Bank of America has become the latest financial services company to join State Street’s electronic foreign-exchange trading system, FX Connect.
The system, which State Street runs on its Global Link network, has been in operation since 1996.
It was opened to multiple counter-parties in May last year and 23 banks now take part in the service.
Simon Wilson-Taylor, senior vice-president and head of Global Link, says: “ It is clear that sophisticated institutional investors view Global Link as a critical tool they need to compete successfully in increasing complex global financial markets.
“ Our multi-bank network provides clients with access to approximately 40% of the sell-side’s total liquidity.”
The Global Link network is used by some 400 asset managers for market research, analytics and real-time trade execution. The buy-side client base operates in 23 countries and altogether manages over half of worldwide cross-border assets, according to the company.