FX Connect hits $20bn in daily trading volume

The record high was not due to any particular trading event, said Simon Wilson-Taylor, head of State Street’s Global Link portal, which hosts FX Connect. Instead, the platform has been "nudging close" to that level for the past six weeks.

Over 400,000 transactions have been completed on FX Connect since the start of the year, he added, while more than 95% of the $20 billion volume came from banks other than State Street. "Sometimes people assume that a lot of the volume on FX Connect comes fr