Dáil Éireann Debate, Wednesday - 31 March 2021
365. Deputy Neale Richmond asked the Minister for Finance the impact the shift of Euro-denominated share trading away from London post-Brexit has had on the Irish financial services sector; and if he will make a statement on the matter. [1323/21]
View answerIt is not possible to give a definitive assessment of the impact of Brexit on Euro denominated share trading based on the data available from just the first quarter of 2021, as the lasting impact of Brexit on Euro denominated share trading is only likely to reveal itself over a longer time period.
However, I am aware of reports of significant outflows of Euro-denominated share trading from London to various EU capitals from the early days of January. I am further aware that the share trading obligation set out in the Markets in Financial Instruments Regulation (MiFIR) may be a factor in such trading flows. But there are potentially many different reasons for changes to share trading flows and volumes over a short period of time.
With respect to the Irish market, my officials are in contact with Euronext Dublin (formerly the Irish Stock Exchange) to monitor share trading data. At this point, I understand that it would be speculative and premature to seek to draw any firm conclusions on these matters. I anticipate that we will be in a better position to identify any enduring trends and understand their drivers later on this year.
