State Street collaborates with CLS for post-trade FX data service 

The new combined platform will give asset managers further transparency into their transaction lifecycles with a consolidated view of FX settlement data across accounts.

By Joe Parsons

State Street has partnered with FX market infrastructure group CLS to provide asset managers with a consolidated view of their FX post-trade data across their accounts. 

The partnership will combine State Street’s electronic post-trade processing service, TradeNeXus, with CLS’s post-trade monitoring and reporting tool, CLSTradeMonitor, allowing asset managers to manage their trades eligible for CLSSettlement, along with all trades across their accounts with different custodians.  

The new combined platform will also help asset managers meet deadlines and alter settlement instructions, giving them further transparency into their transaction lifecycles. 

“By collaborating with CLS, who has a unique settlement service in the FX market, we continue to work on innovative ways to improve operational processes that will provide our clients with enhanced functionality to manage their post-trade workflows,” said Kate Lowe, head of GlobalLink post-trade services at State Street Global Markets.   

“Together, we will provide a single-window to view critical settlement data as a seamless extension to the existing capabilities to drive efficiency and automation for our valued client base.” 

The partnership is the latest enhancement State Street has made to its FX post-trade services in recent years. In September last year, LCH ForexClear became the first clearing house to integrate with State Street’s TradeNeXus to give buy-side users direct access to LCH’s FX clearing services. 

State Street also began providing access to CLS in Japan for a locally-domiciled pension fund, which became the first buy-side firm to migrate their FX settlement to CLS.  

“We are delighted to be working with State Street to deliver a solution that enhances post-trade transparency, mitigates risk and increases efficiency by providing asset managers with an integrated view of their settlement activity,” added Alan Marquard, chief business development officer, CLS.