Investment research and trading outfit State Street Global Markets has acquired UK reference data provider SSISearch. Financial terms of the deal were not disclosed.
SSISearch is a specialised service provider of international payment processing and settlement instructions. Developed with the help and assistance of settlement banks, it operates a settlement directory for CLS members. This central database provides asset managers, banks and other institutions with online access to verified standard settlement instructions round the clock.
State Street says the acquisition is part of the it commitment to providing offerings to help customers manage risk and optimise portfolio performance. The company says it is working towards the development of a single source of accurate contact information and fully authenticated standard settlement instructions to help reduce settlement risk and improve straight-through processing in the foreign exchange market.
"In 2007, more than $3 trillion in foreign exchange was transacted daily globally with no single, cost-effective means for participants to centralise settlement details other than through individual duplicative databases," says Simon Wilson-Taylor, EVP and worldwide head of Global Link, State Street. "This acquisition expands our suite of products and is another step in State Street's strategy to provide neutral, open and integrated solutions that support the entire investment process from pre-trade through post-trade by streamlining communication for institutional investors worldwide."