In preparation for the US equity market’s transition to a T+1 settlement cycle in 2024, State Street has launched an automated workflow solution and integration with DTCC within State Street’s FX trading service, StreetFX. By connecting to DTCC Institutional Trade Processing (ITP) and its central trade matching platform, CTM, StreetFX can now receive settlement instructions from DTCC ITP for match agreed CTM transactions. StreetFX automatically executes the required FX trade necessary to fund the purchase or sale of the related securities transaction at the next scheduled execution time designated by the client, streamlining the FX lifecycle and enabling a faster no-touch post-trade processing workflow. When leveraged in conjunction with the CTM Match to Instruct (M2i) workflow, StreetFX executes the necessary FX trade shortly after the affirmation of the securities trade and staging at the DTCC for T+1 settlement.
