Global Link - Press Releases

Press Releases

July 1, 2003 09:56 GMT

Sumitomo Trust & Banking Co., Ltd. Joins State Street’s FX Connect^®

Tokyo, Japan and Boston, Massachusetts - July 1, 2003 -- State Street Corporation (NYSE: STT), the world's leading specialist in meeting the needs of sophisticated global investors, announced today that Sumitomo Trust & Banking Co, Ltd. will provide liquidity to FX Connect, State Street's multi-bank electronic foreign exchange trading system available via State Street's Global Link® network.

"We are delighted to welcome Sumitomo Trust & Banking Co., Ltd. to FX Connect," said Simon Wilson-Taylor, head of Global Link at State Street Corporation. "The addition of Sumitomo Trust is a further testament to the success of our first-to-market advantage in online foreign exchange trading and full-service suite of multi-asset class trading products and research, which is available online in Japanese and English language versions. Our clients continue to reap the benefits of our leading online foreign exchange platform. We look forward to expanding our list of participant banks and market leadership position worldwide."

"FX Connect enables both clients and counterparty banks to substantially reduce the time and back-office order processing burden of online FX trading," said Mr. Shinji Imanishi, deputy general manager of financial products and marketing of Sumitomo Trust & Banking Co., Ltd. "We have found that there are some systems in the marketplace that emphasize the competitive pricing function; however, it is a matter of course for banks to offer the best price to professional investors. More importantly, institutional investors and asset managers who execute a significant volume of FX trades require a trading system that has stability and the most robust straight through processing requirements available. FX Connect meets all of these needs for institutional investors."

Mr. Imanishi continued, "Using the advantages of a trust bank, we consistently offer comprehensive services under any market conditions or in any changes to our short-term management strategies. We will continue to provide services to meet the needs of our clients and look forward to contributing to the growth of the Tokyo FX market."

Wilson-Taylor added, "The multi-bank aspect of FX Connect is becoming increasingly important in the Japanese marketplace as more institutional investors are trading foreign exchange on an active basis with their preferred panel of banks. As the first Japanese bank to provide liquidity over FX Connect, Sumitomo Trust recognizes this important trend and is showing leadership in being ready to take advantage of it."

FX Connect is the established leader in the multi-bank foreign exchange trading industry with a market share estimated by several independent experts at up to 70%. In May of this year, FX Connect surpassed $20 billion in daily trading volume. FX Connect was the first online FX platform when launched in 1996. It remains the market leader, despite the emergence of competitors in the last few years, reflecting State Street's commitment to continuing to enhance the platform to meet the growing needs of sophisticated global investors. State Street's fact-based research and multi-asset class trade-order management systems are unique among online trading services.

FX Connect is offered via State Street's proprietary Global Link network, delivering unique fact-based research, decision support tools, and trading technology for six asset classes to clients in 23 countries worldwide. Global Link is currently used by over 400 asset management companies, including 19 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. More information about Global Link can be found, in English and Japanese language versions, at www.globallink.com.

About Sumitomo Trust & Banking Co., Ltd:
The Sumitomo Trust & Banking Co., Ltd. (STB), founded in 1925, has provided comprehensive financial services as a leading specialized trust bank through its international network. Operations include asset management and consulting services to individuals, corporate lending and other financial services, as well as trust services, investment in venture capital, pension trust, asset liability management, development of financial products, trading, stock transfer agency services, real estate brokerage and consultation, management, appraisal, securitization and land trust services. Through its operations, STB is one of the major players in worldwide interbank market including foreign exchange dealings and is a shareholder and a settlement member of CLS -- a consortium of 60 of the world's largest financial institutions. http://www.sumitomotrust.co.jp

About State Street:
State Street Corporation (NYSE: STT) is the world's leading specialist in providing sophisticated global investors with investment servicing, investment management, research and analytics and trading services. With $7.9 trillion in assets under custody and $788 billion in assets under management, State Street is headquartered in Boston, Massachusetts and operates in 21 countries and over 100 markets worldwide. For more information, visit State Street's web site at www.statestreet.com.

For further information please contact:

Hannah Grove
State Street Corporation
+617 664 3377

Carolyn Cichon
State Street Corporation
+617 664 8672