BNP Paribas’ Cortex FX Integrated with Link

State Street has announced the integration of its Link multi-dealer platform with BNP Paribas’s Cortex to expand the analytics available to clients during FX execution.

The integration enables in‑flight transaction cost analysis (TCA) and algorithmic controls for FX trades executed via State Street’s FX Connect, providing real‑time visibility into execution quality and supporting stronger governance and best‑execution oversight for institutional clients.

BNP Paribas first extended its TCA service to third-party platforms in 2014 with a view-only version, it was subsequently updated to allow users to view real-time “in-flight” performance statistics and also interact with the algo.

“This integration reflects our continued focus on delivering greater transparency and insight across the FX trade lifecycle,” says Greg Fortuna, head of GlobalLink at State Street. “By connecting Link with BNP Paribas Cortex FX, clients gain access to in‑flight analytics and controls that support more informed execution and stronger governance.”