Canada's five largest banking groups, Scotia Capital, CIBC World Markets, TD Securities, Bank of Montreal and the Royal Bank of Canada have signed up to FX Connect - State Street's multi-bank electronic foreign exchange trading system.
Launched in 1996 and open to multiple counterparties since last year, FX Connect is a real-time price discovery and FX execution system for institutional investors. Designed to interface with clients' existing systems, FX Connect is able to transact spot, forward and swap block trades across an unlimited number of portfolios through multiple banks.
The dealing system operates over the Global Link network which currently provides research and trade execution services to over 270 asset management firms, including 15 of the world's 20 largest, in 23 countries worldwide. The system also provides efficient post trade clearing and confirmation.
Denis Couillard, vice president of State Street's Global Link Canada, comments: "Because the system operates on Global Link, our clients are able to integrate forex trading into their overall portfolio strategies and executions."
He notes that 18 of Canada's largest investment managers are currently Global Link users.