State Street’s OTC Derivatives Platform Now Services More Than 190
Clients
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors, announced
today that it has strengthened its derivative servicing capabilities
with a number of new enhancements. The enhancements will help clients
prepare for pending regulatory changes impacting the derivatives
industry.
State Street recently introduced new Government Accounting Standards
Board (GASB) reporting services designed to help public pension funds
comply with the GASB Statement Number 53, Accounting and Financial
Reporting for Derivatives Instruments. The new GASB requirements are
aimed at providing a better understanding of the nature of derivative
transactions as well as their associated risks.
State Street’s on-demand reporting capabilities help clients meet
additional disclosure requirements for the types and fair value of
derivatives entered into as well as their associated risks, including
credit risk, interest-rate risk and foreign-currency risk. The GASB 53
service joins State Street’s suite of regulatory reporting capabilities
for derivatives, which includes FASB 161 and 157, aimed at providing
greater transparency into client portfolios.
“State Street continues to introduce new products and functionality to
automate processes while helping clients comply with new regulatory
requirements,” said Pat Centanni, executive vice president and head of
global product management at State Street. “Our derivatives servicing
and reporting capabilities place us at the forefront of the industry and
allow our clients to stay ahead of the changing marketplace.”
State Street has also added its 192nd client to the OTC Hub,
its derivative servicing platform. The OTC hub spans the full life cycle
of a trade, from execution to maturity, automating processing across the
middle and back offices, including electronic trade flow, allocations,
reconciliation of positions and cash flows between the middle and back
offices, settlement and client reporting. The hub uses industry-standard
Financial products Markup Language (FpML) to link to industry utilities
and third-party providers. The platform is integrated with State
Street’s OTC service to value derivatives, an independent service
providing valuations and validations to reduce pricing risk. The hub is
also integrated with State Street's comprehensive collateral management
services to help mitigate counterparty risk.
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading
providers of financial services to institutional investors, including
investment servicing, investment management, and investment research and
trading. With $19 trillion in assets under custody and administration
and $1.9 trillion in assets under management at March 31, 2010, State
Street operates in 25 countries and more than 100 geographic markets
worldwide. For more information, visit State Street at www.statestreet.com.
Source: State Street Corporation
Contact:
State Street Corporation
Alicia Curran Sweeney, +1 617-664-8672