FX Connect, the FX element of State Street Corporation’s Global Link network, has broken the $20 billion mark in daily trading volume. According to a source close to the bank, the figure represents something of a high watermark, but is evidence of an ongoing growth in daily volume.
“Naturally we are delighted to surpass this important volume mark,” says Simon Wilson-Taylor, head of Global Link. “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 multi-bank forex trade confirmation and settlement product, GTSS II,” he continues. “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 MoneyMaket Connect and Fund Connect.”