State Street's Market Leading FX Execution Venue, FX Connect, Enters into a Commercial Arrangement with LoopFX
State Street Corporation (NYSE: STT) announced today that FX Connect, part of the GlobalLink suite of e-trading platforms, technology and workflow solution that provide capabilities that simplify and automate the entire FX trading process, has entered into a collaboration with LoopFX, to make the LoopFX functionality available through FX Connect.
"For more than 20 years, FX Connect has shown its willingness to adopt new approaches and work with distinctive new services we are confident will benefit our customers," said Kate Lowe, head of GlobalLink FX for State Street. "LoopFX fits well with our philosophy and we look forward to begin seamlessly integrating the Loop FX platform into existing FX Connect workflows later this year."
LoopFX is creating a new liquidity venue for large spot FX trades by centralizing peer-to-peer matching with bank interest. This will enable traders to identify, in real-time, matches of large trades in excess of $10 million with other buyside institutions, while providing banks a new secure channel to show their market axes.
Built as an open architecture technology, LoopFX is designed to integrate into current workflows on existing trading platforms. The integration with FX Connect is LoopFX's first major integration to an FX trading platform.<> Blair Hawthorne, Founder and CEO of LoopFX said: "As a trader myself, I know what a valuable platform FX Connect is for practitioners and I could not be more thrilled to be working with the FX Connect team."
About State Street
*Assets under management as of June 30, 2023 includes approximately $63 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
© 2023 State Street Corporation - All Rights Reserved
LoopFX is backed by some of the market's most experienced financial and FX executives and entrepreneurs, including John Sievwright, Ivan Ritossa, Martin Gilbert, Mike Soutar, and Tim Ewington. The management team is led by Blair Hawthorne, Tim Johnson, Simon Wilson-Taylor, and John Vause, highly experienced in the FX markets across major institutions, including abrdn, CME/EBS, 360T, American Express, UBS, and State Street.
LoopFX is a registered trademark of Buyside Trading Solutions Limited, a UK registered company, and its subsidiaries.
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