GlobalCollateral, a joint venture of Euroclear and The Depository Trust &
Clearing Corporation (DTCC), says that State Street has agreed to participate
in a pilot program to test their Margin Settlement Messaging Service.
The service, powered
by Margin Transit Utility (...
Whether more buy side FX trading activity will shift into order books, and how long this shift could take, was a key discussion point in a webinar examining FX market structure on Tuesday.
During the webinar, hosted by Greenwich Associates, ...
It was announced today that State Street expects to pay a
total of $530 million to resolve FX fraud allegations levelled against the
The US Department of Justice (DoJ) issued a statement today
saying that State Street has agreed to ...
Profit & Loss understands that Andy Kidd has left State Street Global Exchange where he was regional head of FX Connect, the bank’s electronic solution for asset managers.
Kidd had been with the State Street group for six years, joining the firm as part of its bank relationship team in the e-exchange solutions business which covered FX Connect as well as Currenex, the trading platform also owned by State Street.
Prior to State Street, Kidd spent two years at Eurobase Banking Solutions in London, he joined the firm from a long banking career.
Sterling jumped almost 100 pips today after the British High Court ruled that the UK parliament must vote on Brexit before it is formally triggered by Article 50.
The government is expected to appeal the court’s decision, but in the meantime, sterling rose from 1.2335 at 10am UK time to peak at 1.2494 by 1:15pm, its strongest since the October 7 flash crash.
The other big news in the UK today was that the Bank of England’s Monetary Policy Committee (MPC) voted unanimously to maintain Bank Rate at 0.25%.
A new survey of hedge funds finds that almost half of respondents believe that decreased market liquidity “is a secular shift that is here to stay”.
The study was conducted by State Street in partnership with the Alternative Investment Management Association (AIMA). It finds that regulations stemming from the 2008 financial crisis, coupled with historically low interest rates and slow rates of growth in the global economy, have constrained the ability of many banks to perform their traditional roles as market makers, which in turn has impacted broader market liquidity conditions.
Mischa Irsch has joined State Street Global Markets in Boston as an FX sales trader.