State Street Launches TruCross/FX to Create Trading Efficiencies in Electronic Foreign Exchange Benchmark Trading
May 27 2014 - 12:27PM
Business Wire
State Street Global Markets today announced the launch of
TruCross/FXSM which is available exclusively to the institutional
buy-side community. TruCross/FX is a FX spot benchmark execution
product that facilitates the matching of institutional trades to
create efficiencies in electronic FX benchmark trading by reducing
information leakage and volatility around benchmark pricing
times.
“TruCross/FX is a timely solution to investors’ concerns around
benchmark trading,” said Mark Snyder, executive vice president and
head of State Street Global Markets Sales & Trading and
Research business. “TruCross/FX builds on State Street’s expertise
in technology and trading in the FX market. Our goal is to offer
our clients a solution that ultimately leads to a more transparent
and efficient FX marketplace.”
TruCross/FX replaces the present model of bilateral buy-side to
sell-side benchmark order submission process with a series of
automated daily sessions at which buy and sell orders for certain
currency pairs are matched and priced with reference to the
selected benchmark price. TruCross/FX will be available initially
only through FX Connect, State Street’s multi-bank electronic
trading system. Institutional investors can submit orders to a
session ahead of a fixing with no pre-trade information leakage to
the market, their trading counterparties or State Street’s
principal foreign exchange trading desk. Once the benchmark orders
are matched, only the unmatched amounts are executed in the market
during the period in which the benchmark is calculated utilizing a
proprietary algorithm. TruCross/FX will deliver the WM/Reuters
mid-rate benchmark rate net of fully disclosed rate
adjustments.
TruCross/FX is overseen by the agency FX unit of State Street
Global Markets and is expected to be available in the third quarter
of 2014.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading provider of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $27.5 trillion in assets
under custody and administration and $2.4 trillion* in assets under
management as of March 31, 2014, State Street operates in more than
100 geographic markets worldwide, including the U.S., Canada,
Europe, the Middle East and Asia. For more information, visit State
Street’s web site at www.statestreet.com.
* Assets under management include the assets of the SPDR®® Gold
ETF (approximately $34 billion as of March 31, 2014), for which
State Street Global Markets, LLC, an affiliate of SSgA, serves as
the distribution agent.
CORP-1023
State Street CorporationAnne McNally, +1
617-664-8576aemcnally@statestreet.com@StateStreet
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