BOSTON--(BUSINESS WIRE)--Oct. 14, 2004--State Street Corporation
(NYSE: STT), the world's leading provider of services to institutional
investors, announced today that it has conducted the first triparty
securities lending trade in Canada. The Institutional Trust Services
(ITS) division of JPMorgan Chase Bank served as the triparty
collateral manager for the transaction.
Triparty is an arrangement in which securities and/or cash are
delivered by trading counterparts to a single independent custodian
bank, clearing house or securities depository that takes
responsibility for ensuring the maintenance of adequate collateral
value throughout the life of the transaction. State Street currently
conducts triparty lending and repurchase agreement transactions in the
U.S. and U.K. via leading triparty service providers.
"State Street takes pride in being the first-to-market in Canada
with our triparty lending offering. This is a solid example of our
commitment to our clients and to the Canadian securities finance
market," said Don D'Eramo, vice president and head of State Street's
securities finance team in Canada. "We look forward to providing
additional flexibility and ease-of-processing for our Canadian
borrowers. As the market continues to mature, triparty lending will
lead to increased borrower demand and enhanced revenue opportunities
for clients."
State Street has provided securities lending services on behalf of
its Canadian clients since 1990. In 1998, the company established its
securities lending trading desk in Toronto. Earlier this year, State
Street launched the industry's first Canadian cash collateral fund,
which allows Canadian-based lenders to collect additional returns for
their securities on loan. State Street also serves as the securities
lending agent for many of Canada's largest pension funds.
State Street lends securities in more than 35 markets around the
world via a global network of trading locations -- providing clients
with around-the-clock opportunities, as well as regional expertise and
experience. State Street has provided securities lending services
since 1974, and has developed an industry-leading approach to risk and
return management. Its securities lending program is available to all
institutional investors worldwide, whether their assets are held in
custody at State Street or elsewhere. For more information, visit
www.statestreet.com/securitiesfinance.
State Street Corporation (NYSE: STT) is the world's leading
specialist in providing institutional investors with investment
servicing, investment management, investment research and trading.
With $9.0 trillion in assets under custody and $1.2 trillion in assets
under management, State Street operates in 24 countries and more than
100 markets worldwide. For more information, visit State Street's Web
site at www.statestreet.com.
This news announcement contains forward-looking statements as
defined by United States securities laws, including statements about
the financial outlook and business environment. Those statements are
based on current expectations and involve a number of risks and
uncertainties, including those related to the pace at which State
Street adds new clients or at which existing clients use additional
services, the value of global and regional financial markets, the pace
of cross-border investment activity, changes in interest rates, the
pace of worldwide economic growth and rates of inflation, the extent
of volatility in currency markets, consolidations among clients and
competitors, State Street's business mix, the dynamics of markets
State Street serves, and State Street's success at integrating and
converting acquisitions into its business. Other important factors
that could cause actual results to differ materially from those
indicated by any forward-looking statements are set forth in State
Street's 2003 annual report and subsequent SEC filings. State Street
encourages investors to read the Corporation's annual report,
particularly the section on factors that may affect financial results,
and its subsequent SEC filings for additional information with respect
to any forward-looking statements and prior to making any investment
decision. The forward-looking statements contained in this press
release speak only as of the date hereof, October 14, 2004, and the
Corporation will not undertake efforts to revise those forward-looking
statements to reflect events after this date.
CONTACT: State Street CorporationHannah Grove, 617-664-3377
or
Carolyn Cichon, 617-664-8672
SOURCE: State Street Corporation