|SunGard's eTX-TM- and State Street's FX Connect-R- Announce Partnership|
Monday October 28, 9:31 am ET
FX Connect(R) to be fully integrated into SunGard's corporate treasury workstation products
LONDON & BOSTON--(BUSINESS WIRE)--Oct. 28, 2002-- State Street Corporation (NYSE: STT), the world's leading specialist in meeting the needs of sophisticated global investors, announced today that it will partner with SunGard (NYSE: SDS) to offer FX Connect, State Street's multi-bank foreign exchange trading system, as a fully integrated component of all of SunGard's corporate treasury workstation products.
Stanley W. Shelton, executive vice president of State Street Corporation said: "FX Connect's success is largely due to our single-minded focus on providing meaningful straight-through-processing benefits to the customer, in addition to open access to all the liquidity providers they need. Until today, FX Connect has concentrated almost exclusively on serving large global institutional investors and institutions. Our partnership with SunGard allows us to bring these efficiencies and benefits to the corporate marketplace in the most powerful way possible."
FX Connect is the established leader in the multi-bank foreign exchange trading industry with a market share estimated recently by Tower Group at over 70%. SunGard Treasury Systems is also an established leader among treasury management solution providers with a client base comprising over 50% of the Fortune 1000 companies.
FX Connect is offered via State Street's renowned Global Link platform, delivering unique fact-based research, decision support tools, and trading technology for six asset classes to clients in 23 countries worldwide. The initial products to be offered to corporations through the State Street and SunGard partnership are: FX Connect and Quick-FX for multibank trading, GTSS II for trade matching and confirmations, and a new product, Auto FX Connect, which has been specifically designed to meet the workflow and trading requirements of large corporations.
Cris Conde, president and chief executive officer, SunGard, comments, "This alliance fits perfectly with SunGard's business strategy; in today's world, connectivity determines success. Processes need to be automated end-to-end and integrated within companies and across businesses and time zones."
"There is enormous pent-up demand from corporations for the solution we have announced today," said Simon Wilson-Taylor, head of Global Link at State Street Corporation. "Essentially, it's about meeting client needs and no other platform has focused on customer issues the way we have. We delayed making a major push into the corporate FX market until we had the right solution, providing corporates with the same operational and bottom-line benefits that our institutional clients have enjoyed for nearly six years."
About FX Connect:
The first live trades on FX Connect took place on August 13th 1996. In 2000, FX Connect became the first-ever multibank FX system when live trading commenced on March 1st with Deutsche Bank. Among the now 35 banks participating today on FX Connect are ABN Amro, Bank of America, Bank of Montreal, Barclays Capital, Bear Stearns, Brown Brothers Harriman, CIBC World Markets, Citibank, Commonwealth Bank of Australia, Credit Suisse First Boston, Deutsche, Dresdner Kleinwort Wasserstein, FleetBoston Financial, JP Morgan Chase, Lehman Brothers, Lloyds TSB, Merrill Lynch, National Australia Bank, Royal Bank of Canada, Royal Bank of Scotland, Scotia Capital, Societe Generale, Standard Chartered, State Street Corporation, TD Securities, Ulster Bank, Westpac Banking Corporation.