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Euroclear to move holding company to Brussels from London, CEO says

Financial services company Euroclear Plc confirmed plans to transfer its holding company to Brussels from London in preparation for Britain's departure from the EU, the Financial Times reported March 7.

"We want to redomicile the topco to the eurozone. It will be in Belgium as it's where most of our business operations are. We are preparing to launch a transfer of arrangement sometime after the summer," Euroclear CEO Lieve Mostrey reportedly said, adding that the company feels "more comfortable in the eurozone."

The planned move to Brussels will take place later in 2018, the FT said, noting that Euroclear has historically been a U.K. public limited company and a tax resident in Switzerland.

The move came after Euroclear announced in February plans to launch an Ireland-based settlement house in March 2019 called Euroclear Ireland. "The challenge was to find a way that is the least disruptive for the Irish market," since the Irish market and the U.K. have dual listings, Mostrey also told the FT.

She also welcomed U.S.-based Intercontinental Exchange Inc.'s decision to increase its shareholding in Euroclear to 10%, saying the two sides will work on new initiatives while adding that the relationship "would not be exclusive," according to the report.