GLOBAL – State Street says its foreign exchange trading system for institutional investors recently exceeded $99bn (€78.4bn) in a single trading day.

That’s up from $40bn less than a year ago, the Boston-based bank said.

The news follows a report in April by consulting firm Greenwich Associates which said pension fund and asset manager activity in the global foreign exchange market grew 48% last year. Online currency trading portal Fxall has also reported record trading volumes.

"The continued increase in FX Connect's trading volume is a clear indicator of its traction amongst the world's leading institutional investors," said Simon Wilson-Taylor, head of the bank’s Global Link network.

“This milestone, which was achieved without reliance on the high-frequency day-trading activity found in other platforms, reaffirms the value of being the only provider solely dedicated to the needs of asset owners and asset managers.

“Firms who manage 75% of the world's professionally managed assets use FX Connect today, an extraordinary market share, which is the result of 10 years of industry leadership and exceptional customer service."

"FX Connect's new record high volume figure continues to reaffirm our value proposition as the only platform providing full online foreign exchange connectivity through the entire investment process," added executive vice president Stanley Shelton.

FX Connect, launched in 1996, is offered via State Street's Global Link network. Liquidity is provided by 55 banks from 163 dealing room locations worldwide.