State Street Develops Open Industry Standard for Online Settlement Instructions with SSISearch; Clients Can Now Streamline Settl
January 23 2006 - 4:04PM
Business Wire
State Street Global Markets, the investment research and trading
arm of State Street Corporation (NYSE: STT), announced today the
launch of a new industry standard for online settlement
instructions developed with SSISearch, a specialist service
provider for payment processing and settlement instructions. State
Street clients can now access an application that will enable them
to retrieve CLS and other settlement information from SSISearch
databases. As these clients will no longer need to maintain their
own settlement instruction database, this will substantially
improve efficiency and reduce the operational risk involved in
their trading process. The application will be available via State
Street's Global Link network and its post-trade confirmation
matching and settlement product, GTSS. The SSISearch Global
Directory is a banking industry initiative to create a single
source of highly accurate contact information and fully
authenticated standard settlement instructions to help reduce
settlement risk and improve Straight Through Processing (STP).
Available to users on a 24/7 basis via a secure website, the system
creates time and cost efficiencies by publishing and retrieving
settlement data in a central database. "As the online trading
environment becomes more complex, we continue to provide our
customers with the most innovative products and services to help
them navigate this complexity," said Stanley W. Shelton, executive
vice president and head of State Street Global Markets. "By teaming
up with SSISearch to offer SSISearch directory access on our Global
Link network, we will help transform our clients' payment
processing and settlement routines and promote greater STP and cost
savings within their FX activities." "Partnering with a
well-respected leader like State Street is a terrific opportunity
for all of us," said Thomas Hjukstrom, director, strategic
development of SSISearch. "Adding SSISearch directory access to
their Global Link network enables State Street to put their clients
at the forefront of a new trading era of operational
effectiveness." About State Street Global Markets: State Street
Global Markets provides specialized investment research and trading
in foreign exchange, equities, fixed income and derivatives. Its
goal is to enhance and preserve portfolio values for asset managers
and asset owners. From its unique position at the crossroads of the
global markets, it creates and unlocks value for its clients with
original flow-based research, innovative portfolio strategies,
trade process optimization, and global connectivity across multiple
asset classes and markets. About Global Link: State Street's Global
Link network delivers unique fact-based research, decision support
tools and trading technology for five asset classes to clients
around the world. Global Link is currently used by companies who
manage 75% of the world's professionally managed assets, including
19 of the world's 20 largest asset management companies. It offers
world market research and analytics for equities, fixed income and
foreign exchange and secure, real-time trade execution services
across multiple asset classes. More information about Global Link
can be found at www.globallink.com. About State Street: State
Street Corporation (NYSE: STT) is the world's leading specialist in
providing institutional investors with investment servicing,
investment management and investment research and trading services.
With $10.1 trillion in assets under custody and $1.4 trillion in
assets under management at 31 December 2005, State Street operates
in 26 countries and more than 100 geographic markets worldwide. For
more information, visit State Street's Web site at
www.statestreet.com. About SSISearch: SSISearch is in the
management of authenticated reference data and provides end-to-end
automation of the SSI management process, eliminating paper
administration and addressing a major source of inefficiency in the
payments environment. Following consultation with CLS Bank
International and its members, a user agreement was written through
which participant banks take full responsibility for the accuracy
of data they provide to counterparties. As a result, for the first
time banks can retrieve fully authenticated SSI information
provided by their counterparties in real time, therefore supporting
greater STP. The organization now provides two unique online
directories of legally authenticated settlement information: one
exclusively for the CLS community (The Settlements Directory for
CLS) and another for the global FX, Money Market, and Commercial
Payment businesses (SSISearch Global Directory).
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