State Street says FX Connect, the multi-bank electronic foreign exchange trading system it distributes via the Global Link network, has passed $20 billion a day in trading volume.
“Naturally we are delighted to surpass this important volume mark,” says Simon Wilson-Taylor, head of Global Link at State Street in Boston. “Since our inception in 1996, we have established our market leadership with the most robust platform, the largest share of the online foreign exchange market and industry leading security and confidentiality. Despite the challenging conditions in the securities markets, FX Connect has continued to experience strong growth in trading volumes. FX Connect has handled over 400,000 completed trades this year, confirming that our dominant lead continues to extend. We are also delighted with the market penetration we have achieved with Global Link’s multibank forex trade confirmation and settlement product, GTSS IISM. Since its initial launch in Australia last year, GTSS II is already confirming 10% of all FX Connect trades. We are also seeing similar growth across the Global Link platform with year over year volume increases of 94% in our equity trading products Lattice and Equity Connect, and strong results in MoneyMarket Connect and Fund Connect. Finally, the more recent launch of Futures Connect has had a tremendous reception, already providing online trading and clearing services to some of the largest futures trading clients in Europe and the Americas.”
FX Connect, the first online forex platform to be launched, is thought to have a market share of up to 70%, despite the emergence of several competitor.
Global Link is a collection of research, decision support tools, and trading technology for six asset classes to in 23 countries. State Street says over 400 fund managers use them.