State Street in FI execution platform
State Street Corporation and securities exchange operator the OM Group have agreed to launch a European fixed income electronic execution platform.
Trading on the platform, called Bond Connect Europe, will start in US dollar-denominated fixed income securities at the beginning of next year. In the second quarter of 2000, trading in euro-denominated securities will also be offered, subject to regulatory clearance, the companies said.
Bond Connect Europe is designed to be a marketplace which overcomes traditional trading limitations. It will operate as a multi-security call auction, allowing institutional investors to execute buy and sell orders for multiple securities from different asset classes at the same time, the companies said.
The system is already available in the US, through BSE Bond Connect, a subsidiary of the Boston Stock Exchange.