State Street streamlines online Settlement instructions for FX

State Street Corporation has developed an industry standard for online settlement instructions to reduce operational risk and create cost efficiencies within the foreign exchange trading industry.

First Published by e-Forex News: July, 2008

State Street Corporation has developed an industry standard for online settlement instructions to reduce operational risk and create cost efficiencies within the foreign exchange trading industry. State Street Global Markets has acquired SSISearch, a specialized service provider for international payment processing and settlement instructions.&nbsp; Developed with the help and assistance of the world&rsquo;s largest settlement banks, SSISearch operates The Settlement Directory for CLS members. This central database provides asset managers, banks and other institutions with immediate access to verified standard settlement instructions on a 24/7 basis via a secure website or State Street&rsquo;s Global Link network. <h4>Simon Wilson-Taylor</h4> &ldquo;We are pleased to be at the forefront of an important and innovative market development that will reduce risk and enhance efficiency in the rapidly growing foreign exchange market,&rdquo; said Simon Wilson-Taylor, executive vice president and worldwide head of Global Link for State Street.&nbsp;