State Street launches TruCross/FX
State Street Global Markets has announced the launch of TruCross/FXSM 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, State Street said.
“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.
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