BOSTON, 23 January, 2006 -- State Street Global Markets, the investment research and trading arm of State Street Corporation (NYSE: STT), announced today the launch of a new industry standard for online settlement instructions developed with SSISearch, a specialist service provider for payment processing and settlement instructions. State Street clients can now access an application that will enable them to retrieve CLS and other settlement information from SSISearch databases. As these clients will no longer need to maintain their own settlement instruction database, this will substantially improve efficiency and reduce the operational risk involved in their trading process. The application will be available via State Streetâs Global Link network and its post-trade confirmation matching and settlement product, GTSS.
The SSISearch Global Directory is a banking industry initiative to create a single source of highly accurate contact information and fully authenticated standard settlement instructions to help reduce settlement risk and improve Straight Through Processing (STP). Available to users on a 24/7 basis via a secure website, the system creates time and cost efficiencies by publishing and retrieving settlement data in a central database.
"As the online trading environment becomes more complex, we continue to provide our customers with the most innovative products and services to help them navigate this complexity," said Stanley W. Shelton, executive vice president and head of State Street Global Markets. "By teaming up with SSISearch to offer SSISearch directory access on our Global Link network, we will help transform our clientsâ payment processing and settlement routines and promote greater STP and cost savings within their FX activities."
"Partnering with a well-respected leader like State Street is a terrific opportunity for all of us," said Thomas Hjukstrom, director, strategic development of SSISearch. "Adding SSISearch directory access to their Global Link network enables State Street to put their clients at the forefront of a new trading era of operational effectiveness."