London and Boston, 22 February 2006 â State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors announced today that SEB Group has joined FX Connect, State Streetâs electronic foreign exchange trading system.
Launched in 1996, State Streetâs FX Connect became the industryâs first buy-side, multi-bank FX trading platform in 2000. Today, it remains the market leader, demonstrating State Streetâs continuing commitment to enhance the platform to meet the needs of its client base. Last year, FX Connect surpassed $45 billion in daily trading volume, underscoring its dominant position in the online electronic foreign exchange marketplace.
âFX Connect complements our overall eFX strategy with its global distribution into the Asset Management community,â said David Steiner global head of eFX at SEB.
FX Connect is offered via State Streetâs proprietary Global LinkÂ® network, which 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.
âWith the continued increase in electronic trading, our customers need streamlined solutions that are STP efficient,â said Simon Wilson-Taylor, managing director and worldwide head of Global Link for State Street. âFX Connectâs 10-year market presence demonstrates that weâve consistently been able to deliver continued service quality and online efficiency for our customers.â