State Street's FX Connect records $20 billion daily volume spike
19 May 2003 | 3509 views | 0
State Street says its FX Connect electronic foreign exchange dealing system passed $20 billion in daily trading volume on a single day last week.
The multi-bank system, available via State Street's Global Link network, is the market leading corporate currency portal, ahead of rivals FXall and Currenex.
Simon Wilson-Taylor, head of Global Link at State Street comments: "Despite the challenging conditions in the securities markets, FX Connect has continued to experience strong growth in trading volumes. FX Connect has handled over 400,000 completed trades this year, confirming that our dominant lead continues to extend."
He also expresses pleasure at the market penetration achieved by Global Link's multibank forex trade confirmation and settlement product, GTSS II.
"Since its initial launch in Australia last year, GTSS II is already confirming 10% of all FX Connect trades," says Wilson-Taylor.