State Street creates multiple currency portal
US – State Street has launched an online service allowing the management of cash deposits in several currencies by comparing rates and executing transactions in real-time.
The trading programme, Money Market Connect, is available on the company’s Global Link network.
“ By offering global money markets trading services alongside other asset classes, Global Link enables investors to more effectively integrated cash investments into their overall strategy,” says Simon Wilson, senior vice president and worldwide head of Global Link.
The network provides clients access to electronic finance applications and services, with connectivity to exchanges, brokers, bank counter-parties and other online trading venues.
Initially, customers may use the interface to electronically trade with counter-parties on online time-deposit execution, which will be extended to include other short-term instruments, such as commercial paper and re-purchase agreements, says State Street.
The service’s transaction cycle is completed with online confirmation and deal matching of money market transactions through another part of the network – Global Trading Support Services – that also provides online foreign exchange confirmation.
The system can be connected directly to users’ in-house systems.