The Central Bank is one of 900 members of the representative body

Ireland’s financial services sector has received a significant boost from a decision by the representative body of the multitrillion-dollar derivatives market to make Irish law an option to draw up documentation for contracts and to settle cross-border disputes.

The move is aimed at giving members of the International Swaps and Derivatives Association (ISDA) more options to ensure there is no disruption to trade after Brexit.

According to the Bank for International Settlements’ 2017 report, the gross market value of all derivative contracts is approximately $12.7 trillion. The derivatives market is currently governed by laws from England and the state of New York. The UK’s looming departure from the EU has created uncertainty about how cross-border disputes will be resolved as the British government has said