Natgas broker ARRACO launches European HQ in Ireland after MiFID license

Rick Steves

“Given the current energy market situation, I believe this flexibility will be extremely valuable for all stakeholders of the energy market in the future.”

Gas Supplies

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”).

ARRACO’s CAGR at 60% over last three years

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).

EU OTF license provides more flexibility amid energy market situation

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.

Read this next

Digital Assets

Crypto.com expands its presence in Turkey with new products

Crypto.com, a Hong Kong-based cryptocurrency exchange platform, is set to accelerate its growth in Turkey, singling out the country as a market with huge potential.

Digital Assets

Binance buys Japanese crypto exchange Sakura BitCoin

Binance, the world’s largest crypto exchange by traded volume, has made a fresh bid to enter Japan with the acquisition of Japanese-registered crypto exchange service provider Sakura Exchange BitCoin (SEBC). The financial terms of the transaction were not disclosed.

Industry News, Inside View

Viacheslav Taran: FX and Crypto industry mourns death of Libertex Group co-founder

FinanceFeeds reports with great sadness that Viacheslav Taran, Co-Founder of Libertex Group, passed away last Friday. 

Digital Assets

FTX founder SBF called to testify by Texas regulator

The Texas State Securities Board (TSSB) has called on Sam Bankman-Fried to testify during an administrative hearing scheduled for Feb. 2, 2023. The move marks yet another expansion of enforcement agencies’ probes into FTX’s activities following its insolvency.

Digital Assets

Despite FTX chaos, Italy welcomes crypto lender Nexo

Crypto lender Nexo has won regulatory approval from Italy’s financial regulators, allowing the exchange to continue serving Italian customers.

Institutional FX, Interviews

ION Markets for execution and clearing: Francesco Margini at FIA EXPO 2022

The CPO of Cleared Derivatives at ION Markets spoke about the need for automated execution and clearing in times of surging volumes and increased volatility.

Institutional FX

FIA EXPO 2022: Baton Systems President on building post trade rails for capital markets

As the world’s largest trade show for the listed derivatives dealers, the FIA Futures and Options Expo is a high point for the global cleared swaps community, with dozens of panels, educational sessions, networking opportunities and more.

Inside View

Olga Taran releases public statement in Monaco regarding “false accusations” against her late husband Viacheslav

Vyacheslav Taran, 53, founder of Forex Club and CEO of Libertex Group, was the sole passenger of a helicopter that crashed in Villefranche-sur-Mer this weekend. The helicopter crash is still under investigation, and authorities have not indicated any possibility of foul play.

Industry News

Brokeree Solutions Wins the “Best Emerging Fintech” Award

2022 has become, for Brokeree Solutions, a time of new inventions and developments. We are pleased that the industry has appreciated this emergence of new technologies

<