State Street Unveils FX Workflow Solution Aimed at Facilitating Shift to T+1

In light of the US’ imminent shift to T+1, State Street has unveiled an automated workflow solution, as well as offering integration with DTCC within its FX trading service, StreetFX. The US Securities and Exchange Commission (SEC) decision to shorten the settlement cycle to one business day comes into effect from May 28 next year. Through the connection to DTCC Institutional Trade Processing (ITP) and its central trade matching platform, CTM, State Street’s FX trading service can now receive settlement instructions from DTCC ITP for match agreed CTM transactions. According to a story in The Trade news, StreetFX can be integrated within clients’ existing infrastructure in order to create an end-to-end solution.