Tata Consultancy Services (TCS) has signed an agreement with Australia’s primary securities exchange, ASX, to provide a next generation clearing and settlement platform to service the Australian market, the company on Monday announced through an exchange filing.
ASX will implement TCS’ flagship product TCS BaNCS for Market Infrastructure to enable the transformation.
ASX to Upgrade Cash Equities Clearing & Settlement with TCS BaNCS Technology
The TCS product will be used to replace ASX’s existing platform for cash equities clearing and settlement. The new platform will be on a state-of-the-art technology stack with TCS BaNCS for Market Infrastructure and is proposed to be implemented in two releases. While the clearing service is expected to be delivered in the first phase, the settlement depository and sub‐register services will follow in the second phase.
This staged approach is expected to reduce overall delivery risk and help manage the impact on industry stakeholders.
Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, said, “We are delighted to be ASX’s choice for this transformation. Our selection is an affirmation of our track record in this mission-critical business, continuous investments in our products, and shared vision of how we see the future of Market Infrastructure Institutions in a technology-led world. TCS BaNCS for Market Infrastructure continues to gain traction in the global market with its rich functionality and unique multi-asset class capability across the post-trade value chain."
TCS BaNCS for Market Infrastructure is an industry-first solution designed specifically for central securities depositories (CSDs), central counterparty clearing houses (CCPs), Exchanges, and Central Banks. With an ability to support multiple markets, currencies, and asset classes, it has been adopted by market infrastructure institutions in more than 20 countries.
Tata Consultancy Services shares
The shares of TCS on Monday at 11:03 am IST were trading at Rs 3,523.30, up by 0.60 percent.
