Today, Deutsche Börse Group and its post-trade services provider Clearstream celebrated the official inauguration of their new office at Navigation Square in Cork, Ireland. The expansion shows that Cork has become a vital and successful hub for the investment funds operations and one of the major locations for Clearstream.
Expanding its footprint in Cork, the move to the new location “NSQ1” reflects Clearstream’s growing funds business. “This is a very special day for Clearstream. It is more than just the inauguration of a new office, it is a commitment for us and the community to making our business thrive in what is a great ecosystem for funds, leveraging proximity to customers and talent alike,” said Stephan Leithner, responsible Member of the Executive Board of Deutsche Börse AG and Clearstream Chairman.
Tánaiste Simon Coveney, also attended the inauguration event: “When an international company of Clearstream’s stature decides to significantly expand its operations, it shows the potential that Cork offers for companies such as Clearstream to grow, particularly in terms of talent availability, proven track record and the scale of the technology and financial services sector in the region. Deutsche Börse Group and Clearstream are valued members of the business community and we are proud of their decision to strengthen their commitment to Cork.”
IDA Ireland’s Head of International Financial Services, Kieran Donoghue, added:
“Clearstream is a valued and respected employer in Cork, adding substantially to the local and wider regional economy. Having an international financial services company of this calibre expand its operations in Cork will act as an excellent reference seller for other similar potential investment and enhance Cork’s reputation as a location of choice for such investment.”
In June of this year, Clearstream had already moved its operations to Navigation Square. The move to the city centre brought together the two sites at Airport Business Park and Eastgate Business Park, under one roof.
“Our new office reflects our company culture,” said David Brosnan, Head of Clearstream Global Funds Operations and the Cork location. “The new central office provides a platform for our dynamic and innovative staff to work and collaborate with each other. With its central location, NSQ1 not only enhances our international reputation as centre of excellence but also attracts the best of talent to our already amazing team.”
In addition to the Group’s funds processing operations and product development activities, the newly renovated space also houses administrative functions. In total, Deutsche Börse Group expects around 600 employees to work in Cork by 2020.
About Deutsche Börse Group
Deutsche Börse Group is one of the largest exchange organisations worldwide. It organises markets characterised by integrity, transparency and safety for investors who invest capital and for companies that raise capital – markets on which professional traders buy and sell equities, derivatives and other financial instruments according to clear rules and under strict supervision. Deutsche Börse Group, with its services and systems, ensures the functioning of these markets and a level playing field for all participants – worldwide.
As an international central securities depository (ICSD), headquartered in Luxembourg, Clearstream, which is part of Deutsche Börse Group, provides the post-trade infrastructure for the Eurobond market and services for securities from 58 domestic markets worldwide. With around 14 trillion Euros in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities. Alongside access to more than 190,000 investment funds in close to 50 jurisdictions worldwide and highly automated mutual fund services, Clearstream provides clients with a ‘one-stop shop’ solution for all fund types.
About Navigation Square
Navigation Square is a 360,000 square feet office development, consisting of four separate buildings of fourth generation office space, designed to Gold LEED standards. The development includes flexible floorplates and roof terraces with spectacular views of the city and port, a large central plaza with café and restaurant units with parking and staff facilities contained in a double level basement of 100,000 square feet. Navigation Square was developed by O’Callaghan Properties, one of Ireland’s longest established property development and investment companies with commercial, retail and residential projects throughout Ireland and the U.K.