“Given the current situation in the energy market, I believe that this flexibility will be extremely valuable for all energy market players in the future.”
Intermediary commodity broker ARRACO has obtained a MiFID license from the Central Bank of Ireland to operate and open a new office in Dublin which will serve as the company’s European headquarters.
The license will enable ARRACO to support its European customers in the electricity, gas and oil markets and, in the future, in trading via the EU’s Organized Trading Facility (“OTF”) of the society.
The new MiFID headquarters and license open up a pan-European market that will provide clients with even greater liquidity and help the company on its growth trajectory, with a compound annual growth rate (“CAGR”) of 60% over the last three years.
The Irish team is led by Managing Director Stephen Byrne, who works alongside the Head of Risk and Compliance, Head of Operations, Heads of IT and Human Resources and a number of graduate brokers and experienced, which will increase to more than 30 this year.
The clearance process was led by Ian McLaughlin of FS Regulatory Solutions. He will join 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 of Matheson.
The ARRACO Ireland Board of Directors is chaired by Julia Carmichael and includes Ian McLaughlin, Stephen Byrne (CEO) and Karimi Nash (COO).
Stephen Byrne, CEO of ARRACO Ireland, said: “We are delighted to have received our MiFID license from the Central Bank of Ireland and to launch our operation in Dublin. Ireland is an attractive business destination and provides ARRACO with a location and talent pool to significantly accelerate its already rapid growth. We will continue to develop our products and services in line with our customers’ needs and our growth strategy.
Tom Roberts, ARRACO Group CEO, said: “This marks a major turning point for ARRACO. Having an EU OTF will allow ARRACO to operate and strategically grow in the derivatives markets across Europe. We want to be at the forefront of moving all derivatives trading towards an EU OTF and the creation of ARRACO Ireland will ensure that we are.
“The EU OTF license also allows us to develop new markets where previously we would have had to partner with an exchange to do so. Given the current situation in the energy market, I believe that this flexibility will be extremely valuable for all players in 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 for ensuring a smooth and efficient process that got us through this major milestone.
ARRACO Global Markets Ltd (ACGM) is an intermediary broker specializing in connecting buyers and sellers in the global physical and OTC cleared commodities markets.