State Street Bank on Tuesday announced FX Connect partnership with LoopFX。The functionality of LoopFX will now be delivered through FX Connect, part of GlobalLink's suite of electronic trading platforms, technologies and workflow solutions that automate the entire forex trading process。

The partnership brings the first major integration of LoopFX, established in 2021, into an institutional forex trading platform.。

Forex trading platforms are trading software that brokers provide for themselves。LoopFX is built on open architecture technology and is designed to integrate into current workflows on existing trading platforms。

Blair Hawthorne, founder and CEO of LoopFX, said: "As a trader, I know what a valuable platform FX Connect is for practitioners and I am incredibly excited to be working with the FX Connect team.。"

LoopFX "provides a venue for large spot foreign exchange transactions by centralizing peer-to-peer matching with bank interest," a model known as peer-to-bank。According to the company, its products enable traders to identify matches in real time for large transactions of more than $10 million with other buyer institutions, while providing banks with "a secure channel to showcase their market axis."。

Kate Lowe, Head of Global Link FX at State Street, said: "For more than 20 years, FX Connect has been willing to adopt new approaches and offer new services that will benefit our customers.。"

"LoopFX is very much in line with our philosophy, and we look forward to beginning to seamlessly integrate the Loop FX platform into existing FX Connect workflows later this year."。LoopFX is backed by experienced finance and FX executives and entrepreneurs John Sievwright, Ivan Ritossa, Martin Gilbert, Mike Soutar and Tim Ewington.。

Recently, Goldman Sachs became a member of the European Futures Exchange, a US banking giant that is currently a clearing member of the European exchange giant and a liquidity provider for off-the-books trading, which will enhance the continent's foreign exchange liquidity.。