State Street Corporation (NYSE:STT) announced today that it has completed its acquisition of CF Global Trading, a global firm specializing in outsourced trading on an agency basis for a variety of asset classes including equities, listed derivatives and fixed income.
Financial terms of the deal, which was first announced in March 2023, are not being disclosed.
“Outsourced trading enables organizations to access new asset classes, prepare for regulatory shifts 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 strengthens our current outsourced trading services. We welcome the CF Global team to State Street and look forward to the team complementing and enhancing our outsourced trading solutions globally.”
State Street has provided clients with outsourced trading solutions since 2010, and has invested in technology and people to provide a leading agency, multi asset class outsourced trading solution. State Street currently provides outsourced trading to clients in the Americas, APAC and Middle East, and CF Global Trading will extend the ability for the firm to provide these services to clients in the UK and the EU.
The new combined State Street footprint for outsourced trading will include trading desks in Boston, New York, Toronto, London, Lisbon, Hong Kong and Sydney. Additionally, the closing of the deal will allow State Street to offer a complete global trading solution as part of the firm’s State Street AlphaSM front-to back platform.
“We are very pleased to announce the close of this acquisition. Joining State Street allows our team to continue to build on our client platform and award-winning outsourced trading experience with the scale that comes with being part of one of the world’s largest institutional financial services providers,” said Scott Chace, co-founder and CEO of CF Global Trading.
