State Street Launches TruCross/FX to Create Trading Efficiencies in Electronic Foreign Exchange Benchmark Trading

  State Street Launches TruCross/FX to Create Trading Efficiencies in
  Electronic Foreign Exchange Benchmark Trading

Business Wire

BOSTON -- May 27, 2014

State Street Global Markets today announced the launch of TruCross/FX^SM 
which is available exclusively to the institutional buy-side community.
TruCross/FX is a FX spot benchmark execution product that facilitates the
matching of institutional trades to create efficiencies in electronic FX
benchmark trading by reducing information leakage and volatility around
benchmark pricing times.

“TruCross/FX is a timely solution to investors’ concerns around benchmark
trading,” said Mark Snyder, executive vice president and head of State Street
Global Markets Sales & Trading and Research business. “TruCross/FX builds on
State Street’s expertise in technology and trading in the FX market. Our goal
is to offer our clients a solution that ultimately leads to a more transparent
and efficient FX marketplace.”

TruCross/FX replaces the present model of bilateral buy-side to sell-side
benchmark order submission process with a series of automated daily sessions
at which buy and sell orders for certain currency pairs are matched and priced
with reference to the selected benchmark price. TruCross/FX will be available
initially only through FX Connect, State Street’s multi-bank electronic
trading system. Institutional investors can submit orders to a session ahead
of a fixing with no pre-trade information leakage to the market, their trading
counterparties or State Street’s principal foreign exchange trading desk. Once
the benchmark orders are matched, only the unmatched amounts are executed in
the market during the period in which the benchmark is calculated utilizing a
proprietary algorithm. TruCross/FX will deliver the WM/Reuters mid-rate
benchmark rate net of fully disclosed rate adjustments.

TruCross/FX is overseen by the agency FX unit of State Street Global Markets
and is expected to be available in the third quarter of 2014.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading provider of
financial services to institutional investors including investment servicing,
investment management and investment research and trading. With $27.5 trillion
in assets under custody and administration and $2.4 trillion* in assets under
management as of March 31, 2014, State Street operates in more than 100
geographic markets worldwide, including the U.S., Canada, Europe, the Middle
East and Asia. For more information, visit State Street’s web site at

* Assets under management include the assets of the SPDR®® Gold ETF
(approximately $34 billion as of March 31, 2014), for which State Street
Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent.



State Street Corporation
Anne McNally, +1 617-664-8576
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