that it is pressing ahead with plans to set up an Irish system to settle shares and other securities traded on the ISE, as it deals with the fallout from Brexit.  For the past 20 years, the settlement of trades has been carried out by a UK-based Central Securities Depository (“CSD”) called Crest, which is operated by Euroclear UK & Ireland in London. Euroclear UK & Ireland would lose the right to passport services into Ireland under a so-called hard Brexit.  It has also been reported that Euroclear UK & Ireland’s owner, Brussels-based Euroclear, has signalled its interest in setting up a new CSD in Ireland and that the ISE is well positioned for this.

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