State Street has signed up Japan's Sumitomo Trust & Banking as a liquidity provider on its multi-bank electronic foreign exchange trading system, FX Connect.
Sumitomo Trust is the first Japanese bank to provide liquidity over the FX Connect system, which is available via State Street's Global Link network.
Shinji Imanishi, deputy general manager of financial products and marketing, Sumitomo Trust & Banking, says: "FX Connect enables both clients and counterparty banks to substantially reduce the time and back-office order processing burden of online FX trading."
The platform is available online in both Japanese and English language versions.
State Street says the multi-bank aspect of FX Connect is becoming increasingly important in the Japanese marketplace as more institutional investors are trading foreign exchange on an active basis with their preferred panel of banks.