State Street Corporation, the Boston-based bank and technology group, has bought a significant stake in E-Crossnet, the buyside crossing network, as one of the co-founders Merrill Lynch Investment Managers (MLIM) reduces its stake.

E-Crossnet, founded by four UK-based managers including MLIM and Barclays Global Investors, takes buy and sell orders from fund managers and matches or crosses them at certain, set points during the day in order to help fund managers trade without incurring sellside commission or market impact.