Global Link - Press Releases

Press Releases

July 25, 2001 12:00 GMT

State Street Adds Sophisticated Trade Confirmation Matching and Reporting Systems to Multi-Bank E-Finance Network

Created to address strong demand from clients, on both the buy and sell sides, for a new, effective, low cost solution for matching and affirming transactions

BOSTON, Massachusetts, July 25, 2001 - State Street Corporation (NYSE: STT), the world's leading specialist in meeting the needs of sophisticated global investors, today announced the launch of Multi-Bank Global Trading Support Services (Multi-Bank GTSS^SM), an advanced online confirmation matching service. Initially designed for foreign exchange transactions, the system will be expanded over time to incorporate other asset classes. Available on State Street's multi-asset e-finance network, Global Link, Multi-Bank GTSS greatly reduces workload, minimizes settlement errors, reduces unnecessary risk and provides immediate confirmation of trade details.

Established in 1996, Global Link serves as State Street's central e-finance network offering clients access to a broad array of advanced e-finance applications and services across multiple asset classes with full connectivity to global investment managers' chosen trading destinations, including multiple exchanges, brokers, bank counterparties and other online trading venues. Global Link is currently used by over 400 asset management companies, including 17 of the world's 20 largest, and offers industry-leading world market research, analytics and secure, real-time trade execution services developed across multiple asset classes, including equities, foreign-exchange and fixed income. Global Link's buy-side clients, spanning 23 countries, collectively manage over half of the world's professionally managed cross-border assets. Global Link connects to brokers, exchanges, ECNs and banks across all asset classes. Global Link's online foreign exchange service, FX Connect, provides direct trading connectivity to 25 of the world's largest banks.

Multi-Bank GTSS is available to confirm and match all foreign exchange transactions, whether the trade was executed electronically or not.

"We continuously develop and introduce new, value-adding services over our e-finance network to improve asset managers' abilities to mitigate risk and maximize returns at every step of their entire trade process," said Maurice Heffernan, chief technology officer of Global Link. "As the industry's most advanced online confirmation matching service, Multi-Bank GTSS also provides a flexible reporting capability which includes matched, unmatched, mismatched, mark to market, outstanding and position reports. This confirmation matching facility, combined with SWIFT connectivity and critical reporting, completes the straight-through process for multi-bank foreign exchange."

Traditional paper-based confirmations can take days to complete and errors are easily missed. Through Multi-Bank GTSS's main navigation point, users can complete the confirmation process within 30 minutes of the original transaction, dramatically reducing losses due to errors.

With $6.1 trillion in assets under custody and $727 billion under management, State Street Corporation is the world's leading specialist in meeting the needs of sophisticated global investors. Offices are located in the United States, Canada, Chile, Cayman Islands, Netherlands Antilles, Ireland, United Kingdom, Netherlands, France, Belgium, Luxembourg, Switzerland, Germany, Czech Republic, United Arab Emirates, Russia, People's Republic of China, Taiwan, South Korea, Japan, Singapore and Australia. State Street Corporation's common stock is traded on the New York Stock Exchange under the symbol STT. For more information, visit State Street's web site at www.statestreet.com.

This news release may contain forward-looking statements, as defined by U.S. securities laws, that are based on current expectations and involve a number of risks and uncertainties. Important factors, including those mentioned in this news release, that could cause actual results to differ materially are set forth in the company's annual report and subsequent SEC filings. They include risks and uncertainties relating to the sustainability of worldwide economic growth and consolidations among clients and competitors. State Street encourages investors to review its annual report and SEC filings in conjunction with this announcement and prior to making any investment decision. Any forward-looking statements contained in this news release speak only as of the date of release, July 25; and the company does not undertake to revise those forward-looking statements to reflect events after the date of this release.

Contact:

Hannah Grove
State Street Corporation
(617) 664-3377
hmgrove@statestreet.com