FX Week

State Street Branches Into Canada With Toronto Trading Operation


State Street Bank & Trust has reversed a long-term trend among U.S. banks by expanding its trading operations to Canada. The bank started a new subsidiary in Toronto, State Street Trust Company Canada, on September 14, according to treasury manager Stan Shelton.

Unlike the branches of many foreign banks in Canada, the new branch will be a full-service operation, trading all 52 of the currencies traded by the parent bank. It will therefore not concentrate solely on marketing or stick exclusive