Euromoney Foreign Exchange Awards 2023: Best bank services – best FX bank sales: State Street Global Markets
State Street Global Markets (SSGM) is a leading provider of liquidity, financing, and research solutions. Through its GlobalLink business it provides a suite of award-winning electronic foreign exchange trading platforms.
SSGM offers execution choices across the entire FX spectrum, from agency to principal, with electronic pricing capabilities including dynamic algorithms, competitive benchmark solutions and automated rules-based workflows.
SSGM was the first provider to integrate its single-dealer platform, VectorFX, into FX Connect via seamless single sign-on. It subsequently integrated VectorFX into Bloomberg apps for orders originating from all other execution management systems.
“We have established a world-class global FX sales team recognised by clients who choose to trade with us because of our value-add proposition, which is unique research, innovative risk management capabilities and unparalleled liquidity,” says Dale Haver, global head of FX sales.
SSGM has 13 FX sales and trading desks around the globe. By having balance sheets onshore and local positions in the market, it derives a pricing advantage versus offshore banks and is locally present to service clients.
With the launch of State Street Brasil, the bank has extended foreign exchange, third-party trading services to over 16,000 registered custody clients, with approximately $80 billion of assets invested in one of the largest destinations for cross-border capital in Latin America.
State Street also opened its Beijing trading desk last year, taking its expertise to where clients are investing through Bond Connect, CIBM Direct, and other inbound programmes.
Over two thirds of SSGM client spot volume comes from third-party clients that are not under custody at State Street.
“Our focus is to partner with clients for the long term by building trust with each trade,” says Haver. “These relationships drive our ability to understand client problems and develop lasting solutions that provide real value for our clients. A key differentiator for our sales team is the State Street research platform with indicators and insights you can only get from us. This allows us to interact at all levels of an asset management firm, from the traders to the CIO.”