|What Others Say
March 3, 2008
State Street remains top 5 in ITG/Plexus Trade Watch Survey
Pension & Investments
Best Execution: Large Trades - “State Street Global Markets is the #4 ranked Execution-only broker firm.”
Best Brokers: Large Trades - “State Street Global Markets is the #3 ranked Execution-only broker firm (lowest execution).”
November 16, 2007
State Street FX Connect wins best online FX trading system
“With input from industry analysts, corporate executives and technology experts, Global Finance selected the winners based on objective and subjective factors. The criteria included transaction volume, market share, global coverage, customer service, competitive pricing, and innovative products and technology.”
“State Street’s FX Connect provides a single entry point for online foreign exchange trading with multiple counterparties. The service is delivered through Global Link, State Street’s multiple asset-class system for global money managers. FX Connect enables to execute currency forward and swap transactions in large blocks across an unlimited number of accounts.”
Simon Wilson-Taylor, Global Head of State Street Corp’s Global Link ranks #16 in Online Finance 30
-Simon Wilson-Taylor: # 16 on Institutional Investor’s annual listing of top international financial technology innovators; Online Finance 30.
The winners of this designation were described as, “Breaking down time-tested barriers, blurring distinctions between banking and brokerage, as well as between retail and institutional services. Their systems and products whether packaged for individual investors or for securities exchanges and their members, routinely cross borders and encompass a multiplicity of currencies and asset classes.”
FX connect has already done very well in capturing the asset manager market, gaining 8% over the past year. The acquisition of online foreign exchange platform Currenex, will help bolster a trading platform for active traders not just for buy-and-hold institutional investors. According to Wilson-Taylor, plans for the future also include moving more into the hedge fund sector across multiple asset classes.
April 1, 2007
Global Link wins Best Workflow Management in 2007 Digital FX Awards
Profit & Loss
-Best Workflow Management: State Street Global Link
“Global Link wins not just because it has a wide range of tools that build efficiency in its clients’ processes, but because if it is faced with a client issue it has not seen before, it does the bespoke work to ensure the issue is solved.”
June 19, 2006
State Street Records Fresh FX Milestone
International Custody & Fund Administration
FX Connect®, the multi-bank electronic foreign exchange trading network offered via State Street Global Link®, recently exceeded $99bn in a single trading day. This new milestone, up from $40bn less than a year ago, demonstrates State Street’s commitment to evolving the network and accommodating the needs of its client base. Stanley W. Shelton, Executive Vice President and head of State Street Global Markets, comments that the new record, “Continues to reaffirm our value proposition as the only platform providing full online foreign exchange connectivity through the entire investment process.”
June 16, 2006
State Street FX System Tops $99bn a Day
Investment & Pensions Europe
FX Connect®, State Street Global Link’s FX trading system, recently exceeded $99bn in a single trading day which is up from $40bn less than a year ago. Simon Wilson-Taylor, worldwide head of Global Link, comments, “The continued increase in FX Connect’s trading volume is a clear indicator of its traction amongst the world’s leading institutional investors. This milestone…reaffirms the value of being the only provider solely dedicated to the needs of asset owners and asset managers.”
May 1, 2006
State Street to provide FX workflow solution to MLIM
State Street Global Link® has developed a foreign exchange execution management solution for Merrill Lynch Investment Managers (MLIM) in London. Through Global Link, MLIM can aggregate multiple sources of FX requirements, view compliance requirements, trade with multiple parties, and access full reporting capabilities. Simon Wilson Taylor, worldwide head of Global Link, describes this collaboration as, “A next step in the evolution of foreign exchange solutions.”
April 17, 2006
State Street to provide forex workflow solution for MLIM
State Street Global Link® recently announced a FX workflow solution for Merrill Lynch Investment Managers (MLIM) in London that fully integrates to MLIM’s existing processes. Paul Walker-Duncalf, a managing director of MLIM, comments, “Given the excellent integration support, large degree of customization and FX Connect’s leading market share among asset managers, they were a natural choice for us to partner with.”
The 2006 Digital FX Awards: “Eye on the Client”
Profit & Loss
State Street Global Link® claimed Best Workflow Management in Profit & Loss’s 2006 Digital FX Awards. Global Link was given this award for the second consecutive year due to its proficiency in building unique workflow solutions on a client-specific basis. In addition to providing their customers with excellent processing throughout the entire trading process, Global Link also offers a wide range of “supremely sophisticated” processing tools that have been embraced by the vast majority of the asset management industry.
The Online Finance 40
Simon Wilson-Taylor, worldwide head of Global Link, is named one of Institutional Investor Magazine’s Online Finance 40.
2006 Foreign Exchange (FX) Survey
FX Connect®, State Street’s electronic FX network offered via Global Link, was named Most-Used Multi-Bank Platform in Global Investor Magazine’s 2006 Foreign Exchange (FX) Survey. The Global Investor FX Survey is comprised of results from more than 660 respondents, including the world’s largest third party managers. “FX Connect’s 10 years of industry leadership coupled with our superior customer service demonstrates our commitment to continued excellence in foreign exchange services for institutional investors,” said Stanley W. Shelton, Executive Vice President and head of State Street Global Markets. Launched in 1996, FX Connect became the industry’s first buy-side, multi-bank FX trading platform in 2000.
February 23, 2006
SEB Group Adopts State Street’s Foreign Exchange Trading System
SEB joined FX Connect®, the foreign exchange trading network offered by State Street Global Link. Simon Wilson-Taylor, worldwide head of Global Link, comments that new clients continue to join FX Connect in an effort to utilize streamlined trading solutions that are STP efficient.
January 25, 2006
State Street and SSISearch Offer Investment Managers a Single Source of FX Settlement Instructions
State Street Global Link® has partnered with SSISearch to provide an automated link between Global Link’s FX confirmations network, GTSSSM, and third party SSI databases. Chip Lowry, head of Global Link Europe, describes the current method of buy-side maintained settlement instructions as a “significant undertaking” that can be alleviated by this initiative. More importantly, Lowry points out that this partnership, “Now gives the investment managers one confirmation process for all FX trades including CLS and non-CLS eligible trades.”
January 24, 2006
State Street Rolls Out Online Settlement Instructions with SSISearch
Global Custody Review
State Street Global Link® clients can now access SSISearch databases through GTSSSM, Global Link’s FX confirmations and settlement network. This partnership will allow users access to a centralized database of settlement data, allowing greater time and cost efficiencies. Stanley W. Shelton, Executive Vice President and head of State Street Global Markets, comments: “By teaming up with SSISearch to offer SSISearch directory access to our Global Link network, we will help transform our clients’ payment processing and settlement routines and promote greater STP and cost savings with their FX activities.”
January 23, 2006
State Street Offers SSISearch Directory Access on Its Global Link Network
GTSSSM, the post-trade FX confirmations and settlement product offered by Global Link, will now allow clients to retrieve CLS and other settlement information from SSISearch databases. By providing access to a centralized source of fully authenticated standard settlement instructions, GTSS will further reduce settlement risk and improve straight-through-processing
Recent years have seen a surge of e-FX platforms to the marketplace, all catering to a wide variety of trading styles and tastes. More sophisticated platforms, such as FX Connect® , attract clients interested in driving sizable volumes to an array of counterparties in a secure and streamlined environment. Chip Lowry, managing director of Global Link Europe, discusses how FX Connect "re-engineers" the FX trading process by consulting with clients throughout their investment process. Through this hands-on approach, FX Connect allows fund managers to fulfill their fiduciary duty to their clients by reducing risk and increasing operational efficiencies.
September 19, 2005
Platform Focus: The First to Connect
FX Connect® is a pioneer in electronic foreign exchange with a ten-year history and sustained dominance of the fund management market. Simon Wilson-Taylor, worldwide head of Global Link, attributes this success to FX Connect's unique value proposition. By providing customized solutions to its client base, FX Connect streamlines the entire FX trading process and facilitates more valuable relationships between buy-sides and sell-sides. In 2006, FX Connect will release a series of cutting-edge technology upgrades providing an even greater degree of integration between its clients.
FX Connect's Daily Trading Volume Surpasses $40 Billion
FX & MM
Simon Wilson-Taylor, worldwide head of State Street Global Link®, attributes the recent record of $40 billion in daily trading volume over FX Connect® to its unrivaled value proposition to real money clients. Since becoming the first multi-bank e-FX network in 2000, FX Connect maintains its position as the dominant player in this marketplace by supporting the unique trading and workflow requirements of real money asset managers. FX Connect further solidifies its place as the undisputed leader in servicing the needs of this client base, as is evidenced by this new peak in daily volume.
July 11, 2005
FX Connect Hits New Peak…
Profit & Loss
The growth of multi-bank FX trading networks continues its upward climb, as Global Link's FX Connect® experienced a record $40 billion in daily trading volume during the month of June. This watermark represents a new peak for the industry as a whole and reaffirms FX Connect's position as the e-FX network of choice among investment managers. Stan Shelton, executive vice president and head of State Street Global Markets, comments, “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.” Shelton also attributes FX Connect's continued leadership and stability in the marketplace as tantamount to its success as uncertainty about future ownership of rival platforms continues.
July 8, 2005
FX Connect Volume Hit $40 Billion
FX Connect®, State Street Global Link's electronic FX trading network, surpassed $40 billion in daily trading volume during the month of June. This watermark represents FX Connect's position as a market leader in serving the e-FX trading and settlement needs of asset managers in the $1.9 trillion a day currency market.
A Lively Topic of Debate
FX & MM
Simon Wilson-Taylor, worldwide head of Global Link, discusses the concept of a "liquidity mirage" in the FX market and the role of electronic trading in this debate. It is argued that multi-bank portals compound the effects of a liquidity mirage by offering more prices to more customers without adequate liquidity, leaving banks with tremendous exposure and customers at risk if the prices are revoked. The introduction of electronic trading has made the market fiercely competitive and some observers speculate that this mirage will force the consolidation of e-FX providers. Wilson-Taylor argues that consolidation will occur due to a lack of consumption rather than overexposure. Specifically, he contends that wholly price-based models compromise their own sustainability by decreasing margins for the banks and failing to provide value-added services to their client base.
April 1, 2005
FX Connect Moves to New Architecture
Profit & Loss
State Street Global Link® is releasing new architecture for FX Connect® in a phased rollout starting Q1 2005. The e-FX trading network has a number of new workflow releases planned this year, including limit orders, benchmark orders, and significantly enhanced WM. This next generation architecture will be released in phases parallel to the existing architecture, maintaining the extraordinary reliability of FX Connect while supporting these new workflows. Simon Wilson-Taylor, worldwide head of Global Link, also discusses how “volumes have skyrocketed” on Equity Connect®, Global Link’s electronic equities trade management, crossing, and DMA network, due to significant upgrades released last autumn. Global Trading Support ServicesSM (GTSSSM), Global Link’s real-time multi-counterparty FX confirmation network, will also receive a significant upgrade when money market functionality is introduced by year-end.
Eye on the Client: The 2005 Digital FX Awards
Profit & Loss
State Street Global Link® received the Best Workflow Management award in Profit & Loss's 2005 Digital FX Awards. This award is based on how an institution improves overall workflow management and transcends conventional definitions of STP. Global Link was commended as a "pioneer" in this space by building scalable solutions that are then fully customized on a per-client basis. Global Link's commitment to improving client processes through its innovative technology also helped it capture the "One to Watch" award in the Best Real Money Platform category.
March 29, 2005
Best Execution: Not Just Price, But What Else?
Chip Lowry, Managing Director of Global Link Europe, addresses the various industry viewpoints surrounding best execution for foreign exchange. Since FX behaves so differently than equities by providing the ability to aggregate, net, cross-net, and group trades, basing FX best execution purely on an equity model is insufficient. Money managers form their own definitions based on a variety of topics including timing, outsourcing issues, and prevailing rates at time of execution. Despite the diverse viewpoints surrounding this issue, Lowry holds that a definition of best execution must start with the concepts of process and practice before a standard consensus can be reached.
Online Finance 40
Simon Wilson-Taylor, worldwide head of Global Link, claimed the 21st spot in Institutional Investor’s "Online Finance 40" annual rankings. Wilson-Taylor leads the most active electronic FX trading network, FX Connect®, and a host of multi-asset class research and trade execution tools offered via State Street’s Global Link® network. Global Link is an established service provider to 19 of the world’s 20 largest investment managers and seeks to expand its presence in 2005 through such products as Equity Connect®, Futures ConnectSM, and Fund ConnectSM.
February 13, 1005
Rival Treasury Trading Platforms Shrug Off Centradia Collapse
The leading electronic foreign exchange providers view the recent collapse of rival network Centradia with indifference, as online FX trading volumes continue to grow at a healthy pace. Simon Wilson-Taylor, worldwide head of Global Link, comments that e-FX systems will not exist by providing narrow strategies because most traders do not specialize in FX exclusively. Wilson-Taylor explains that e-FX networks work when they produce seamless efficiencies and workflows that clients "can’t live without."
Platforms Experience Record Volumes
Profit & Loss
Foreign exchange trading activity reached record highs in 2004, impacting markets worldwide and generating trading volumes in excess of $30B daily for Global Link’s FX Connect® trading network. Simon Wilson-Taylor, worldwide head of Global Link, describes this milestone as a "dramatic expression" of Global Link’s leading position in the electronic foreign exchange trading space.
Electronic foreign exchange trading volumes continue their robust growth, quieting the doubts of skeptics who long questioned the sustainability of multi-bank portals. The first multi-bank portal launched in 2000, FX Connect®, has the largest presence among real money managers and almost exclusively serves the needs of global fund managers. Through FX Connect, these clients benefit from vast liquidity pools, real-time communication between counterparties, and improved operational efficiencies through automated FX trading and confirmation processes. Customized integration solutions between FX Connect’s advanced trading technology and clients’ in-house portfolio, accounting, and custody systems create a total trading solution that helps reduce risk and streamline workflow.
December 22, 2004
FX Connect Breaks $30bn Barrier
FX Connect®, State Street Global Link’s electronic foreign exchange trading network, surpassed $30 billion in daily trading volume for the first time. This milestone was accompanied by the execution of nearly 160,000 trades via FX Connect and approximately 80,000 matched trades on Global Trading Support ServicesSM (GTSSSM) during the month of November 2004.
December 22, 2004
FX Connect Tops $30 Billion in Daily Volume
Profit & Loss
FX Connect®, Global Link’s multi-bank electronic FX trading network, topped $30 billion in daily trading volume for the first time. Global Link provides unique fact-based research, decision support tools, and trading technology for five asset classes. The network is currently used by 19 of the world’s top 20 asset managers, who collectively manage 75 percent of the world’s professionally managed assets.
December 21, 2004
State Street Says FX Connect Forex Trading Platform Has Topped $30 Billion in Daily Volume
FX Connect®, the multi-bank electronic FX trading system offered through State Street’s Global Link network, broke the $30 billion daily trading volume mark for the first time. Simon Wilson-Taylor, worldwide head of Global Link, describes this milestone as a “dramatic expression” of FX Connect’s leadership in the online institutional investor FX market. Since its launch in 1996, FX Connect has grown to include 46 banks that supply 95 percent of the world’s total FX requirements to institutional investors worldwide.
Enhancing the User Experience with e-FX
Profit & Loss – Digital FX
Chip Lowry, Managing Director of Global Link Europe, discusses the “virtuous cycle” of benefits inherent in a properly implemented e-FX trading process, including freed up time, better execution, and less risk. Automated FX-specific workflow solutions can help reduce time-consuming manual processes associated with meeting daily foreign exchange requirements. Using two Global Link client success stories as examples, Lowry details how streamlined e-FX processes aid in improving communication, reducing invisible cost contagion, and enhancing overall performance.
On the Up
FX & MM
A recent report from Greenwich Associates indicates that electronic foreign exchange trading experienced impressive growth in recent years, with approximately 40 percent of all global institutions trading FX electronically last year. Simon Wilson-Taylor, worldwide head of Global Link, notes that large institutions executing hundreds of trades daily realize profits and performance benefits by executing deals electronically. Wilson-Taylor attributes the success of Global Link’s electronic FX trading network, FX Connect®, to its niche market strategy that targets large institutional money managers and develops workflow solutions streamlining trade execution while reducing risk.
November 1, 2004
Custodians Suffer from Weak Markets
Global Link has proven itself an “unrivaled success” in automating electronic foreign exchange trading, bolstered by State Street’s heavy investment in becoming a significant capital markets player. This success is evidenced in the recent addition of five Canadian banks to Global Link’s FX trade matching and confirmation network, Global Trading Support ServicesSM (GTSSSM), which matches approximately 15,000 trades per week.
October 25, 2004
Canadians Join State Street’s E-Commerce Settlement Service
Bank of Montreal, Scotia Capital, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and Toronto Dominion have all joined Global Trading Support ServicesSM (GTSSSM), Global Link’s electronic forex trade matching and confirmation network. Simon Wilson-Taylor, worldwide head of Global Link, describes these wins as significant due to the prevalence of FX trading in Canada’s relatively small economy. GTSS automates trading activities, reducing risk and losses for Canadian money managers and global investment portfolios holding large amounts of assets in foreign currencies.
October 25, 2004
Global Link Signs Five Canadian Banks to GTSS
Profit & Loss
Five of Canada’s largest banks – Bank of Montreal, Scotia Capital, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and TD Bank Financial Group – have joined Global Trading Support ServicesSM (GTSSSM), Global Link’s electronic foreign exchange trade matching and confirmation network. John Vause, head of Global Link Canada, attributes these wins in large part to word-of-mouth referrals from Canadian buy-side clients already on the network. As volumes from these clients continue to grow on GTSS, so does Global Link’s presence in the country. Vause identifies, “Plenty of opportunities in Canada, both in terms of clients and instruments”, as Global Link continues to be widely adopted by the Canadian investment management community.
October 22, 2004
Five Canadian Banks to Use Foreign Exchange Confirmation and Settlement Service from State Street
State Street Global Markets announced the addition of five leading Canadian banks to its electronic FX trade matching and confirmation tool, Global Trading Support ServicesSM (GTSSSM), available through State Street’s Global Link network. Bank of Montreal, Scotia Capital, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and TD Bank Financial Group have all adopted GTSS for its many benefits allowing managers to streamline workflow in the face of increasing margin pressures. By eliminating the need for manual paper-based confirmations, GTSS reduces risk and enables trade confirmation within 30 minutes of the original transaction. GTSS is also SWIFT enabled and provides a variety of reporting capabilities, including net position and reconciliation reports for all trading counterparties.
Finding a Niche
The growth of online foreign exchange trading continues its steady pace, both in number or providers and trading volumes, despite earlier predictions of imminent upheavals and shakeouts. Multi-bank offerings have fortified their momentum by focusing on one market niche and building solutions serving that specific customer type. FX Connect® leads the market in serving the needs of “real money” fund managers by offering a blotter model that provides the benefits of netting for both sides, helping to reduce the invisible costs of trading. The scope of FX Connect’s target market is expanding to the corporate segment, as many large corporations require the same FX trading solutions as institutional investors. Chip Lowry, managing director of Global Link in Europe, the Middle East, and Africa, says that the key to capturing this market segment is through back-end workflow solutions that can be customized on a client-specific basis.
September 14, 2004
As investors pour into the FX market, the number of electronic trading systems promising to meet their needs grows concurrently. With this growth comes the natural question of which platforms will survive once comparative calm returns to the FX market. FX Connect®, the most active e-FX network in the market, has a proven track record of success since its launch in 1996. Its niche market strategy targeting large institutional money managers promises to continue this success as the FX market matures and evolves toward electronic trading.
Dealing Power Goes Electronic
Investment & Pensions Europe
Online foreign exchange trading has demonstrated remarkable stability and growth as compared to other asset classes, with a handful of platforms emerging as niche market leaders. FX Connect® was one of the first to market, launching in 1996, and is the only network targeting large buy-side institutions. Simon Wilson-Taylor, worldwide head of Global Link, describes FX Connect as a natural outgrowth of State Street’s relationships with large institutional money managers trading large volumes with multiple banks. In addition to its team of integration specialists and straight-through-processing benefits, FX Connect also offers sophisticated netting abilities allowing participating banks to net orders with multiple trades, thereby providing better prices for clients.
2004 Waters Rankings
Waters magazine named Global Link’s FX Connect® the “Top FX Venue” in its Waters Rankings 2004. The reader-based survey highlighted improved front-office efficiencies and seamless integration with internal order and portfolio management systems as the network’s key benefits. FX Connect’s extensive pools of liquidity (offered through over 40 liquidity providers) and four-year head start on its closest competitor helped solidify its first place finish.
Mitsubishi Trust and Banking Corporation Joins State Street's FX Connect®
Mitsubishi Trust and Banking Corporation (Mitsubishi Trust) will provide liquidity via FX Connect®, Global Link’s electronic foreign exchange trading network. Simon Wilson-Taylor, worldwide head of Global Link, regards the addition of Mitsubishi Trust as furthering Global Link’s commitment to and success in servicing the Japanese marketplace.
World’s Best Foreign Exchange Banks 2004
Global Finance named FX Connect® Best Bank Online Forex Trading System in its 2004 Best FX Banks Annual Survey. The publication cited FX Connect’s advanced transactional processes, robust trading volumes, and straight-through-processing benefits (including GTSSSM, Global Link’s confirmation and settlement product) as its key differentiators from the competition. Simon Wilson-Taylor, worldwide head of Global Link, reaffirms the network’s commitment to meeting the evolving needs of sophisticated global investors and remaining at the vanguard of industry change and development.
2004 Foreign Exchange Survey
FX Connect® was once again ranked among the top multi-bank foreign exchange trading platforms in Global Investor’s 2004 Foreign Exchange Survey. State Street’s integrated sell-side approach includes a full suite of multi-asset class research, trading solutions, and post-trade products delivered via Global Link. Global Investor also named State Street No. 1 in the Best Capital Flow Research and Best Technology Integration categories.
The Online Finance 40
Institutional Investor’s fifth annual “Online Finance 40” once again named Stanley Shelton, Executive Vice President and head of State Street Global Markets, among the top 40 entrepreneurs and executives leading the e-finance industry. Since launching State Street’s Global Link electronic trading network in 1996, Shelton has overseen the expansion of Global Link due to ever-increasing volumes on FX Connect® and the addition of multi-asset class products including Futures Connect®, Fund Connect, Money Market ConnectSM, and Equity Connect®. Sitting at the crossroads of 15% of the world’s tradable assets, Shelton views State Street as a natural provider of electronic trading services.
February 2, 2004
Global Link Upgrades Matching
Global Link introduced version 2.6 of Global Trading Support Services II SM (GTSS IISM ), featuring MT300 “return SWIFT messages.” Approximately 25 banks and 35 asset managers worldwide use GTSS II to match and confirm foreign exchange trades within minutes of the original transaction, allowing discrepancies to be quickly highlighted. GTSS II is particularly popular in the Asia-Pacific region, with 10 banks currently on the system.
State Street Releases GTSS IISM Update
Trading Technology Week
State Street Global Link® released version 2.6 of Global Trading Support Services IISM (GTSS IISM ), a real-time foreign exchange multi-counterparty trade matching and confirmation system. The most significant change in the updated release allows banks to receive a MT300 “return SWIFT message” when an investment manager uploads a transaction into GTSS II. As most banks already have back office systems automatically receiving these messages, trades can be matched and confirmed via GTSS II without changing existing procedures.
Multi-Bank FX Portals Show Stamina
Profit & Loss
The continued success of multi-bank FX portals is being led by FX Connect® , the “winner” among competitive networks due to its volumes, dedicated client base, and number of leading banks on the system. FX Connect's position as a leader in this market “seems assured”, as real money managers like the product and are inclined to continue using it regardless of competitive offerings.
Euromoney Technology Awards
Euromoney named FX Connect® a “Highly Commended” Multi-Bank FX Dealer-to-Client Trading Platform in its 2003 Technology Awards. FX Connect's integration with clients' order management systems, netting, and multi-account allocation functionalities were all identified as making the product an “excellent execution platform.” Euromoney also noted that FX Connect's dedication to accommodating clients' needs has led some banks to abandon building their own institutional platforms in favor of using FX Connect, a trend likely to continue as regulations further pressure institutions to seek competitive prices on FX transactions.
July 4, 2003
Sumitomo Trust & Banking Joins State Street's FX Connect
Sumitomo Trust & Banking Co, Ltd. will become the first Japanese bank to provide liquidity over FX Connect®, State Street Corporation's multi-bank electronic foreign exchange trading network. FX Connect is available via Global Link, State Street's multi-asset class e-finance network that is available online in both Japanese and English language versions. Shinji Imanishi, deputy general manager of financial products and marketing for Sumitomo, identifies FX Connect as an integral component in reducing the time and back-office order processing burden of online FX trading.
June 30, 2003
Sumitomo Trust to Offer Investors Online Forex Transaction
Sumitomo Trust & Banking Co, Ltd. will begin executing foreign exchange transactions for institutional investors using FX Connect®, State Street Corporation's multi-bank forex trading network available via Global Link. Sumitomo has historically processed FX orders manually and anticipates using FX Connect to execute 60% of these transactions electronically, thereby reducing back-office costs and improving customer convenience.
Online Foreign Exchange Trading Review
Nikkei Financial Daily
Stephen Smit, Managing Director of Global Link Europe, describes the network's growth strategy as continuing to streamline the entire trading process for an increasing array of financial products. From placing orders to settlement, Global Link's multi-asset class products enable greater efficiencies in asset management by utilizing Internet-based technologies. Smit identifies Global Link's primary client base as asset managers but hopes to include more non-financial businesses in the future, following the lead of the FX Connect®/SunGard partnership announced last year.
Research - Coming from a Trading Floor Near You
Tracking cross-border trading flows is an increasingly important research tool, as these global cash movements assist investment managers in predicting supply and demand. State Street Corporation is a leader in producing this research, based on its position as a global custodian with $7.9 trillion in assets under custody and $788 in assets under management. Simon Wilson-Taylor, worldwide head of State Street Global Link®, describes this research as offering an understanding of the markets rather than providing straight buy or sell recommendations. Investment managers can then formulate investment strategies based on this fact-based research, which is available online via Global Link.
FX Connect® Sets New Volume Benchmark
Profit & Loss
FX Connect's recent announcement of surpassing $20 billion in daily trading volume provides hard evidence of increased levels of online trading and the acceptance of multi-bank portals in the marketplace. FX Connect has consistently been the electronic foreign exchange trading network with the highest volumes, as this benchmark represents more than twice the daily trading volume of its closest competitor. Stephen Smit, Managing Director of Global Link Europe, attributes this growth primarily to the technical integration work provided by Global Link, State Street's multi-asset class e-finance network.
100 Most Influential People in Finance
Treasury and Risk Management
Simon Wilson-Taylor, worldwide head of Global Link, was named one of the 100 Most Influential People defining the future of finance and the daily lives of finance professionals. Wilson-Taylor was recognized for, "Taking the Mystery Out of Cash Flow and Consolidation," through his leadership of State Street Corporation's multi-asset class e-finance network.
May 21, 2003
State Street Says FX Connect® Forex Platform is Clearing $20 Billion a Day
FX Connect, distributed via State Street Corporation's Global Link network, passed $20B in a single trading day during the week of May 12, 2003. Simon Wilson-Taylor, worldwide head of Global Link, attributes the network's dominant share of the online foreign exchange marketplace to industry leading security and confidentiality. Global Link is a collection of research, decision support tools, and trading technologies for six asset classes in 23 countries worldwide.
FX Connect® Hits $20B in Daily Trading Volume
State Street Corporation traded more than $20B on FX Connect, its multi-bank foreign exchange trading network offered through Global Link, on a single day during the week of May 12, 2003. According to the latest figures released by the Bank for International Settlements, this signifies that FX Connect traded approximately 2% of the total global market that day. Simon Wilson-Taylor, worldwide head of Global Link, also identified that more than 95% of the $20B volume came from banks other than State Street, a clear indication of FX Connect's broad acceptance in the marketplace.
May 19, 2003
FX Connect® Sees Record $20 Billion in Daily Trading
FX Connect, the multi-bank foreign exchange trading network owned by State Street Corporation, recorded $20B (€17B) in one-day trading volume during the week of May 12, 2003. The network, available via State Street Global Link®, was launched in 1996 as the first online foreign exchange and multi-bank portal. Simon Wilson-Taylor, worldwide head of Global Link, cites 132% annual growth in FX Connect's volumes since its introduction.
May 19, 2003
State Street's FX Connect® Records $20 Billion Daily Volume Spike
FX Connect, offered electronically via State Street Corporation's Global Link network, passed $20B in trading volume on a single day during the week of May 12, 2003. Simon Wilson-Taylor, worldwide head of Global Link, affirmed FX Connect's dominance in the marketplace by highlighting the network's 400,000 completed trades this year. Wilson-Taylor also discussed GTSS IISM, Global Link's multi-bank foreign exchange trade confirmation and settlement product, which is currently confirming 10% of all FX Connect's trades.
The Deal State Street Cannot Let Fail
In acquiring Deutsche Bank's Global Securities Services (GSS) business, one of the greatest assets brought to the deal is Global Link, State Street Corporation's multi-asset class e-finance network. Writer Richard Greensted describes Global Link as being, "in a class of its own."
March 16, 2003
State Street Global Link® Seeks Horizontal Integration
Stephen Smit, Managing Director of Global Link Europe, discusses the buy-side's need for horizontally integrated portfolios across all asset classes. This need is met by Global Link, which provides asset managers a single multi-asset class network for market research, portfolio analytics, trade order management, execution, reporting, and settlement from their desktops. Smit emphasizes Global Link's ongoing commitment to streamlining trade order management to facilitate operations while reducing costs.
Top 40 E-Finance Investor
Stanley W. Shelton, Executive Vice President and head of State Street Global Markets (SSGM), ranked 16 out of 40 innovators shaping the world of e-finance today. Global Link, State Street's multi-asset class e-finance network, was the first of its kind to go live in 1996 due to Shelton's vision of a single electronic network offering trading capabilities and aggregated liquidity from other financial institutions. Shelton identifies electronic trading as only a part of SSGM's broader strategy in the finance world, complementing asset management, research, analytics, and securities-processing businesses.
January 17, 2003
FX Trading Platforms Seen Pulling in Corporates
Trading volumes are increasing on currency platforms as more corporates and asset managers embrace the ease and efficiency of online trading. State Street's FX Connect® currently averages the highest daily volumes according to a recent study by Client Knowledge. Simon Wilson-Taylor, worldwide head of Global Link, agrees with this trend and cites a marked increase in interest at the top end of the corporate sector in addition to the network's traditional client base of institutional money managers.
January 6, 2003
Multi-Bank Evolution Continues
State Street Corporation and SunGard Treasury Systems secured the first marriage of major buy-side and sell-side e-FX liquidity pools in October 2002 when SunGard agreed to embed FX Connect® into its 1,400 corporate clients' treasury workstations. Graham Taylor, executive manager of SunGard's eTreasury Exchange (eTX), cites FX Connect's transaction volumes, ease of installation, and access to multiple asset classes via Global Link as the major benefits of the deal.
January 5, 2003
A Mixed Year for Electronic Trading
The Financial News
State Street's FX Connect® led an independent survey among forex users by London-based Client Knowledge, significantly putting the portal ahead of its rivals Currenex and FXall. The poll also confirmed reports of volume growth among online users doubling in 2002. Stephen Smit, Managing Director of Global Link Europe, identifies integration work at the client end as key to increasing volume on the network.
January 3, 2003
State Street SunGard Alliance Pressures Currenex, FXall
Bank Technology News
The alliance between SunGard Treasury Systems and State Street's FX Connect® expands its customer base to SunGard's corporate treasury clients while putting pressure on its struggling competitors. Simon Wilson-Taylor, worldwide head of Global Link, commented, "If we are to remain dominant, we must take the battle to our competitors and make sure they don't have free reign in the corporate space." SunGard Treasury Systems clients can now initiate FX deal requests from within their treasury application, receiving bid and offer prices directly from FX Connect. Operational costs and errors are reduced by fully automated confirmation, settlement, and posting to back office and accounting systems, thereby achieving straight-through-processing.
State Street Finds Tech Allies to Keep its Forex Perch
Bank Technology News
The strategic alliance announced in October 2002 between State Street's FX Connect® and SunGard Treasury Systems helps solidify State Street's position as the dominant multi-dealer FX platform by expanding its reach to SunGard's large base of corporate treasury clients. The alliance extends State Street's traditional customer base beyond money managers while increasing pressure on its struggling competitors. Simon Wilson-Taylor, worldwide head of Global Link, agrees that dominance in the competitive marketplace necessitates a keen focus on corporate clients.
November 25, 2002
Online FX: A Revolution in the Making By Stephen Smit
Multi-bank dealer-to-client online FX trading was a revolutionary development in the late 1990's, although most asset managers were more interested in gaining equity than increasing efficiency in forex execution. In today's bear market, reduced costs and greater efficiency are of primary importance in choosing an FX provider. According to banking consultancy Client Knowledge, online multi-bank FX trading volumes have doubled over the past six months from $7 billion per day in May 2002 to $14 billion per day in October 2002. Despite this rapid volume growth, multi-bank platforms have penetrated only 7% of the market, suggesting that the online FX revolution is still in its early stages.
November 4, 2002
State Street Offering FX Connect® Via SunGard
Securities Industry News
State Street's FX Connect® will be offered as part of SunGard's corporate treasury workstations in an effort to expand its presence in the foreign exchange market. Simon Wilson-Taylor, worldwide head of Global Link, cites accessing the high end of the corporate world and increasing operational efficiency as the key reasons for pursing the deal with SunGard.
October 30, 2002
State Street Pushes SunGard
Australian Financial Review
State Street will offer FX Connect®, its multi-bank foreign exchange trading system, to SunGard customers after its own system, STN Treasury, closed in May. The deal will diversify State Street's business away from fund managers and toward company treasuries.
October 28, 2002
SunGard Coup for FX Connect®
FX Connect®, State Street's multi-bank FX trading network, will be integrated into the treasury workstations of SunGard Data Systems Inc. clients, bringing a potential 1,400 corporate clients to FX Connect. This is the first deal of its kind to join significant pools of buy-side and sell-side liquidity in electronic FX trading. Graham Taylor, Executive Manager of SunGard's eTreasury Exchange, says the choice was made based on FX Connect's transaction volumes, ease of connecting to the technology, and the possibility of linking clients into Global Link's multi-asset class e-trading network.
October 28, 2002
State Street to Offer Currency Trading Over SunGard System
State Street's FX Connect® will offer currency trading to SunGard Data Systems Inc. customers, allowing State Street to expand its business from asset managers to corporate treasurers. Steve Smit, head of State Street's Global Link Europe, describes the partnership as "fully integrating FX Connect into SunGard's treasury workstations." ClientKnowledge named FX Connect the largest electronic currency trading system by volume, at approximately $4 billion per day, in July 2002.
September 18, 2002
New Technologies Impact Trading at Securities Firms
Information technology is transforming traditional fund management by allowing institutional investors to compare retail prices on the Internet. State Street's FX Connect® enables online exchange rate comparisons among 35 major worldwide banks, thereby eliminating the need for telephone confirmations. FX Connect® is currently used in the dealing rooms of approximately 450 institutional investors, including the top 70 in the world and 21 major institutional investors in Japan.
September 6, 2002
State Street’s FX Business Finding Leveraged Favor
State Street’s FX Connect®, which currently captures 65 percent of daily online currency trading and has a compounded annual growth rate of 72 percent, remains the leading multi-bank online trading platform according to Tower Group. Recent growth in transaction volumes is attributed to diversification as investors move money outside of the U.S. marketplace. The efficiency and back office cost cutting provided by online services such as FX Connect continue to differentiate it from, and may one day supplant, traditional voice brokering of trading desks.
July 22, 2002
State Street Offers Forex Trade Matching for FX Connect
Securities Industry News
State Street expanded Global Trading Support Services IISM (GTSS IISM) to electronically match forex transactions between fund managers and each of its dealers, becoming what it calls "the first real-time multi-counterparty trade matching and confirmation system for foreign exchange deals." GTSS II was initially launched in the United States in 1995 and introduced multi-bank capability in July 2001. Offered via Global Link, State Street's central e-finance network, GTSS II is currently used by fund managers in 11 countries.
Citibank and JPMorgan to provide FX Connect liquidity
In response to client demand, both Citibank and JPMorgan have become liquidity providers for State Street's FX Connect. Citibank explains that this move was made to accommodate key Citibank clients. David Puth, managing director and head of North American FX Trading at JPMorgan Chase, expressed that JPMorgan also responded to clients' needs by joining FX Connect. This agreement increases the total foreign exchange liquidity providers offered through Global Link to 34 providers. Simon Wilson-Taylor reaffirms State Street's objective to anticipate clients' needs and offer clients their preferred counterparty banks.
Global Link Offers Open Trading Platform, Boosts State Street Market Share
Asia Asset Management
Since its launch in 1996, Global Link has evolved as a leading electronic multi-asset class network for investment managers. Frederick Au, Senior Vice President of State Street Global Markets, discusses the unique execution and research products offered on Global Link as well as its straight through processing capabilities. Mr. Au reaffirms Global Link's objective of being the single destination for multi-asset class traders.
June 21, 2002
RBS Joins State Street's Money Market Connect
Royal Bank of Scotland will provide liquidity on State Street's Money Market Connect, offered via Global Link. RBS will use the real-time money markets trading network to improve its distribution of deposit prices to clients.
June 1, 2002
Online FX Market Gets A Reality Check
Bank Systems & Technology
Simon Wilson-Taylor, Managing Director and Head of Global Link, responds to the recent collapse of rival FX trading portal Atriax. Wilson-Taylor identifies sound relationships with customers as the key to success rather than owning the marketplace. David Puth, Managing Director and Head of North American FX Trading at J.P. Morgan Chase, says that many of his key clients choose FX Connect for its straight-through processing benefits.
May 17, 2002
Low-Profile FX Online System Steals Limelight
State Street's FX Connect was ranked first by market share among multi-bank systems in Euromoney's annual FX Survey. Tower Group estimates that FX Connect has the heaviest volume among electronic foreign exchange trading products. Stephen Smit, European Managing Director of Global Link, reaffirms the importance of electronic trading as a key component of State Street's future business.
May 15, 2002
FX Connect Has the Largest Share of the e-FX Market Says Euromoney
Demonstrating leadership in electronic foreign exchange trading, State Street's FX Connect ranked first in market share among multi-bank platforms in Euromoney's 2002 FX Survey. Stanley Shelton, Executive Vice President and Head of State Street Global Markets, identifies State Street's fact-based research and unique multi-asset class trade order management systems as key to this success.
May 13, 2002
State Street to Expand Independent Research
State Street will expand its broking reach later this year with the introduction of a new global equity research product and enhanced trading capabilities targeting asset managers. These products will serve the unique needs of State Street's clients rather than replicating competitive offerings. Research will also be delivered daily through Global Link, State Street's electronic multi-asset class network.
Has Their Time Come
As fund managers focus on reducing the cost of trading, crossing networks such as Lattice (offered via Global Link) are emerging as appealing tools in reducing market impact. Daniel Wiener, Managing Director responsible for transition management at State Street, identifies Lattice's depth of functionality and control over execution price, trade size, and timing as its key attributes.
April 29, 2002
Diminutive IFS Belies its Success
Global Link, State Street's "fiendishly clever" comprehensive online resource for market research, portfolio analytics, and trade order management, has created a competitive advantage for the company. The recent addition of JP Morgan Chase as a liquidity provider on FX Connect is fortifying JP Morgan's e-commerce strategy and meeting clients' needs for straight-through processing. Global Link's "by traders, for traders" philosophy is a critical selling proposition for State Street.
April 24, 2002
State Street Rolls Out Forex Post-Trade Reporting in the U.S.
Financial Net News
State Street announced the implementation of Global Trading Support Services (GTSS), part of the Global Link network, on FX Connect. GTSS allows clients to electronically match and confirm trades in 15 minutes, thereby reducing risks and delays associated with traditional methods.
April 18, 2002
JP Morgan Chase Joins FX Connect®
JP Morgan will become a liquidity provider on FX Connect, which now has all of the largest FX market participants connected to the system. FX Connect, which was founded in 1996, is the largest FX portal in the market.
April 17, 2002
JP Morgan to Trade Currencies Through State Street System
JP Morgan Chase & Co. announced its addition to State Street's FX Connect electronic currency trading system as a liquidity provider. The three co-founding banks - Citibank, Deutsche, and JP Morgan - of the now defunct Atriax currently provide liquidity on FX Connect.
April 17, 2002
JP Morgan Chase to Join FX Connect® Trading System
JP Morgan will become a liquidity provider on FX Connect, following a similar announcement by Citibank last week. The addition of JP Morgan brings the number of liquidity providers on FX Connect to 34. Simon Wilson-Taylor reaffirmed State Street's commitment to anticipating clients' needs as key to their continued success.
April 15, 2002
Demise of Atriax Gives Shape to Forex Market
In light of Atriax's demise, Simon Wilson-Taylor identifies client service as the key component to the future success of foreign exchange trading portals. Wilson-Taylor reaffirms FX Connect's dedication to meeting clients' needs with tools facilitating electronic interoffice trading, allowing a natural progression toward electronic FX trading.
April 10, 2002
Citibank to be FX Connect® Liquidity Provider
Citibank will become the 33rd liquidity provider on FX Connect, the first multi-bank system to go live in March 2000. Tower Group estimates that FX Connect has a 75% share of the online foreign exchange market.
April 10, 2002
Citibank to Join FX Connect® Following Atriax Collapse
State Street announced Citibank as a liquidity provider on FX Connect following the collapse of Citibank’s Atriax FX portal last week. With more than a 75% share of the online FX market (Tower Group), FX Connect looks to build its market lead with the addition of Citibank, the second largest dealer in the FX market.
April 9, 2002
Citibank to Trade Foreign Exchange Through State Street System
Citibank will become a liquidity provider on State Street's FX Connect this month following the collapse of rival network Atriax. FX Connect currently ranks first in daily market turnover, with a daily average of approximately $6 billion according to Tower Group.
April 2, 2002
Electronic FX: Reality or Just a Smoke Screen?
Wall Street and Technology
Electronic FX trading systems are gaining popularity and estimates suggest that current users will increase their percentage of total volume transacted online from 19% to 42% in 2003 (Greenwich Associates, September 2001). Simon Wilson-Taylor attributes FX Connect's success to its inclusion in Global Link's integrated multi-asset class network, which supports investors throughout all aspects of the investment process.
Q&A: Simon Wilson-Taylor, Head of Global Link, State Street Corporation
Profit & Loss
Simon Wilson-Taylor addresses the capabilities and benefits of Global Link, particularly FX Connect's exclusive portfolio pricing of transactions that can reduce "spread" costs of trading. Enhancements to the Global Link system, including additional research, enhanced pricing functionality, and an extended global rollout of Money Market ConnectSM are also discussed.
Survival of the Fittest
Investment & Pensions Europe
Electronic platforms are increasing worldwide currency trading and could account for two-thirds of the FX market by next year. State Street, one of the first to offer online trading with the introduction of its FX Connect system in 1996, is a market leader.
FX Connect leads e-forex Volume Race
TowerGroup recently estimated (March 2002) that the average volume of transactions being executed through State Street's FX Connect is more than four times the volume of its nearest competitor Currenex (US$ 1.5 billion) and more than five times as much as FXall (US$ 1.1 billion). With the growing adoption of electronic trading, FX Connect has consolidated its position as the market leader. TowerGroup also projects that by 2003 electronic trading of foreign exchange will account for as much as 40% of the dealer-to-customer market.
Global Finance has selected Global Link's FX Connect® as the Best Online Foreign Exchange Trading System.
Global Finance magazine has named the "Best Foreign Exchange Banks and Providers" by category in an exclusive survey published in the March 2002 issue. Criteria for selecting the online winners included transaction volume, market share, scope of global coverage, ease of use, competitive pricing and innovative technologies.
February 18, 2002
Online FX Trading Still to Take Off for Custody Clients
Multi-bank FX portals have been slow to amass a substantial following, particularly in the asset manager community. One exception is State Street’s Global Link, the e-finance network for fund managers.
February 4, 2002
"Banks Find Technology Hard to Tame"
Despite their massive consumption of information technology, most investment banks are slow in turning this technology to their advantage. A notable exception is State Street, who extracts information from its $6 trillion in assets under custody into pre-trade analytics and execution services, in addition to custody. Steve Smit, European head of Global Link, views State Street less as a bank and more like a technology company holding a banking license.
January 7, 2002
Downturn Forces Firms to Rethink Technology Policy
In response to the recent economic downturn, many financial technology firms are leveraging their impressive data pools into software systems for clients. State Street’s Global Link expanded its network to include systems providing links to exchanges. Steve Smit, European head of Global Link, sees digital networks as key components in transforming the economy and reconnecting liquidity pools. State Street’s clients, including 17 of the top 20 fund managers, run 52% of the world’s professionally managed cross-border assets. Global Link is intent on capturing the top 1,000 fund managers in the world.