State Street TruCross/FX Platform Goes Live

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TruCross/FX is available through State Street's multi-bank electronic trading system FX Connect.

State Street Global Markets has announced that its TruCross/FX foreign exchange (FX) spot benchmark execution platform, overseen by State Street Global Markets' agency FX unit, is now live.

Available to institutional investors in the US, the UK, and Canada, the TruCross/FX product is designed to facilitate the matching of institutional trades at benchmark rates.

The firm says it will enhance electronic FX benchmark trading by reducing volatility and pre-trade information leakage around benchmark pricing times.

"The Financial Stability Board (FSB) has recommended the development of industry-led independent netting and execution facilities for transacting fix orders," says Mark Snyder, executive vice president and head of State Street Global Markets' sales and trading and research businesses. "In addition, the FSB recommended that fixing transactions be priced in a transparent manner and in a way that is consistent with the risk borne in accepting such transactions. TruCross/FX offers our clients a transparent, clearly communicated and documented fee structure, and efficient trading solution for their benchmark FX transactions."

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