State Street has added new capabilities to its electronic trading platform. Global Link, the trading ...
Global Link, the trading platform that is at the centre of the company's e-finance strategy, will now allow multiple counterparties in its foreign exchange service.
Simultaneously, an advanced trade order management system has been introduced with the help of a software company.
Global link is a secure private network between State Street and around 250 asset management firms from 19 countries throughout the world.
FX connect, which was launched in 1996, provides a foreign exchange service that is integrated with the other trading functions offered by Global Link and it is this that has been updated.
Deutsche Bank is one of the first major foreign exchange dealers to use this automated system.
Wayne Grigull, managing director, Deutsche Bank, said: "Because the system operates on Global Link, our clients are able to integrate forex trading into their comprehensive portfolio strategies and executions.
"In today's foreign exchange environment our clients demand access to liquidity and choice. FX Connect enables us to meet this demand as well as allowing us to optimise efficiencies and reduce risk and implementation costs."
This addition to the capabilities of FX Connect will allow clients a wide range in their choice of foreign exchange counterparties.
The purpose of the system is to allow a greater deal of flexibility and transactional efficiencies through its ability to transact, forward and swap block trades across an unlimited number of accounts and now through multiple banks.
In addition, the Global Link team has been working alongside Eze Castle Software to produce an advanced electronic trade order management system that will enable clients to manage trade orders from their desktops in real time.
The use of the application service provider (ASP) model also means that Global Link will be able to connect users' trade order systems to their in-house accounting functions.
Sean McLaughlin, president at Eze Castle Software, said: "With investors simultaneously operating across multiple markets and multiple asset classes through Global Link, State Street anticipated the need to provide a seamless, automated system that can integrate Global Link's trade order management system on a single blotter and connect it securely to its clients' back office systems."
Founded in 1996, Eze Castle Software provides software products and services to the investment management market. It currently has over 60 clients and offices in New York, Boston, San Francisco and London
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