In Push for Hedge Funds, Scotiabank Adds CoreOne Prime Brokerage Platform

With PrimeOne, CoreOne Technologies expands its operations coverage to prime brokerage and securities lending, including functions such as equity finance, stock loan, physical and synthetic prime. It will also handle complex business requirements such as arranged finance, asset-based billing, tri-party repo, re-hypothecation and risk-based margin.

The move comes as smaller firms with healthy balance sheets, including Scotiabank, are making a concerted push for buy-side prime brokerage business that has been traditionally dominated by a select group of larger institutions. The PrimeOne implementation has been in the works for eight months.

"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," says John Stracquadanio, global head of prime services for Scotiabank.