State Street Corporation (NYSE: STT) has marked the 25th anniversary of FX Connect, its platform for flexible FX execution, portfolio management and streamlined global operations designed to reduce operational risk and increase transparency.
This milestone underscores State Street’s ability to consistently enhance FX Connect to meet evolving client and markets needs over the last two and a half decades. Upcoming product enhancements, set to launch later in the year, will reinforce the ongoing innovation and agility of the FX Connect platform.
“The success and longevity of FX Connect is another compelling proof point of how State Street has pivoted through the years in response to macro-level shifts in the FX market landscape, and has continued to invest in the service to develop and innovate around the needs of our clients,” says Nadine Chakar, head of State Street Global Markets. “FX Connect continues to be a core component of the multi-asset class solutions we offer to clients.”
FX Connect launched in 1996 and in 2000, it became the first multi-bank eFX platform when it added additional liquidity providers other than State Street. Over the last several years, State Street has made strategic acquisitions of complementary technologies and platforms and FX Connect has become a pivotal piece of the integrated solutions offering that is provided by the organisation via Charles River Development, BestX and other bank services. Over time, FX Connect has won multiple industry awards including “Best Platform for Asset Managers” Award for 8 years running (2013-2020) in the Profit & Loss Readers’ Choice Awards and has ranked as the No1 Multi-dealer Platform for Real Money Clients in the annual Euromoney FX Survey, 2018-2020.
“FX Connect’s upcoming product enhancements demonstrate State Street’s proven capacity to weather market volatility amid the global public health crisis to identify and solve problems for clients,” says Beverley Doherty, global head of FX Connect at State Street Global Markets. “The 25th anniversary of FX Connect underscores the brand’s evolution, as well as durability, in the FX marketplace. We believe that ethos has lasted throughout our 25 years and will continue to push us forward.”
Carol Cafarelli, one of the original users of FX Connect who was on the trading desk in 1996 when the very first order was done, says: “FX Connect’s success in those early days was down to being innovative and responsive to making changes to meet clients’ varied trading requirements.”