Thursday, 25 December 2014
Last updated 1 day 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.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.