State Street's FX Connect hits $99bn in daily trading volume
15 June 2006 | 2423 views | 0
Source: State Street
State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors announced today that its FX Connect multi-bank electronic foreign exchange trading system recently exceeded $99 billion in a single trading day.
"The continued increase in FX Connect's trading volume is a clear indicator of its traction amongst the world's leading institutional investors," said Simon Wilson-Taylor, managing director and worldwide head of Global Link for State Street. "This milestone, which was achieved without reliance on the high-frequency day-trading activity found in other platforms, reaffirms the value of being the only provider solely dedicated to the needs of asset owners and asset managers. Firms who manage 75 percent of the world's professionally managed assets use FX Connect today, an extraordinary market share, which is the result of 10 years of industry leadership and exceptional customer service."
Launched in 1996, FX Connect became one of the industry's first multi-bank FX trading platforms in March 2000, and remains the market leader, demonstrating State Street's continuing commitment to enhance the platform to meet the needs of its client base.
"FX Connect's new record high volume figure continues to reaffirm our value proposition as the only platform providing full online foreign exchange connectivity through the entire investment process," added said Stanley W. Shelton, executive vice president of State Street.
In July of 2005, State Street announced that FX Connect surpassed $40 billion in daily trading volume. This latest milestone is a clear indicator of its continued success.
FX Connect is offered via State Street’s proprietary Global Link® network, which delivers unique fact-based research, decision support tools and trading technology for six asset classes to clients in 24 countries. FX liquidity is provided by 55 banks from 163 dealing room locations worldwide.
"GTSS, Global Link's post-trade confirmation matching and settlement product also continues to increase its market share and now matches about 35,000 FX trades per week," added Wilson-Taylor.