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Foreign Exchange

State Street looks to streamline deal deats

State Street Global Markets has acquired SSISearch, a specialized service provider for international payment processing and settlement instructions. SSISearch operates the settlement directory for CLS members, which provides asset managers, banks and other institutions with immediate access to verified standard settlement instructions via a secure website or State Street’s Global Link network.

“We are pleased to be at the forefront of an important and innovative market development that will reduce risk and enhance efficiency in the rapidly growing foreign exchange market,” says Simon Wilson-Taylor, executive vice-president and worldwide head of Global Link for State Street.

“This acquisition expands our suite of products and is another step in State Street’s strategy to provide neutral, open and integrated solutions that support the entire investment process, from pre-trade through post-trade, by streamlining communication for institutional investors worldwide,” he says.

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