SEB Group Joins State Street's FX Connect; FX Connect Continues to Expand its Sellside Customer Base
February 22 2006 - 8:30AM
Business Wire
State Street Corporation (NYSE: STT), the world's leading provider
of financial services to institutional investors announced today
that SEB Group has joined FX Connect, State Street's electronic
foreign exchange trading system. Launched in 1996, State Street's
FX Connect became the industry's first buy-side, multi-bank FX
trading platform in 2000. Today, it remains the market leader,
demonstrating State Street's continuing commitment to enhance the
platform to meet the needs of its client base. Last year, FX
Connect surpassed $45 billion in daily trading volume, underscoring
its dominant position in the online electronic foreign exchange
marketplace. "FX Connect complements our overall eFX strategy with
its global distribution into the Asset Management community," said
David Steiner global head of eFX at SEB. FX Connect is offered via
State Street's proprietary Global Link(R) network, which delivers
unique fact-based research, decision support tools and trading
technology for six asset classes to clients in 24 countries
worldwide, who collectively manage approximately 75 percent of the
world's total professionally managed assets. "With the continued
increase in electronic trading, our customers need streamlined
solutions that are STP efficient," said Simon Wilson-Taylor,
managing director and worldwide head of Global Link for State
Street. "FX Connect's 10-year market presence demonstrates that
we've consistently been able to deliver continued service quality
and online efficiency for our customers." 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. With
$10.1 trillion in assets under custody and $1.4 trillion in assets
under management (as 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 SEB: The SEB Group is a North European
financial group for corporate customers, institutions and private
individuals with ten home markets in the Nordic and Baltic
countries, Germany, Poland and the Ukraine. SEB has 680 branch
offices and 5 million customers, of whom approximately 2 million
use the internet for their banking transactions. On 30 June 2005,
the Group's total assets amounted to SEK 1,800bn while its assets
under management totaled SEK 1,012bn. The Group is represented in
some 20 countries around the world and has a staff of about 20,000.
Read more about SEB at www.sebgroup.com.
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