State Street to Acquire CF Global Trading to Bolster Outsourced Trading Capabilities

State Street Corporation, one of the world's leading providers of financial services to institutional investors, announced today it has entered into a definitive agreement to acquire CF Global Trading, for the purpose of further enhancing its outsourced trading capabilities. The deal is expected to close by the end of 2023.

CF Global Trading is a global firm specializing in outsourced trading on an agency basis for a variety of asset classes including equities, listed derivatives and fixed income. The company will have execution desks in Hong Kong, London, New York and Lisbon (expected to be opened by the time of the close of this acquisition), according to the official press release.

Currently, State Street offers outsourced trading to clients in the Americas, APAC and Middle East. Following the completion, State Street can expand its services to the UK and the EU, and can deliver a complete global trading solution as part of its State Street AlphaSM front-to back platform.

"With the addition of CF Global Trading, we add scale and significant expertise to our outsourced trading services that will complement and help further bolster our current offerings," said Dan Morgan, global head of Portfolio Solutions at State Street.

"This is a very exciting day for all of us at CF Global Trading," said Scott Chace, co-founder and CEO of CF Global Trading. "Our team has worked with our clients for 20+ years to develop a global, multi asset class execution platform with a focus on accessing liquidity, improving workflows and reducing costs. We look forward to joining the State Street team and continuing to build on our client platform and experience with the scale of one of the world’s largest institutional financial services providers."

Last week, State Street has ended its working relationship with Copper​, the cryptocurrency custody firm which announced earlier that it was closing its enterprise infrastructure division.