The Irish stock-broking industry is set to become a more crowded marketplace following the admission of German bank, Commerzbank, to the Irish Stock Exchange.
The move by Commerzbank means that it can deal directly in Irish equities on the Irish market, both as an agent for institutional and professional buyers and on its own account.
The bank also plans to offer corporate finance services. Commerzbank's admission to the Irish market specifically excludes it from trading in Irish gilts, either as a market-maker or as an agent.
A spokesman for Commerzbank would not go into detail on its plans for Ireland ahead of a formal announcement on its admission to the Irish Stock Exchange tomorrow.
However, market sources in Dublin said the move reflected the increasing euro-wide trading in equities as well as a desire by the German bank to be able to deal directly in Irish stocks on the Dublin market, the main market for Irish equities.
While most Irish stocks - and all the larger capitalisation stocks - are also listed on the London Stock Exchange, the bulk of trading in Irish stocks still takes place in Dublin.
Without membership of the Irish exchange, the bank could not trade directly in Dublin and would have had to conduct its business in Dublin through Irish stock-broking firms.
