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Boston, 6 July 2005 – State Street Global Markets, the investment research and trading arm of State Street Corporation (NYSE:STT), announced today that its FXConnect multi-bank electronic trading system has surpassed $40 billion in daily trading volume*. FXConnect is available via State Street’s Global Link network.
“FXConnect’s value proposition for real-money managers is evident, and we remain the dominant force in the online electronic foreign exchange marketplace,” said Simon Wilson-Taylor, managing director and worldwide head of Global Link for State Street. “Our customers truly understand and value our unique business model, and this high-volume mark is a testament to their continued support.”
Launched in 1996, FXConnect became the first multi-bank trading platform for foreign exchange in March 2000. It remains the market leader, demonstrating State Street’s continuing commitment to enhance the platform to meet the growing needs of its customer base.
“With continuing uncertainty about the future ownership and direction of many platforms within the FX marketplace, our customers are comforted to see State Street’s leadership in this area,” said Stan Shelton, executive vice president and head of State Street Global Markets. “Our stable, well managed platform that improves fund performance, reduces operational and compliance risks and embeds industry best practice in its workflow is, quite understandably, the platform of choice for the investment industry.”
* FXConnect is offered via State Street’s Global Link network, which delivers unique fact-based research, decision support tools and trading technology to clients around the world:
* FXConnect is used by asset managers who control 63% of the of the world’s total managed assets
* 48 banks in 138 dealing room locations worldwide provide liquidity to FXConnect
* 92% of transactions completed on FXConnect are spot and outright forward transactions
* GTSS, FXConnect’s post-trade confirmation matching and settlement product is matching nearly 20,000 trades per week