JPMorgan Chase will join FX Connect, the multi-bank electronic foreign exchange trading system operated by State Street via its Global Link network. This follows the same decision last week by Citibank. This is quite a coup for State Street: both the leading forces in forex trading and services are now on a platform owned and operated by a competitor.
“Our goal is to offer the best proprietary and multi-bank e-dealing solutions for our clients, and FX Connect is an integral part of JPMorgan Chase’s overall e-commerce strategy,” explains David Puth, managing director and head of North American FX Trading at JPMorgan Chase. “We are pleased to announce that we will begin live trading on the system next week. Many of our key clients have chosen FX Connect, particularly for its straight-through processing benefits.”
“Naturally, we’re very pleased that JPMorgan Chase has chosen to participate in FX Connect,” said Simon Wilson-Taylor, head of Global Link at State Street Corporation. “Essentially, State Street’s objective is to anticipate its clients’ needs and with JPMorgan Chase, Citibank, Deutsche Bank, State Street and other leading providers on the platform, we’re in an ideal position to do that by offering all their preferred counterparty banks.”