BOSTON State Street Corp. is expected to announce today that Bank of America will participate in its electronic foreign exchange trading system, FX Connect.
Bank of America would be the 23d institution to commit itself to participating in FX Connect since State Street opened the system to other trading partners in May 2000. State Street introduced FX Connect in 1996.
FX Connect is a real-time tool that executes foreign exchange trades across an unlimited number of portfolios and through multiple banks, making the process more flexible and efficient.
It is a service on State Streets Global Link system, a central network that gives clients access to various trading applications and connectivity to exchanges, brokers, bank counterparties, and other trading destinations.
More than 400 asset management companies use Global Link.