Scotiabank has implemented a new end-to-end global prime brokerage technology and services platform as it plans an expansion of its services in the United States.
The new platform, built by CoreOne Technologies, covers Reg T, enhanced prime finance and synthetic prime services.
John Stracquadanio, global head of Prime Services for Scotiabank, says the expansion of the business in the U.S. is a critical strategic initiative for the firm.
The PrimeOne Solutions platform will allow Scotiabank and other prime brokers to offer physical and synthetic prime brokerage, plus securities lending operating platforms and additional financial systems.
We selected the PrimeOne platform because we were confident that it met our clients current and emerging needs, Stracquadanio says. We were quite satisfied to see the project completed and the platform enabled in the timeframe we required.
CoreOne says implementing PrimeOne at Scotiabank took eight months with the platform tailored to serve the firms U.S. hedge fund clients. The platform is fully hosted at Scotiabank and includes third-party applications.
We built the PrimeOne business with companies like Scotiabank in mind, delivering comprehensive and advanced capabilities in a more efficient manner within a quantifiable budget, says EJ Liotta, global head of PrimeOne Solutions. The new PrimeOne platform provides both new entrants and existing players in the prime sector advanced capabilities, which were previously achieved through proprietary development by a select group of bulge bracket institutions.
PrimeOne offers a range of bundled and unbundled services including equity finance, stock loan, physical and synthetic prime, and accommodates arranged finance, asset-based billing, tri-party, re-hypothecation and risk-based margin.
(CG)