The Foreign Exchange Professionals Association (FXPA) has strengthened its membership by adding GlobalLink, which operates institutional FX trading platforms ‘FX Connect’ and ‘Currenex,’ to its growing list of supporting members.
GlobalLink operates a suite of e-trading platforms, technology, data, and workflow solutions under the umbrella of State Street Corporation (NYSE: STT), the global custody bank and financial service provider for institutional investors.
Its inclusion into the FXPA will help the group emerge as a key player in FX regulatory reform, putting it in a strategic position to help drive the conversation with other industry leaders and regulators.
Launched in September 2014, FXPA is a Washington-based organization for the foreign exchange (FX) industry. Its main aim is to engage key US and international regulators, policymakers, the general public, and news media of via education, research, and transparency.
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Among its members are Bloomberg, CME Group, BATS Global Markets, BNY Mellon Global Markets, Intercontinental Exchange (ICE), Moscow Exchange, Virtu Financial, Singapore Exchange, Thomson Reuters, Traiana, FXSpotStream.
State Street expands FX offering
Boston-based State Street has recently stepped up efforts to solidify its positions in the electronic foreign exchange markets. Most recently, it acquired London-based FX analytics specialist BestX to better compete with rivals who rely on their own technology to provide clients with similar services. Thomson Reuters-backed BestX prides itself on operating as an independent company and has already signed several Wall Street giants including Citadel Securities, JP Morgan, and HSBC, which are using the service for validation on execution quality for their own clients.
Commenting on their addition to FXPA, David Newns, head of Execution Services at GlobalLink said: “GlobalLink is very pleased to join the FXPA where, as representatives for the Currenex and FX Connect platforms, we look forward to contributing to the dialogue with global regulators and policymakers that the FXPA engages in driving the evolution of the FX market structure for the benefit of all participants.”
“FXPA’s diverse membership puts us in a strong position to represent the views of the FX industry in a unique capacity. We welcome the addition of State Street GlobalLink as our newest member and look forward to their input on a variety of important topics as we seek to advocate, inform and educate around key FX market structure issues,” added FXPA Chair, Lisa Shemie.