State Street says its FXConnect multi-bank electronic foreign exchange trading system has surpassed $30 billion in daily trading volume for the first time.
“While FX trading volume is subject to marked variability depending on worldwide currency market conditions and volatility, surpassing this important volume mark is a dramatic expression of our leadership position in the online foreign exchange trading market,” says Simon Wilson-Taylor, managing director and worldwide head of Global Link, the network through which FXConnect is distributed, at State Street Corporation.
FXConnect also passed 9,400 trades per day during November, with a monthly total of nearly 160,000 online foreign exchange transactions executed. The bank says only 6% of these transactions were swaps.
“These volumes demonstrate Global Link’s leading position in the online institutional investor FX market,” adds Wilson-Taylor, “Our clients worldwide are trading with more than 46 banks in 142 dealing room locations around the globe. FXConnect’s banks supply 95 percent of the world’s total foreign exchange requirements to institutional investors. Moreover, GTSS, our post-trade forex confirmation matching and settlement product, has also now reached a new record volume of nearly 20,000 matches per week, clearly establishing GTSS as the industry’s settlements centre of choice.”
FXConnect was the first online FX platform when it was launched in 1996. It now faces competition from a number of other platforms.