Markets

Stamp duty laws creating ‘friction’ for Irish stock exchange, Euroclear warns McGrath

Finance giant urged the finance minister to throw his weight behind a new proposal aimed at correcting the Iseq’s ‘competitive disadvantage’

Michael McGrath: Finance Minister has faced growing calls to take action to stem the tide of major Irish firms quitting Euronext Dublin. Picture: Sam Boal/Rollingnews.ie

Euroclear Bank, one of the most important players in global financial markets, has warned the Irish government that its stamp duty rules put the country at a “significant competitive disadvantage” when it comes to a viable public trading system.

The company, which settles shares traded on Euronext Dublin, has told Michael McGrath, the finance minister, that Ireland’s stamp duty rules are “causing considerable friction within the equity market ecosystem”. It urged the minister to throw ...