Global Link - Press Releases

Press Releases

July 21, 2005 11:56 GMT

State Street's FXConnect Named Best Multi-Bank Foreign Exchange Trading Platform For Institutional Investors

Boston, 21 July 2005 — State Street Global Markets, the investment research and trading arm of State Street Corporation (NYSE:STT), announced today that its FXConnect multi-bank electronic foreign exchange trading system was named Best Multi-Bank FX Trading Platform for Institutional Investors by FXWeek magazine in its annual electronic foreign exchange (“e-FX”) awards. FXConnect is available via State Street’s Global Link network.

“FXConnect continues to display its dominance within the online institutional marketplace,” said Simon Wilson-Taylor, managing director and worldwide head of Global Link for State Street. “With our volume figures recently surpassing $40 billion in daily trading volume, our market leadership is clearly evident.”

Launched in 1996, FXConnect became the first multi-bank trading platform for foreign exchange in March 2000. It remains the market leader, demonstrating State Street's continuing commitment to enhance the platform to meet the growing needs of its customer base.

According to FXWeek , “Focusing on institutional investors has enabled FXConnect to offer features such as custom-built integration with portfolio management systems.”

FXConnect is offered via State Street’s Global Link network, which delivers unique fact-based research, decision support tools and trading technology to clients around the world:

FXConnect is used by asset managers who control 63% of the of the world's total managed assets

48 banks and 140 dealing room locations worldwide provide liquidity to FXConnect

91% of transactions completed on FXConnect are spot and outright forward transactions

GTSS, FXConnect’s post-trade confirmation matching and settlement product is matching nearly 20,000 trades per week

About State Street Global Markets:

State Street Global Markets provides specialized investment research and trading in foreign exchange, equities, fixed income and derivatives. Its goal is to enhance and preserve portfolio values for asset managers and asset owners. From its unique position at the crossroads of the global markets, it creates and unlocks value for its clients with original flow-based research, innovative portfolio strategies, trade process optimization, and global connectivity across multiple asset classes and markets.

About Global Link:

State Street's Global Link network delivers unique fact-based research, decision support tools and trading technology for five asset classes to clients around the world. Global Link is currently used by companies who manage 75% of the world's professionally managed assets, including 19 of the world's 20 largest asset management companies. It offers world market research and analytics for equities, fixed income and foreign exchange and secure, real-time trade execution services across multiple asset classes. More information about Global Link can be found at www.globallink.com .

About State Street :

State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.6 trillion in assets under custody and $1.4 trillion in assets under management as of June 30, 2005 , State Street operates in 25 countries and more than 100 markets worldwide. For more information, visit State Street 's Web site at www.statestreet.com .

This news announcement may contain forward-looking statements as defined by United States securities laws, including statements about business environment and financial outlook. Those statements are based on current expectations and involve a number of risks and uncertainties, including those relating the pace of cross-border investment activity, economic and political uncertainties, the extent of volatility in currency markets, the pace at which State Street clients use services, competitors' activities, and the dynamics of the markets State Street serves. Other important factors that could cause actual results to differ materially from those which may be indicated by any forward-looking statements are set forth in State Street's 2004 annual report on Form 10-K and subsequent SEC filings. State Street encourages investors to read the Corporation's 2004 Form 10-K, particularly the factors that may affect financial results, and its subsequent SEC filings for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this news release speak only as of the date hereof, July 21, 2005 , and the Corporation will not undertake efforts to revise those forward-looking statements to reflect events after this date.