SunGards ETXTM and State Streets FX Connect announce partnership
FX Connect, State Streets multi-bank foreign exchange trading system, is making a foray into the corporate marketplace via a recently announced partnership with SunGards ETXTM.
FX Connect, State Streets multi-bank foreign exchange trading system, is making a foray into the corporate marketplace via a recently announced partnership with SunGards ETXTM. After six years of focusing on the institutional investor market, State Street will deliver the straight-through-processing benefits and multiple liquidity providers of FX Connect to the corporate sector as a fully integrated component of all of SunGards corporate treasury workstation products. SunGard Treasury Systems client base comprises over 50% of Fortune 1000 companies. Together with the SunGard deal, State Street is rolling out a new product, Auto FX Connect, which has been specifically designed to meet the workflow and trading requirements of large corporations.<br><br>FX Connect, an integral component of State Streets multi-asset class Global Link platform, is a leader in the multi-bank foreign exchange trading industry with a market share estimated recently by Tower Group at over 70%. According to banking consultancy ClientKnowledge, FX Connect averages daily trade volume of $7 billion on 4,000 individual trades. Some 35 banks serve as liquidity providers to FX Connect.