FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Delaney Brian James 		2. Issuer Name and Ticker or Trading Symbol

Stream Global Services, Inc. [ SGS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
EVP & Chief Operating Officer
(Last)          (First)          (Middle)

C/O STREAM GLOBAL SERVICES, INC.,, 20 WILLIAM STREET, SUITE 310 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/7/2011
(Street)

WELLESLEY, MA 02481
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee stock option (right to buy)     (1) 2/7/2011     A      2500000         (2) 2/7/2021   Common Stock   250000   $0.00   250000   D    
Employee stock option (right to buy)     (3) 2/7/2011     A      2500000         (2) 2/7/2021   Common Stock   250000   $0.00   250000   D    

Explanation of Responses:
( 1)  The exercise price will be the greater of (a) $6.00 per share and (b) the stock price as quoted on the NYSE AMEX at market close on the first Tuesday in the month following the first day of Mr. Delaney's employment.
( 2)  Represents options granted by the Company pursuant to its 2008 Stock Incentive Plan. Subject to certain conditions, these stock options vest in equal installments every 6 months over five years.
( 3)  The exercise price will be the greater of (a) $4.25 per share and (b) the stock price as quoted on the NYSE AMEX at market close on the first Tuesday in the month following the first day of Mr. Delaney's employment.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Delaney Brian James
C/O STREAM GLOBAL SERVICES, INC.,
20 WILLIAM STREET, SUITE 310
WELLESLEY, MA 02481

EVP & Chief Operating Officer

Signatures
/s/ Sheila M. Flaherty, as attorney-in-fact for Brian J. Delaney 2/8/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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