The Depository Trust & Clearing Corporation, a vital reporting hub for derivatives trades, is to open an office in Dublin and immediately begin recruiting as part of its plans for operating in Europe after Brexit.

The DTCC said on Wednesday that the Irish capital will serve as a hub for European Union customers of its derivatives reporting business once the UK leaves the bloc in March 2019. Reporting data for around 80% of the global derivatives market is held by the DTCC.