The Depository Trust and Clearing Corporation - or DTCC - is to open an office in Dublin in order to service clients after Britain leaves the European Union.

The firm runs the world's largest derivatives repository, which stores data on the trades and deals made on global markets.

Its new Dublin office will allow it to continue its service post-Brexit, though it will continue to operate in Britain as well, where it employs around 300 people.

"DTCC has had a strong presence in Europe for over two decades, including in London, Wrexham, Brussels, Frankfurt and Stockholm," commented Simon Farrington, Managing Director, EMEA at DTCC. 

"Our continued growth and desire to get ahead of new regulatory obligations, because of Brexit, now takes us across the Irish Sea to Dublin," Mr Farrington said. 

"We look forward to hiring and developing a local team, and working with lawmakers, regulators, trade associations and other key industry stakeholders to ensure the success of our new operations in Ireland," he added. 

Minister for Business, Enterprise and Innovation Heather Humphreys said the move by DTCC once again shows that Ireland is now a major player and a very attractive location for financial services companies from all over the world.

The Minister said the country has the right skills and structures to support new projects and to welcome new investors. 

Pointing out that Ireland is home to 20 of the world's top 25 financial services companies, IDA Ireland's executive director Mary Buckley said the country's pro-business environment, access to the UK and EU markets and highly skilled talent pool continues to attract investment from the global financial services industry.