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 www.statestreet.com.  * 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.  CORP-1023  Contact:  State Street Corporation Anne McNally, +1 617-664-8576 aemcnally@statestreet.com @StateStreet  
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