Foreign Exchange

State Street buys electronic foreign exchange trading platform Currenex

State Street has bought Currenex, the online foreign exchange trading platform used by currency traders, including banks and hedge funds. State Street has $564 million in cash - which observers see as a handsome price - but says the purchase will accelerate its growing participation in the electronic foreign exchange trading market.

Block-FX-trading platform created in response to client demand

"Over the last two years we've observed that there is a great need for an electronic platform that supports the trading of large blocks of foreign exchange (FX)," says Vijay Kedia, president and CEO, FlexTrade. FX-trading is still conducted over the telephone, which makes it prone to information leakage, says Kedia. "