Thomson Reuters, the parent company of Reuters News, has announced plans to move its foreign exchange derivative business from London to Dublin.

The company told clients it had applied to the Irish central bank for a license that would be used to cover its complete derivatives business. It’s the largest such business in Europe.

“Thomson Reuters has commenced the process of applying to the Central Bank of Ireland for authorisation to operate its FX Multilateral Trading Facility from Dublin rather than London as a result of the UK’s planned departure from the European Union,” it said.

As reported by Deutsche Welle (DW), Germany’s international broadcaster, the company said it is their intention to transfer all existing client relationships of the Thomson Reuters MTF and Dealing, as well as Fixed Income Callouts and Auctions, from RTSL to the new Irish legal entity ahead of the Brexit date.

Thomson Reuters is the parent company of Reuters News and is controlled by Canada’s Thomson family.