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For investors juggling complex relationships with multiple counterparties and seeking to increase returns and operational efficiencies while reducing costs, an integrated trading network is imperative to achieving success.

Harnessing the power of leading-edge technology, State Street's trading systems connect investors to emerging markets, streamline access to the industry's latest investment opportunities and deliver information that adds value to the decision-making process. From a network of treasury centers in Munich, Boston, Hong Kong, London, Luxembourg, Sydney, Tokyo and Toronto, our investment and trade professionals serve clients in any market and any time zone.

Whether acting as manager, custodian, broker or trustee, State Street currently services nearly 12 percent of the world's daily trading activities in some capacity. Our approach to trading is unique, focusing on attracting liquidity and increasing efficiency while reducing trading costs and market impact. This approach offers clients considerable access to research, analytics, execution, trade order management, and settlement and clearing - while ensuring delivery of trade objectives across multiple asset classes and investment styles.

State Street Global Link^®, our e-finance network, was launched in 1996 to help automate the execution of orders, generation of confirmation and affirmation, and matching of trades by utilising a straight-through processing approach. Today, Global Link provides investors a comprehensive online resource with one-stop access to a wide variety of proprietary and third-party financial products and services and leading trading destinations, including multiple exchanges, brokers, bank counterparties and other online trading venues.

Global Link's clients — including pension funds, investment managers, central banks, foundations and regular banks — currently span 23 countries and collectively manage over half of the world's professionally managed cross-border investments on a daily basis.

We offer an array of products via the Global Link platform, including:

• Research — Provides clients a unique window on the world by analysing proprietary data derived from State Street's trillions of dollars of portfolio holdings, comprising fixed income, equities and hedging ratios. Our research analysts perform daily quantitative analysis on important factors that shape the market by incorporating data on funds managed by State Street.



• Analytics — Delivers a range of analytical tools to help investors make strategic decisions based on up-to-date financial data. Daily information available includes: an assessment of benchmark movements, a measure of portfolio flows across 42 world markets, and a comprehensive assessment of the market value of borrowings and the quantity of securities borrowed across asset classes and exchanges for all G-7 countries.



• The Chow-Kritzman Optimiser — Allows investors to optimise asset allocation and currency hedging decisions to simultaneously achieve absolute and relative targets by utilising data derived from all asset classes.



• Trade Manager — Provides efficient order management and comprehensive, real-time execution of trades for portfolio managers and traders as well as compliance and operations personnel.



• Order Confirmation and Reporting Offers a comprehensive solution for the confirmation and processing of trade transactions. The service reduces processing problems to a minimum, enabling investors to concentrate on implementing an investment strategy.

For more information on our electronic trading and research solutions, please contact Beate Grosskurth, via phone at +44 020 7864 7812 or via email at bgrosskurth@globallink.com.