“Given the current energy market situation, I believe this flexibility will be extremely valuable for all stakeholders of the energy market in the future.”
Commodities interdealer broker ARRACO has been granted a MiFID licence from the Central Bank of Ireland to operate and open a new office in Dublin that will serve as the company’s European headquarters.
The licence will allow ARRACO to support its EU clients in the power, gas and oil markets and going forward, in trading via the company’s EU Organised Trading Facility (“OTF”).
The new headquarters and MiFID license opens up a pan-European market that will offer clients even greater liquidity and help the firm its growth trajectory, with a 60% compound annual growth rate (“CAGR”) over the last three years.
The Irish team is led by chief executive Stephen Byrne, working alongside the Head of Risk and Compliance, Head of Operations, Heads of IT and HR, and a number of graduate and experienced brokers, which will grow to over 30 this year.
The authorisation process was led by Ian McLaughlin of FS Regulatory Solutions. He will be joining ARRACO Ireland Limited as a Non-Executive Director. Additional support was provided by Chris Monks and Anne Marie Flynn of Grant Thornton and Joe Beashel from Matheson.
ARRACO Ireland’s Board is Chaired by Julia Carmichael and includes Ian McLaughlin, Stephen Byrne (CEO) & Karimi Nash (COO).
Stephen Byrne, CEO of ARRACO Ireland, said: “We are delighted to have received our MiFID licence from the Central Bank of Ireland and to be launching our Dublin operation. Ireland is an attractive destination for business and provides ARRACO with a location and talent pool to allow it to significantly accelerate its already rapid growth. We will continue to expand our products and services in line with our clients’ needs and our growth strategy.”
Tom Roberts, CEO of ARRACO Group, said: “This marks a major turning point for ARRACO. Having an EU OTF will ensure ARRACO can operate and build strategically in derivatives markets across Europe. We want to be at the forefront of the movement of all derivatives trading onto an EU OTF and the creation of ARRACO Ireland will ensure that we will be.
“The EU OTF licence also enables us to develop new markets where previously we would have had to partner with an exchange to do so. Given the current energy market situation, I believe this flexibility will be extremely valuable for all stakeholders of the energy market in the future. Finally, I would like to take this opportunity to thank the Central Bank of Ireland and the ARRACO Ireland team for all their hard work and ensuring a smooth and efficient process that has enabled us to take this major step.”
ARRACO Global Markets Ltd (ACGM) is an interdealer broker specialising in matching buyers and sellers in global physical & OTC cleared commodity markets.