State Street's FX Connect Exceeds $99 Billion in Daily Trading Volume; FX Connect's Volume Figures Continue to Increase Substan
June 15 2006 - 11:12AM
Business Wire
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(a).
"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(R) 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. Notes to editors: (a) Foreign exchange trading
volume is variable from period to period, with often wide swings
depending on several factors, and foreign exchange trading volume
is not necessarily indicative of derived revenue. 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 $10.7 trillion in assets under custody and
$1.5 trillion in assets under management (as of March 31, 2006),
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 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 percent 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.
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