State Street Global Markets, the investment research and trading arm of State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, announced today that The Mitsubishi Trust and Banking Corporation (Mitsubishi Trust) will provide liquidity to FX Connect, State Street's multi-bank electronic foreign exchange trading system available via State Street's Global Link® network.
Simon Wilson-Taylor, head of Global Link at State Street said, "We are delighted to welcome Mitsubishi Trust as a liquidity provider to FX Connect. Mitsubishi Trust's commitment to servicing their institutional investor clients' online foreign exchange needs through our FX Connect platform is evidence of our continuing success in the Japanese marketplace."
With volumes now reaching 8,500 completed trades per day, of which 94 per cent are spot and outright forward transactions, FX Connect is a leader in the multi-bank foreign exchange trading industry with the dominant share of the professional investor market. Clients are now trading with more than 45 banks in 130 global dealing room locations. GTSS, Global Link's post-trade foreign exchange confirmation matching and settlement product, is already matching more than 9,500 trades per week, and has gained rapid acceptance as the settlements centre of choice.