State Street is to provide corporate and institutional users of its Global Link platform with an online money markets trading facility.
State Street says the Money Market Connect (MM Connect) service enables corporate treasurers and institutional investors to manage cash deposits in multiple currencies by comparing rates and executing transactions online in real-time.
The Global Link network, currently used by 269 asset management companies, including 15 of the world's 20 largest, offers market research, analytics and real-time trade execution services across multiple asset classes.
"MM Connect enables investors to trade directly with major banks around the world to obtain rates and execute transactions in a secure, real-time environment," says Simon Wilson-Taylor, senior vice president and worldwide head of Global Link. "By offering global money markets trading services alongside other asset classes, Global Link enables investors to more effectively integrate cash investments into their overall strategy."
Initially focusing explicitly on online time-deposit execution, MM Connect shortly will be extended to include other short-term instruments, such as commercial paper and repurchase agreements, says Wilson-Taylor. The system can be connected directly to users' in-house systems.