Scotia Capital, the corporate and investment banking arm of Canada's Scotiabank, is implementing Anvil Software's Arts system to support its North American and European repo and securities finance operations.
UK-based Anvil says the centralised system, which includes global repo, securities finance, managed lending and back office modules covering the fixed income and equity markets, will replace the bank's existing disparate in-house network.
Michael Durland, co-head Capital Markets Group, Scotia Capital, comments: "Arts allows us to handle increased volumes, gives the potential for increased product scope, and reduces risk, all in a single system."
The vendor says Scotia evaluated, but ultimately rejected the option of a proprietary rebuild or extenstion of the current system.
"Using a single system will help us to reduce our support costs in the future. We also like the option of implementing other Anvil products, which will fit in easily with our Arts installation," adds Durland.