Thomson Reuters is moving one of its businesses from London to Dublin because of Brexit

The group will transfer business to Dublin to ensure EU access continues: REUTERS

Thomson Reuters is planning to move its foreign exchange trading business from London to Dublin due to Brexit.

The company has applied to the Irish central bank for a licence, the Financial Times reported.

The group’s forex derivatives arm trades more than $300bn (£221bn) a day, and is currently in the process of being bought by private equity house Blackstone, which is taking over Thomson Reuters trading operations in a $17bn deal.

The forex trading operation is operated by Reuters Transaction Services Limited (RTSL), however, the company said in a statement: “We expect that RTSL will not be able to continue to access the EU market after the Brexit date due to the anticipated termination of passporting rights into the EU.

“Therefore, by establishing a new legal entity in Ireland and seeking authorisation from the CBI (the Central Bank of Ireland), Thomson Reuters will be able to continue to sell and market regulated trading services into the Single Market.

“We will endeavour not to place any additional requirements or burdens on our clients, thus ensuring a full continuation of services without disruption.”