State Street Announces Enhancements to Derivatives Service Offering Including New GASB Reporting Tools
June 14 2010 - 12:00PM
Business Wire
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors,
announced today that it has strengthened its derivative servicing
capabilities with a number of new enhancements. The enhancements
will help clients prepare for pending regulatory changes impacting
the derivatives industry.
State Street recently introduced new Government Accounting
Standards Board (GASB) reporting services designed to help public
pension funds comply with the GASB Statement Number 53, Accounting
and Financial Reporting for Derivatives Instruments. The new GASB
requirements are aimed at providing a better understanding of the
nature of derivative transactions as well as their associated
risks.
State Street’s on-demand reporting capabilities help clients
meet additional disclosure requirements for the types and fair
value of derivatives entered into as well as their associated
risks, including credit risk, interest-rate risk and
foreign-currency risk. The GASB 53 service joins State Street’s
suite of regulatory reporting capabilities for derivatives, which
includes FASB 161 and 157, aimed at providing greater transparency
into client portfolios.
“State Street continues to introduce new products and
functionality to automate processes while helping clients comply
with new regulatory requirements,” said Pat Centanni, executive
vice president and head of global product management at State
Street. “Our derivatives servicing and reporting capabilities place
us at the forefront of the industry and allow our clients to stay
ahead of the changing marketplace.”
State Street has also added its 192nd client to the OTC Hub, its
derivative servicing platform. The OTC hub spans the full life
cycle of a trade, from execution to maturity, automating processing
across the middle and back offices, including electronic trade
flow, allocations, reconciliation of positions and cash flows
between the middle and back offices, settlement and client
reporting. The hub uses industry-standard Financial products Markup
Language (FpML) to link to industry utilities and third-party
providers. The platform is integrated with State Street’s OTC
service to value derivatives, an independent service providing
valuations and validations to reduce pricing risk. The hub is also
integrated with State Street's comprehensive collateral management
services to help mitigate counterparty risk.
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management, and
investment research and trading. With $19 trillion in assets under
custody and administration and $1.9 trillion in assets under
management at March 31, 2010, State Street operates in 25 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street at www.statestreet.com.
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