Ireland set to pick up legal business from derivatives market
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Ireland is set to pick up more legal business from financial services companies after Brexit following a boost from the International Swaps and Derivatives Association (ISDA).
The association has agreed that its members may consider Irish law as an option for drawing up documentation for contracts and settling cross-border disputes, The Times reports.
It will also allow French law, but Ireland’s status as a common law jurisdiction gives it a great advantage for taking business from the UK.
The move is aimed to give the ISDA’s 900 member institutions from 68 countries more options to ensure no disruption of trade after Brexit.
Judith Lawless, partner at Irish law firm McCann FitzGerald, said: “This vote of confidence in Irish law and the Irish courts — particularly from an international industry association of ISDA’s size and stature — will undoubtedly encourage market participants to consider Ireland as a location from which to undertake such business and avail of the Irish legal system.”
Industry sources believe the news could also persuade some investment firms to relocate their front office activities to Dublin.
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