The new system offers physical and synthetic prime brokerage, and securities lending operating platforms to running all together with their current stable of cutting-edge financial systems.
Accommodating composite business requirements such as arranged finance, asset-based billing, tri-party, re-hypothecation and risk-based margin, the newly launched platform provides a suite of services including equity finance, stock loan, physical and synthetic prime, claims PrimeOne.
PrimeOne Solutions, global head EJ Liotta said, "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."
Delivering comprehensive and advanced capabilities in a more efficient manner within a quantifiable budget, the new platform offers a combination of proven functionality with a modern, utility-based deployment model, which can reduce both time to market and operating costs by up to 90%, Liotta added.
The solution has already been adopted by Scotiabank in Canada, which has officially started operating on the platform for both Reg T., enhanced prime finance and synthetic prime.
Scotiabank global head of prime services John Stracquadanio said expansion of the Prime Services business in the US is a critical strategic initiative for Scotiabank’s Global Banking and Markets division.
"We selected the PrimeOne platform because we were confident that it met our clients’ current and emerging needs. We were quite satisfied to see the project completed and the platform enabled in the timeframe we required," Stracquadanio said.
