State Street pilots open account trading system

State Street''s new electronic trade management system takes open account trading online.
The old world of letters of credit has disappeared, says Alan Rosen, New Balance Athletic Shoe vice president and group controller. New Balance, a large importer of shoes from Asia, has beenĀ usingĀ State Street Corporation's new web based open account trade management system, i2eX.

i2eX is a global electronic platform for trade management. Traders can log on, create electronic purchase orders and shipping documents, receive online approval and shipment acceptance, and gain access to pre-export and post-export financing via a pre-approved credit line. Companies can also use the platform as a central database for reporting, and moving data between trade office systems. In addition, the platform enables State Street to analyze...

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