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

Retail FX

Plus500 Forex Garners Market Attention In The Latest Expert Ranking

Plus500 has garnered an impressive market attention during the Traders Union Best Forex Brokers of 2023 ranking. The platform ranked 58th among 350 companies evaluated by TU experts, with an overall score of 6.3 out of 10.

Digital Assets

Coinbase CEO says Chase UK’s ban on crypto “totally inappropriate”

Coinbase CEO Brian Armstrong criticized Chase UK’s decision to restrict cryptocurrency-related transactions in the UK. He called the move “totally inappropriate” and expressed his disagreement with the bank’s decision to ban its UK customers from conducting debit card or wire transfers related to cryptocurrencies.

Digital Assets

Binance CZ refutes any connection with CommEX

Changpeng “CZ” Zhao, the founder and CEO of Binance, has denied being the owner of CommEX, the company that reportedly acquired Binance’s business in Russia.

Institutional FX

Refinitiv’s spot FX volumes hit 8-month low

Refinitiv, the former Financial and Risk business of Thomson Reuters, today reported that the average daily volumes (ADV) of currency trading were $424 billion last month on the company’s main FX trading services.

Executive Moves

Integral hires industry veteran Paul Arnold as liquidity manager

Integral, a technology provider to the financial markets’ buy-side, has appointed Paul Arnold, a highly experienced FX industry professional, as its liquidity manager, according to information made public on his Linkedin profile.

Digital Assets

Terraform’s Do Kwon challenges US extradition request

Do Kwon, the crypto entrepreneur and former CEO of Terraform Labs, is opposing the U.S. Securities Exchange Commission’s request to question him about the crash of his company’s stablecoins Terra and Luna.

Digital Assets

Coinbase gets nod to offer futures for retail customers

Coinbase International Exchange has received regulatory approval from Bermuda’s financial regulator, the Bermuda Monetary Authority (BMA), to allow eligible non-US retail customers to trade perpetual futures contracts.

Inside View

How brokers can win the trading tech wars: Insights from iFX EXPO 2023

Last week’s iFX EXPO International 2023, held at the City of Dreams Mediterranean Integrated Resort in Limassol, Cyprus, welcomed a series of insightful discussions. A panel that particularly stood out focused on the role and evolution of trading technology.

Crypto Insider

Web3 Transformation: Radix’s Babylon Update Redefines User and Developer Engagement

Radix Publishing leaps forward in the decentralized world with the release of the Babylon mainnet upgrade, bridging the gap between innovative tech and user-friendly DeFi experiences.