State Street and FinancialSockets announce partnership
State Street Global Markets, the investment research and trading arm of State Street Corporation, has acquired FinancialSockets, an innovator in global commission management.
The partnership represents an opportunity to integrate FinancialSockets technology with State Street’s commission management services.
FinancialSockets chief executive officer Robin Howard said: “Together we will bring a comprehensive set of tools to the market, enabling us to expand our services to a greater number of the world’s leading asset management firms at a time when demand for more transparency is growing.”
State Street Global Markets executive vice-president Stan Shelton said commission sharing can be complex and inefficient, since investment managers, brokers and research providers all operate independently.
“Commission management is becoming an important service for asset managers who need to meet compliance demands of best execution while simultaneously preserving their ability to acquire research from multiple providers.”
State Street has also announced it has expanded its commission management service offering to provide a complete, end-to-end solution that will enable customers to better manage commission flows, address regulatory reporting requirements and administer commission sharing arrangements. This includes the administration of commission sharing arrangements among asset managers, brokers and research providers.
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