Boston-based investment firm State Street today announced its collaboration with FX settlement specialist CLS, to provide its buy-side clients with a consolidated view of data via the firm’s of CLSSettlement platform.
State Street says that the partnership will combine TradeNeXusSM, the firm’s electronic post-trade processing service, with CLS’s post-trade monitoring and reporting tool, CLSTradeMonitorSM.
This allows asset managers to efficiently manage their trades eligible for CLSSettlement, along with all trades across their accounts with different custodians.
The unique platform will also help asset managers to meet deadlines and alter settlement instructions with ease, according to the firm.
Improving post-trade efficiency
“Asset managers want further visibility into their transaction lifecycles to reduce risk and increase operational efficiency,” says Kate Lowe, Head of GlobalLink Post-Trade Services at State Street Global Markets.
“By collaborating with CLS, who has a unique settlement service in the FX market, we continue to work on innovative ways to improve operational processes that will provide our clients with enhanced functionality to manage their post-trade workflows. Together, we will provide a single-window to view critical settlement data as a seamless extension to the existing capabilities to drive efficiency and automation for our valued client base,” she adds.
“Asset managers are increasingly focused on improving post-trade efficiency in an evolving and fragmented FX market, driven in part by increased regulatory requirements for transactional reporting,” Alan Marquard, Chief Business Development Officer at CLS says.
“We are delighted to be working with State Street to deliver a solution that enhances post-trade transparency, mitigates risk and increases efficiency by providing asset managers with an integrated view of their settlement activity,” he concludes.
State Street provides financial services to institutional investors including investment servicing, investment management and investment research and trading. With $31.86 trillion in assets under custody and/or administration and $2.69 trillion in assets under management as of March 31, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide.