Bank of America has joined State Street's multi-bank electronic foreign exchange trading system, FX Connect.
Launched in 1996 and open to multiple counterparties since last year, FX Connect is a real-time, interactive foreign exchange execution tool for institutional investors.
The dealing system operates over State Street's Global Link network, currently used by over 400 asset management companies, including 17 of the world's 20 largest. Global Link offers world market research, analytics and secure, real-time trade execution services developed across multiple asset classes, including equities, foreign-exchange, and fixed income.
According to State Street, Global Link users, spanning 23 countries, collectively manage over half of the world's professionally managed cross-border assets.