London and Boston, 13 April 2006 â State Street Corporation (NYSE: STT), the worldâs leading provider of financial services to institutional investors, announced today that it has developed a comprehensive foreign exchange (FX) execution management workflow solution via its Global LinkÂ® network for Merrill Lynch Investment Managers (MLIM) based in London.
Using Global Linkâs FX Connect execution platform, the workflow solution fully integrates with MLIMâs current processes. It allows MLIMâs equities business to aggregate multiple sources of FX requirements, view associated compliance requirements, trade with multiple counter-parties, and access reporting capabilities all through a single platform.
âState Streetâs Global Link understood our workflow needs and developed a comprehensive workflow product to help further automate our foreign exchange process,â said Paul Walker-Duncalf a managing director of Merrill Lynch Investment Managers. âGiven the excellent integration support, large degree of customisation and FX Connect's leading market share among asset managers, they were a natural choice for us to partner with.â
State Street has a longstanding history of providing full-service online solutions that span the entire investment process. Its Global LinkÂ® network delivers unique fact-based research, decision support tools and trading technology for six asset classes to clients in 24 countries worldwide, who collectively manage approximately 75 percent of the world's total professionally managed assets.
âThis collaboration with MLIM is a next step in the evolution of foreign exchange solutions,â said Simon Wilson-Taylor, managing director and worldwide head of Global Link for State Street. âAs transparency and compliance requirements become more time consuming, a flexible and full-service solution that spans multiple trading processes significantly increases trading efficiencies.â
Launched in 1996, State Streetâs online foreign exchange trading tool, FX Connect, became the industryâs first buy-side, multi-bank FX trading platform in 2000.