State Street Global Markets, the investment research and trading arm of State Street, says that five Canadian banks have joined its post-trade foreign exchange confirmation matching and settlement tool, Global Trading Support Services (GTSS). The tool is distributed via State Street’s Global Link network. The five banks are:
Bank of Montreal, Scotia Capital, CIBC, Royal Bank of Canada and TD Bank Financial Group.
“Since its initial launch in 1996, we have been extremely pleased with the success we continue to see with our GTSS innovation,” says Simon Wilson-Taylor, managing director and worldwide head of Global Link for State Street. “With nearly 15,000 matched trades per week, GTSS’ track record of success in providing benefits for managers facing increasing margin pressures, speaks for itself.”
By eliminating the traditional paper based manual processing for trade confirmations, which can take days to complete, GTSS aims to enable traders to complete the confirmation process within 30 minutes of the original transaction. State Street claims it also reduces trading losses and the workload associated with trade confirmation by nearly eliminating settlement errors.
GTSS also provides a reporting capability that enables users of the system to run net position and reconciliation reports for all their trading counterparties. Combined with SWIFT connectivity, GTSS offers automated processing for multi-bank foreign exchange trading.