State Street Adds Active-Trading Forex Platform

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.”

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