New York & London 20 March 2006 -- Anvil announced today that Scotiabank, Canada’s most international bank, and Scotia Capital, its corporate and investment banking arm, have purchased the complete set of products from Anvil’s ARTS suite. This includes the global repo, securities finance, managed lending and back office modules. The system will initially be used for Scotia Capital’s North American and European businesses.
“Our primary goal was to replace our disparate in-house systems with a single solution. Anvil ARTS offers clear operational and business benefits. ARTS allows us to handle increased volumes, gives the potential for increased product scope, and reduces risk, all in a single system. This contributes to improved trader efficiency, scalability and increased profits. Using a single system will help us to reduce our support costs in the future,” said Michael Durland, co-head of Capital Markets Group, Scotia Capital. “We also like the option of implementing other Anvil products, which will fit in easily with our ARTS installation.”
Scotia evaluated and rejected the option of an in-house rebuild or extension of the existing system. In-house development can be lengthy and is not always able to evolve with the end users’ needs in the same way that a specialist supplier can. Anvil bases its product development on its clients’ feedback; in-house solutions don’t have the benefit of such a high level of continuous development.
Scotia Capital’s technology strategy required a single product solution and ARTS has unique advantages with its ability to provide the full depth of functionality for both the repo and securities finance businesses. In the last few years market requirements have progressed from the de facto standard of having separate systems for handling repos and securities lending to needing a global, multi-asset, multi-function solution. This newly required functionality is supported by Anvil’s product range, its business and technical expertise and a strong commitment to continuous product development.
Phil Buck, CEO of Anvil North America comments: “This represents a significant step for Anvil. Scotia Capital has adopted the product for integrated use across repo and securities finance businesses. There are major business benefits and millions of dollars in savings to be gained from having a single global system for repo and securities finance. Anvil has the only viable single-product solution to fully support that. Scotia Capital joins Anvil’s strong global client base and further extends our market penetration in Canada.”
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