Canadians join State Street's e-commerce settlement service

Bank of Montreal, Scotia Capital, Canadian Imperial Bank of Commerce, Royal Bank of Canada and Toronto Dominion are now able to use Global Trading Support Services (GTSS), a tool that enables banks to settle electronically within 30 minutes of execution without the need for paper-based manual processing.

Simon Wilson-Taylor, head of Global Link for State Street in Boston, said extending the service to Canadian banks was significant because of the amount of forex trade the relatively small ec