Five Canadian banks - Bank of Montreal, Scotia Capital, CIBC, Royal Bank of Canada and TD Bank Financial Group - have joined State Street's post-trade foreign exchange confirmation matching and settlement tool, Global Trading Support Services.
GTSS, available through State Street's Global Link network, eliminates paper-based manual processes and allows traders to complete the confirmation process within 30 minutes of the original transaction. Users may also run net position and reconciliation reports for all their trading counterparties and connect to the Swift network via the system.
Simon Wilson-Taylor, managing director and worldwide head of Global Link for State Street, states: "With nearly 15,000 matched trades per week, GTSS’ track record of success in providing benefits for managers facing increasing margin pressures, speaks for itself."