Articles tagged by State Street
GlobalCollateral, a joint venture of Euroclear and The Depository Trust &
Clearing Corporation (DTCC), says that State Street has agreed to participate
in a pilot program to test their Margin Settlement Messaging Service.
The service, powered
by Margin Transit Utility (...
Whether more buy side FX trading activity will shift into order books, and how long this shift could take, was a key discussion point in a webinar examining FX market structure on Tuesday.
During the webinar, hosted by Greenwich Associates, ...
It was announced today that State Street expects to pay a
total of $530 million to resolve FX fraud allegations levelled against the
The US Department of Justice (DoJ) issued a statement today
saying that State Street has agreed to ...
Profit & Loss understands that Andy Kidd has left State Street Global Exchange where he was regional head of FX Connect, the bank’s electronic solution for asset managers.
Kidd had been with the State Street group for six years, joining the firm as part of its bank relationship team in the e-exchange solutions business which covered FX Connect as well as Currenex, the trading platform also owned by State Street.
Prior to State Street, Kidd spent two years at Eurobase Banking Solutions in London, he joined the firm from a long banking career.
Sterling jumped almost 100 pips today after the British High Court ruled that the UK parliament must vote on Brexit before it is formally triggered by Article 50.
The government is expected to appeal the court’s decision, but in the meantime, sterling rose from 1.2335 at 10am UK time to peak at 1.2494 by 1:15pm, its strongest since the October 7 flash crash.
The other big news in the UK today was that the Bank of England’s Monetary Policy Committee (MPC) voted unanimously to maintain Bank Rate at 0.25%.
A new survey of hedge funds finds that almost half of respondents believe that decreased market liquidity “is a secular shift that is here to stay”.
The study was conducted by State Street in partnership with the Alternative Investment Management Association (AIMA). It finds that regulations stemming from the 2008 financial crisis, coupled with historically low interest rates and slow rates of growth in the global economy, have constrained the ability of many banks to perform their traditional roles as market makers, which in turn has impacted broader market liquidity conditions.
Mischa Irsch has joined State Street Global Markets in Boston as an FX sales trader.
John Plansky has been named as the new global head of State Street Global Exchange.
In this role, Plansky will be responsible for global strategy, new product development and developing solutions for clients to help them manage increasingly complex data, search for better performance, focus on attracting assets and meet heightened risk challenges.
In his new role, Plansky will report to executive vice president of State Street Corporation, Lou Maiuri.
Plansky joins from PricewaterhouseCoopers (PwC) where he led the US strategy business and US global platforms business and was a member of the advisory financial services leadership team.
Liquidity, fragmentation and geopolitics dominate closing conversations on Day 2 at Profit & Loss Forex Network Chicago.
After each of the five topic speakers gave their debriefing of discussions within the working groups, the conversation opened up between the panelists to explore some of the themes raised during the working group recaps.
Drawing on discussions around both liquidity and geopolitics, Chip Lowry, senior managing director, State Street Global Markets, kicked things off with the topic of de-globalisation, and whether the current trend of countries looking more inward is affecting liquidity.
David Newns, senior managing director at State Street and global head of Currenex, speaks with Nicola Tavendale about the confluence of factors that are creating a unique set of challenges for the buy side.
I ncreasing regulatory requirements, coupled with the changing characteristics of liquidity in the FX market place in recent years, has resulted in a heightened focus from the buy side on how it can effectively manage its FX exposures. The phase two release of the Global Code will also address specifics relating to the principle of execution.
State Street says it has received approval from the UK’s Financial Conduct Authority (FCA) to operate its FX Connect and Currenex platforms as multi-lateral trading facilities (MTFs) for foreign exchange within the jurisdiction of MiFID II.
Both platforms will now operate as MTFs and be upgraded to be compliant with MIFID II upon implementation in January 2018, State Street says.
For institutions that fall under the MiFID II regime in Europe, “financial instruments” can only be traded on the new MTFs.
Paul Alves has left his role as senior managing director at State and global head of the FX Connect and FX Connect Trade Services product suite.
A spokesperson for State Street confirmed the departure.
Alves had been with State Street for more than 10 years, previously serving as the global head of sales for FX Connect.
Prior to State Street, Alves held senior sales and relationship management roles at MoneyLine-Telerate and Thomson Reuters, and he began his career at The Boston Company Asset Management.
James Reilly has left Cantor Fitzgerald in New York, where he was senior managing director and global head of FX sales and trading at Cantor Fitzgerald.
He is joining State Street Global Markets (SSGM) in a senior role, according to market sources. Profit & Loss understands that Reilly is due to take up the New York-based role at the end of September.
Reilly had been with Cantor Fitzgerald since 2014, following a brief spell at State Street Global Exchange (SSGX). Prior to that, he was the co-head of FX prime brokerage at Morgan Stanley, after moving across from the JP Morgan prime brokerage team in 2009 along with Mike Irwin and Martine Bond. Bond is currently an executive vice president responsible for trading and clearing within SSGX.
FXSpotStream has onboarded State Street as the latest liquidity provider to its service, hired a new CTO and revealed plans to make a new analytics suite available to its liquidity providing banks and clients.
State Street becomes the 13th bank to go live as a liquidity provider on FXSpotStream’s price aggregation service, after Bank of Tokyo-Mitsubishi UFJ (BTMU) was added in December 2015.
“We know from client requests that liquidity from State Street will be a welcome addition to FXSpotStream’s existing bank liquidity. Our service provides State Street an expanded e-distribution network through our global connectivity network and client base. With co-location sites in New York, Tokyo and London, clients can use either our GUI or single API connection to access State Street’s liquidity,” Alan Schwarz, CEO of FXSpotStream, tells Profit & Loss.
State Street is reshuffling senior FX staff, with James Reilly being appointed as the global head of Currenex and Beverley Doherty as global head of FX Connect. As a result, David Newns, formerly head of Currenex and SwapEx, will now take on the newly created role of global head of GlobalLink Execution Services.
Additionally, Stephen Dispenza has been promoted to global head of sales for Currenex, reporting to Reilly. Dispenza previously served as North American head of sales for the platform.
The news that State Street has gone live as the 13th liquidity provider (LP) on FXSpotStream comes as the service has reported its highest ever month of average daily volumes (ADV).
“We closed the year on a strong note with the addition of State Street to the existing panel of global banks on our Service. State Street is now live globally and pricing to our clients out of our sites in New York, London and Tokyo,” says Alan Schwarz, CEO of FXSpotStream.
Speaking to Profit & Loss about the addition of State Street, Schwarz observes: “What’s interesting about them is that their e-FX franchise is at a different life cycle than some of our other liquidity providers and they have been focusing on improving their electronic pricing service.
David Ullrich has rejoined State Street as North American head of sales for FX Connect.
Ullrich rejoins State Street from FlexTrade, where he was senior vice president of execution strategies, responsible for expanding their FX offering. Prior to that he held various positions at Credit Suisse, Bank of America and Morgan Stanley. Ullrich previously worked for State Street as head of asset manager FX sales for North America.
“We are looking forward to David’s return to State Street,” says Beverley Doherty, global head of FX Connect. “The skills and knowledge that David brings from his more than 30 years of FX experience across the buy side and the sell side, including his knowledge of our institution, will add tremendous value to our business, particularly as we look to develop and deploy new functionality to meet our clients’ evolving needs.”
State Street has appointed Laura Lifland as managing director, FX sales, based in San Francisco.
A spokesperson for the bank confirmed that Lifland will officially start in her new role in early April.
Lifland joins State Street from Hedge Trackers, a Silicon Valley-based advisor and technology provider for corporations using hedges and hedge accounting, where she worked in sales and relationship management.
Prior to joining Hedge Trackers in 2016, Lifland worked in business development for FX Transparency, an independent provider of FX TCA.
Before that she held FX sales roles at a number of major banks, spending five years working for Citi in San Francisco, five years at UBS in the firm’s Stamford office and seven years at JP Morgan in New York.
State Street has announced the appointment of Richard Irons as head of sales for Global Exchange in Europe, the Middle East and Africa (EMEA).
Based in London, he will report to David Pagliaro, head of Global Exchange, EMEA and will be responsible for developing and executing the sales strategy for Global Exchange’s product capabilities and solutions in EMEA, leading the regional sales team.
Irons has more than 30 years of sales and relationship management experience in financial services and technology; most recently at Fenergo, where he was head of account management and customer support.
More than half of institutional investors plan to partly or fully outsource their data management over the next three years, according to a new survey conducted by State Street Corporation.
Amongst the firms surveyed, 52% conduct all of their data management functions in house, however, by 2021, this is expected to fall to 36%, according to the survey results, with 15% aiming to fully outsource this function to an external partner.
“Explosion in data complexity has fundamentally changed the way asset owners and asset managers compete and operate,” says Subbiah Subramanian, global head of State Street Global Exchange’s data-as-a-service offering, DataGX.
State Street’s FX Connect rolled-out a new piece of functionality in the form of its Automated Order Router (AOR).
The platform says that this AOR will allow buy side firms to further streamline their current execution process by allowing for rules-based trading for Request for Stream (RFS) sessions; where buy side firms can establish a rule-set inclusive of defined attributes, which will determine the submission and/or acceptance of orders with minimal human involvement. Users can monitor these automated orders in real time in their ‘Active Orders’ view and take manual action to accept or cancel the orders as needed.
State Street Corporation has entered into a definitive agreement to acquire Charles River Systems a provider of investment management front office tools and solutions, for $2.6 billion. The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to be completed in the fourth quarter of 2018.
State Street says that the integrated systems will enable it to deliver “a global front-to-back platform for asset managers and asset owners that will be unique in the investment servicing industry”.
There appeared to be a broad consensus in the responses to the Commodity Futures Trading Commission’s (CFTC) proposed swap dealer rules that the Commission should retain the current $8 billion de minimis threshold for swap dealer (SD) registration and that NDFs should be excluded from the threshold calculations.
Since 2012, Commission regulations have stated that market participants will not be considered a "swap dealer" unless they trade over $8 billion per year in aggregate gross notional amount (AGNA). This $8 billion threshold was meant to be a temporary phase-in period, with the threshold ultimately due to be reduced to $3 billion.
State Street has acquired BestX, a software company that provides independent trade technology and TCA analytics.
The financial terms of the deal, which is expected to close in Q3 subject to closing conditions and regulatory approval, are not being disclosed. Following the deal, BestX will sit within State Street’s Global Link product suite, which is run by Martine Bond, executive vice president and head of trading and clearing for State Street Global Markets.
“Over the past few years, Mifid II, combined with broader economic and political stresses in the market and great competition in the FX market, has meant that our clients are looking for greater transparency and ways to improve their performance and their returns to client and shareholders,” says Bond
In this week’s podcast episode, Colin Lambert and Galen Stops share their views on the takeover of BestX by State Street. What does it mean for BestX’ USP of independence? What drove the deal? Will it be a success?
They also touch upon the latest lawsuit in FX circles, served by former Fastmatch CEO and founder Dmitri Galinov against the firm and its owner, Euronext US, and ask whether this highlights yet another barrier to success for the swathe of fintech firms targeting the FICC sector?