The new business known as Fidelity Digital Assets will offer custody and trade execution of cryptocurrencies to institutional investors from 2019.
State Street believes it can increase its footprint in the wealth space following acquisition of front-office service provider Charles River.
The introduction of Japanese funds onto the FX settlement service follows a multi-year effort to onboard the Japanese buy-side community to CLSSettlement.
Regulation and collateral costs have made the cleared derivatives market much more attractive for the buy-side, but what else will it take for them to voluntarily take part?
Private debt and alternative asset classes were cited by the buy-side as the most operationally costly to manage.
The delay will help ease fears among buy-side firms, many which were reportedly nowhere near ready to comply with the 1 March go-live.
Asset managers have barely completed the re-write of collateral exchange agreements for the incoming variation margin rules.