State Street has announced that LoopFX is now available through FX Connect – part of the GlobalLink suit of e-trading services.
GlobalLink’s platforms, technology and workflow solutions allow for automation across the entire FX trading process.
Through the addition of LoopFX – which is in the process of creating a new liquidity venue for large spot FX trades – traders will now be able to identify large trade matches (in excess of $10 million) with other buy-siders in real-time, as well as giving banks a secure channel through which to display their market axes.
LoopFX – which has been built as an open architecture technology – is operated through centralising peer-to-peer matching with bank interest.
Read more: LoopFX peer-to-peer FX spot trading venue to launch pilot phase
Kate Lowe, head of GlobalLink FX for State Street, said: “For more than 20 years, FX Connect has shown its willingness to adopt new approaches and work with distinctive new services we are confident will benefit our customers. LoopFX fits well with our philosophy and we look forward to begin seamlessly integrating the Loop FX platform into existing FX Connect workflows later this year.”
This move represents LoopFX’s first major integration with an FX trading platform and has been designed to be able to be integrated into the current workflows of already established trading platforms.
Blair Hawthorne, founder and chief executive of LoopFX gave his perspective: “As a trader myself, I know what a valuable platform FX Connect is for practitioners and I could not be more thrilled to be working with the FX Connect team.”
Earlier this year, State Street expanded the capabilities of its Alpha platform in a bid to support the entire lifecycle for exchange traded funds (ETFs), integrating Charles River Development’s front-office products with State Street’s ETF servicing capabilities to provide end-to-end technology and processes for ETF issuers.