Monday, 25 May 2015
Last updated 3 days ago
Sep 18 2012 | 11:04am ET
The Bank of Nova Scotia aims to expand its prime brokerage business with a new off-the-shelf technology platform and an attractive balance sheet.
The Canadian bank has become the first adopter of CoreOne's PrimeOne platform. And it's hoping its strong credit rating and relative lack of exposure to the troubled eurozone will attract clients.
"Where we might not have been an obvious choice for prime services before, given all the events of the past few years we are more likely to be considered now," John Stracquandanio, Scotiabank's prime services chief, told the Financial Times.
"Prime brokers used to differentiate their business based on technology and their platform. But technology has become a lot more fungible," Michael Ginelli, head of product development at the bank, said. "Since the credit crisis people tend to be a lot more focused on who the bank is. Counterparty is now the first port of call."
With PrimeOne on board, Scotiabank now offers full-service prime brokerage operations in the U.S., with increased services outside of North America, as well.
"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," PrimeOne head E.J. Liotta said. "We're driven by delivering a continuous stream of innovative products and services to a marketplace that has traditionally had to build their own technology, at great expense, to service prime brokerage operations."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…