FX Connect is working with technology provider SunGard to break into corporate forex. This will increase competition among the three existing multibank forex portals, posing a threat to Currenex and FXall.
FX Connect, owned by State Street, says it recognized some time ago the need to move into corporate forex. “It’s a bit of a departure for us, but we always believed we would have to find a way into the corporate market,” says Steve Smit, managing director of Global Link, State Street’s cross-product platform, of which FX Connect is a part.
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