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State Street has announced its GlobalLink FX Division will combine execution and post-trade platforms of FXConnect, Currenex and TradeNeXus into a single platform called GlobalLink FX.
Bringing the three businesses together will result in improved benefits for clients including FXConnect Market Monitor, a price discovery tool for FXConnect buy-side clients, according to State Street.
This enhancement will also utilise Currenex streaming price feeds and market data to provide clients with a curated view of their liquidity providers, driving better decision making and execution outcomes.
In an effort to streamline the GlobalLink FX offering, State Street also announced that the Currenex MTF platform will be closing in April 2022 in favour of operating a single GlobalLink MTF for regulated activity.
Commenting on the announcement, Martine Bond, head of global markets EMEA at State Street, says: “All three of these platforms have been core components of our broad multi-asset class solutions we offer to clients, and I am thrilled that our FX businesses will be aligning so we can further leverage the best of the platforms and deliver next-gen FX execution solutions.”
Beverley Doherty, co-head of FX Connect, Currenex and Trade Nexus adds: “GlobalLink FX will enable State Street to capitalise on the collective strengths of our platforms in order to provide the firm’s clients with an integrated execution and workflow solution, catering to the evolving needs of the FX industry.”
