State Street Corporation (NYSE:STT) announced today that it has completed the acquisition of CF Global Trading, a global firm specializing in agency-based foreign trading across a variety of asset classes, including equities, listed derivatives and fixed income.
Financial terms of the deal, which was first announced in March 2023, were not disclosed.
“Trading outsourcing allows organizations to access new asset classes, prepare for regulatory changes and navigate global markets, while allowing them to focus on their strategic outcomes on behalf of their clients,” said Dan Morgan, global head of Portfolio Solutions at State Street; “The addition of CF Global Trading brings industry-leading expertise that enhances our current outsourced trading services. We welcome the CF Global team to State Street and look forward to them complementing and enhancing our outsourced trading solutions globally.”
State Street has been providing clients with outsourced trading solutions since 2010 and has invested in technology and people to provide a leading agency, multi-asset, outsourced trading solution. State Street currently provides external trading to clients in the Americas, APAC and the Middle East, and CF Global Trading will expand the firm’s ability to provide these services to clients in the UK and EU.
State Street’s new combined footprint for foreign trading will include trading desks in Boston, New York, Toronto, London, Lisbon, Hong Kong and Sydney. In addition, closing the deal will enable State Street to offer a comprehensive global trading solution as part of the company’s front-to-back State Street AlphaSM platform.
“We are pleased to announce the closing of this acquisition. Joining State Street allows our team to continue to build on our client platform and award-winning external trading experience with the scale that comes with joining one of the world’s largest providers of financial institutional services,” said Scott Chace, Co-Founder and CEO Advisor to CF Global Trading.