State Street May Win From Finance Overhaul

Custodian bank and asset manager State Street STT could be a winner under a congressional plan to implement the most sweeping financial reform package in decades. Along with Bank of New York Mellon BK, Northern Trust NTRS and JPMorgan Chase JPM, State Street has a thriving custodial and back-office banking business that could see a big bump in business if institutions now have to record their derivative transactions, according to the Boston Herald. State Street said it is aware of the opportunities acting as a derivatives clearing house would present for the firm, but no one is commenting on what impact to the firm's bottom line the financial reform bill could have, the Herald said.