Tuesday, 28 April 2015
Last updated 52 min ago
Jan 22 2007 | 10:20am ET
State Street Corp. is expanding its foreign-exchange trading capabilities, agreeing to buy Currenex for $564 million in cash. Currently privately-owned, Currenex offers the high-volume, high-frequency active-trading services favored by hedge funds.
“Today’s announcement reflects our proven strategy of acquiring key technologies that enhance capabilities for our customers and expand our market share in high-growth areas such as foreign exchange,” State Street Vice Chairman Joseph Hooley said. “This acquisition also diversifies State Street’s trading customer base beyond traditional asset managers to include more active currency managers and hedge funds.”
State Street’s existing forex platform, FX Connect, is a major institutional electronic trading service.
“The two platforms are extraordinarily complementary with almost no overlap,” explains State Street Global Markets head Stanley Shelton. “Once this transaction closes, we will more quickly to integrate Currenex’s technology with Global Link, our multi-asset class trading platform.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…