State Street Corporation, the world's leading provider of financial services to institutional investors, announced today the launch of an industry leading over-the-counter (OTC) derivatives servicing platform. Already beta-tested, the OTC Hub is now live with PIMCO, a leading global asset manager and long-time State Street customer.

The OTC Hub is a global, end-to-end servicing solution that automates a number of stages in derivatives processing including customer reporting, electronic trade flow and the reconciliation of positions and cash flows between the middle and back offices. The State Street platform will now reconcile data from the industry utilities and dealers to customer trade details and automates acquisition of vendor prices. The platform is flexible to allow for enhanced services and capabilities as the derivatives market evolves and industry technologies mature.

"This cutting-edge technology provides an excellent opportunity to automate what has been a manually driven and ...   more »