Markets

State Street Markets delivers foreign exchange (FX) trading, securities finance, agency execution services, and advanced electronic trading platforms to asset managers, asset owners, alternatives managers, and corporates worldwide. Built on unique data-driven research, cutting-edge technology, and deep market expertise, our solutions help investors enhance and preserve portfolio value across the investment life cycle.
 

Delivering strong results amid a dynamic macro backdrop

Our Markets business reached impressive milestones while navigating macroeconomic uncertainty in 2025. FX Trading Services revenue increased 15 percent while Securities Finance revenue also rose 15 percent, reflecting robust client activity, differentiated products, and consistent performance. Innovation has been a foundational element to better serve our clients, driving business growth.
 

We continued to scale LINK, our unified distribution platform that offers single sign-on access and interoperability across State Street Markets applications and complementary third-party tools. LINK provides streamlined workflows and modern infrastructure for a more efficient trading experience.

We also expanded Financing Hub, a solution for clients to efficiently manage their assets across financing, collateral management, and securities lending. The platform offers a more integrated, data-driven experience with greater transparency, customization, and connectivity across financing workflows.

Together, these innovations allowed clients to engage with us through a more interconnected, data‑driven environment.
 

Amid continued macroeconomic uncertainty, our research franchise helped investors interpret rapidly shifting market conditions. Following a decade-long exclusive partnership, State Street acquired PriceStats, a fintech firm that provides near real-time views of inflation.

During the longest United States government shutdown in history, State Street PriceStats supplemented delayed official releases, as it has done before, helping clients gauge inflation risks with greater continuity. In addition, engagement with our thought leadership and interactive analytics on our Insights Research platform increased substantially, and flow indicators captured shifts in sentiment — including an early-year reversal in U.S. dollar positioning — supporting timely, confident decision-making.

We also continued to enrich our academic partnership program, deriving significant value for investors from the foresight of recognized industry experts into emerging trends. In 2025, we broadened our Research Retreat events series to cover 17 locations across three continents. During these forums, we connected attendees with leading economists, academics, and strategists to discuss timely themes such as interest rate trajectories, inflation implications, geopolitical risks, and recession probabilities.

By combining advanced analytics, alternative data, and academic perspectives, State Street Markets continued to provide clients with an information edge.
 

We remained highly focused on leveraging our balance sheet in support of key clients of the firm, including developing new, cutting-edge products and financial structures to optimize capital, funding, and liquidity capacity for those clients. As we continued to grow our FX and financing solutions franchises, we supported our clients’ investment needs by enabling steady liquidity and execution coupled with differentiated pricing in volatile markets. This ultimately drove our ability to provide durable, risk-adjusted returns for investors.