State Street’s FX Connect to Integrate LoopFX

<p>State Street Corporation (NYSE: STT) announced today (Tuesday) the partnership between FX Connect and LoopFX. With this, the functionality of LoopFX will be available through FX Connect, which is a part of the GlobalLink suite of e-trading platforms, technology, and workflow solutions, automating the entire FX trading process.
</p><p>FX Connect and LoopFX Partner
</p><p>The partnership resulted in the first major integration of LoopFX, established in 2021, into the institutional FX <a href="https://www.financemagnates.com/terms/t/trading-platform/">trading platform</a>. LoopFX is built on an open architecture technology designed to integrate into current workflows on existing trading platforms.
</p><p>“As a trader myself, I know what a valuable platform <a href="https://www.financemagnates.com/tag/fx-connect/">FX Connect</a> is for practitioners, and I could not be more thrilled to be working with the FX Connect team,” said Blair Hawthorne, the Founder and CEO of LoopFX.
</p><p>A Promising FX Venue for Institutions
</p><p>LoopFX provides a "venue for large spot FX trades by centralizing peer-to-peer matching with bank interest," a model called Peer-To-Peer-To-Bank. According to the company, its offerings enable traders to identify, in real-time, matches of large trades in excess of $10 million with other <a href="https://www.financemagnates.com/terms/b/buy-side/">buy-side</a> institutions, while allowing banks a "secure channel to show their market axes."</p><p>“For more than 20 years, FX Connect has shown its willingness to adopt new approaches and work with distinctive new services we are confident will benefit our customers,” said Kate Lowe, the Head of GlobalLink FX for <a href="https://www.financemagnates.com/tag/state-street/">State Street</a>.
</p><p>“LoopFX fits well with our philosophy, and we look forward to begin seamlessly integrating the Loop FX platform into existing FX Connect workflows later this year.”
</p><p>LoopFX is backed by experienced financial and FX executives as well as entrepreneurs John Sievwright, Ivan Ritossa, Martin Gilbert, Mike Soutar, and Tim Ewington.
</p><p>Recently, Goldman Sachs <a href="https://www.financemagnates.com/institutional-forex/how-goldman-sachs-is-transforming-eurexs-fx-liquidity-hub-in-europe/">became a member of Eurex</a>. The American banking giant is now a clearing member and a liquidity provider for off-book transactions on the European exchange giant and will enhance FX liquidity in the continent.
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This article was written by Arnab Shome at www.financemagnates.com.