Markets and Financing

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Advancing strategic priorities, investing in our future

Markets and Financing at State Street encompasses the Global Markets and Global Credit Finance businesses, which deliver industry-leading solutions to institutional investors globally.

Markets and Financing spans foreign exchange (FX) trading and securities finance solutions, as well as credit lending across client types, including asset managers, asset owners, alternative investors, and corporations. Our lending products range from fund financing to municipal lending. Through these business units, we aim to be the premier global provider of liquidity, financing, and research solutions for institutional clients.

“We continued to strategically innovate and expand our product capabilities and geographical reach to drive future growth and better outcomes for our clients.”

Eric Aboaf

Eric Aboaf
Vice Chairman and Chief Financial Officer

Building momentum through innovation and expansion

In 2023, our Global Markets unit, which includes securities finance and FX trading services, leveraged its strong market position and outperformed industry peers in a tough market environment, as low volatility in FX and equity markets created fee revenue headwinds. Global Credit Finance focused on providing financing and lines of credit for our clients and delivering tailored solutions to them while advancing the firm’s strategic priorities.

Global Markets
In 2023, FX volatility remained at historically subdued levels. This trend was particularly evident in emerging markets, where volatility measures ended the year at the lowest levels recorded since the global pandemic. As a result, FX trading services revenue was down 8 percent in 2023 compared to the previous year. Despite the market environment, we continued to broaden our geographic coverage and expand the range of client segments our FX business serves. Global Markets FX solutions once again earned several significant honors in Euromoney Magazine’s Foreign Exchange Survey. State Street was named as the winner across four notable categories, including Best FX Bank for Real Money Clients, Best FX Bank for Research, Best FX Venue for Real Money Clients, and Best FX Bank Sales.

Our securities finance business, encompassing Agency Lending and Prime Services, achieved a 2 percent increase in revenue. Agency Lending, which celebrates its 50th anniversary this year, underscores our distinctive supply and distribution capabilities and innovative trade structures. Leveraging the diverse product offerings within our financing solutions, clients derive significant benefits from their ability to borrow and lend with our principal arm, Prime Services, resulting in increased utilization of our Agency Lending client base program.


“In Global Markets we are combining real intelligence — deep industry expertise, intuition and experience — with technologies like artificial intelligence to innovate solutions that enable investors to focus on adding value for their clients.”

Anthony Bisegna
Head of State Street Global Markets

In addition, our sponsored repo volumes (through the Fixed-Income Clearing Corporation) surpassed $200 billion in December, on a one-month average basis and contributed to record net interest income for the firm, as we expanded our client base to offer much-needed liquidity in a rising rate environment.

Global Credit Finance
Supported by favorable market factors, our Global Credit Finance business performed well in 2023, increasing loan balances by 15 percent on a spot basis at the end of the year. We continued to expand our lending footprint in private markets, increasing lending by over 25 percent to private equity, private credit, and other alternative funds, compared to 2022.

Leveraging our expertise to deliver innovative solutions

Innovation played a pivotal role in our ability to address the evolving needs of clients, streamline processes, generate efficiencies, and deliver cost savings. During 2023, we seized on new technologies to advance product capabilities, which in turn boosted our sales momentum across the franchise and positioned us well for future growth.

Global Markets
In 2023, our Global Markets business strategically expanded its product and platform capabilities and geographic reach, while delivering differentiated research to inform clients’ investment decisions.

In FX trading, we continued to build on our suite of electronic trading tools with the launch of our FX Portfolio Algo, designed to aid our clients in executing a basket of orders across currency pairs in an optimal, efficient, and cost-effective manner. We also continued to drive global expansion initiatives. Notable milestones that opened new revenue streams included executing our first FX trades with local clients in Brazil, offering onshore Chinese Yuan (CNY) FX via the China Interbank Bond Market (CIBM), and further expanding our client base across continental Europe and the United Kingdom.

In preparation for the U.S. equity market’s May 2024 transition to a shortened trade settlement cycle, we enhanced our automated benchmark service, StreetFX℠, by adding greater integration and workflow transparency for T+1 settlement. The automated workflow solution is the first platform to offer integration with the Depository Trust & Clearing Corporation (DTCC), augmenting operational efficiency for faster availability of funds, and helping manage overall risk for the market.

In financing solutions, we continued to advance our peer-to-peer platform, Venturi, executing the first peer-to-peer repurchase agreements traded on the platform. Among its many features, Venturi connects buy-side firms with new sources of liquidity in global repo and securities finance. We also joined Eurex as a principal-based participant — via our Munich-based subsidiary, State Street Bank International — as the first central clearinghouse outside the U.S., and commenced trading centrally cleared repo transactions, expanding our European franchise and service offering.

In March, we announced our agreement to acquire CF Global Trading, a global firm specializing in outsourced trading for equities, listed derivatives, and fixed-income. The combination of our two firms expands our geographic coverage and capabilities to seven cities across five major continents, giving us critical mass in a rapidly growing market. In addition, this acquisition complements our State Street Alpha® front-to-back platform by adding a full suite of trading capabilities. We completed the acquisition in early 2024.

During the year, we made further enhancements to GlobalLink, our award-winning suite of electronic trading platforms that offer solutions designed to increase transparency and improve trading efficiency. On our Fund Connect ETF platform, an online portal for the creation and redemption of ETFs, we streamlined clients’ electronic workflows by adding the Financial Information eXchange application programming interface (FIX API), which allows users to send orders directly from their order management system to the platform. We also expanded the Fund Connect ETF Portal into Australia to meet the needs of clients in this country.

Global Credit Finance
Throughout 2023, Global Credit Finance remained focused on providing clients with value-added, specialized solutions to meet their financing needs and supporting them through the execution of new, innovative lending opportunities, as well as strengthening internal collaborations to holistically advance the firm’s growth strategy.

Global Credit Finance focused on private equity and private credit markets, generating historic revenue growth in 2023. We supported the evolving needs of alternatives clients by closing our first loan backed by infrastructure assets and first private credit interval fund. In addition, we are working to expand our private credit lending capabilities in Europe.

Top industry awards and recognition


  • Best FX Bank for Real Money Clients
    Euromoney Magazine 2023 FX Awards
  • Best FX Overlay Manager (Currency Management)
    FX Markets e-FX Awards 2023
  • Best FX Bank Sales
    Euromoney Magazine 2023 FX Awards
  • Northbound Top FX Settlement Bank for the 4th consecutive year
    Bond Connect Awards 2023


  • Best FX Venue for Real Money Clients (FX Connect)
    Euromoney Magazine 2023 FX Awards
  • Best Post-Trade Provider for the 3rd consecutive year (TradeNeXus/GlobalLink)
    FX Markets Asia Awards 2023
  • NOVA Award for Innovation (GlobalLink Digital, TradeNeXus and Venturi)
    TabbFORUM Awards 2023
  • Best Foreign Exchange Trading Platform (FX Connect)
    Financial News Excellence in Trading & Tech Awards 2023
  • Best New Product (GlobalLink Digital)
    Markets Media Group 2023 Market Choice Awards


  • Best FX Bank for Research
    Euromoney Magazine 2023 FX Awards
  • 2023 Harry M. Markowitz Award
    Journal of Investment Management


  • Best in Securities Lending for the 9th consecutive year and Best Global Custodian among International Clients
    The Asset Triple A Sustainable Investing Awards 2023
  • Americas Lender of the Year
    Securities Finance Times Industry Excellence Awards 2023
  • Ranked No. 1 Provider of Financing to Closed-End Funds (CEF) overall, as of the first half of 2023
    Fitch Ratings
  • Best Securities Financing House
    Asia Asset Management’s 2023 Best of the Best Awards

Providing essential proprietary research and market indicators

Global Markets’ research, comprising our multiasset strategists and State Street Associates®, continued to deliver significant value to our clients in 2023 by providing differentiated market insights and thought leadership powered by proprietary data sets, research, and academic partnerships.

In 2023, we publicly launched three data-driven indicators for institutional investors to increase transparency into what drives market movements. Collectively, these indicators provide behavior-based insights into the aggregate portfolio allocation trends of many of the world’s largest institutional investors.

The three new indicators are:

  • The Institutional Investor Holdings Indicator — tracks aggregate stock, bond, and cash holdings of investors
  • The Institutional Investor Risk Appetite Indicator — tracks the degree to which investors are risk-averse or risk-seeking in their buying and selling activity
  • The Global Institutional Investor Carbon Indicator — tracks the amount of carbon exposure in institutional portfolios and will be co-branded with S&P Global, which is providing market-leading Trucost carbon emission data

In addition, we announced a new partnership with GeoQuant, a firm that fuses political and computer science to generate high-frequency, quantitative measures of country-level political risk. The partnership enables us to bring customized, markets-oriented indicators to our client research platform, which provides a unique view into political developments around the globe. This new relationship complements our existing partnerships with leading academics and research firms, delivering tools to better inform investment decisions.

In today’s challenging market environment, distinctive research and markets insights have never been more important. We will continue to invest in solutions that provide our clients differentiated data that equips them with an information edge.

Capital optimization: Continued expansion, cutting-edge solutions

Capital optimization remains a top priority for the firm and, in particular, for Markets and Financing. Our balance sheet promotes new product development and ongoing business expansion and, importantly, supports our clients’ activities, whether that means offering long-dated FX forwards and options in emerging markets, or fund finance credit lines in the U.S.

Looking ahead

Global Markets will continue to build on its legacy of innovation. We remain committed to being a strategic partner, providing solutions for client needs in an ever-changing market and regulatory landscape. In 2024, Global Markets’ focus is on expanding our suite of liquidity, financing, and research products to enable better outcomes for our clients. From a liquidity perspective, we will be expanding our outsourced trading capabilities, rolling out our T+1 FX solutions, and growing our FX product suite, as well as adding new trading tools and features to our GlobalLink platform businesses.

We will continue to provide high-value research leveraging our proprietary data sets, academic partnerships, and artificial intelligence. Given Global Credit Finance’s command of distinct credit aspects of the private equity, private credit, infrastructure, and real estate sectors, we will continue to support the growth of our alternative investments clients through the execution of new, innovative lending opportunities in 2024.

Crucially, in pursuit of our goal to be the premier global provider of liquidity, financing, and research solutions for leading global institutions, our unwavering focus remains on building deep relationships with our clients.

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