In a groundbreaking move, Tata Consultancy Services (TCS) recently inked a significant agreement with ASX, Australia's principal securities exchange, aimed at ushering in an advanced clearing and settlement platform for the Australian market.
The partnership, unveiled through an exchange filing by TCS, highlights the implementation of TCS' flagship solution, TCS BaNCS for Market Infrastructure, to drive a transformative shift in ASX's operations.
TCS' partnership with ASX is poised to revamp the clearing and settlement processes in the Australian market. The adoption of TCS BaNCS technology marks a pivotal upgrade from ASX's existing platform, particularly for cash equities clearing and settlement.
ASX's migration to TCS BaNCS for Market Infrastructure promises a state-of-the-art technology stack. The transition will occur in two phases, with the initial phase focused on the clearing service, followed by the rollout of settlement depository and sub-register services in the subsequent phase.
The phased implementation strategy aims to mitigate delivery risks while efficiently handling the impact on industry stakeholders. This approach signifies a calculated move toward seamless integration and operational efficiency.
Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS, expressed delight at being chosen by ASX for this transformative initiative. He emphasized TCS' proven expertise in critical business functions, consistent product investments, and shared futuristic vision for Market Infrastructure Institutions in the technology-driven era.
TCS BaNCS for Market Infrastructure, a pioneering solution tailored for central securities depositories, clearing houses, exchanges, and central banks, offers multi-asset class capability across post-trade processes. This innovation has garnered adoption in over 20 countries for its unparalleled functionality and multi-market support.
The impact of TCS' strategic collaboration was evident in the financial markets, with TCS shares trading at Rs 3,523.30, registering a 0.60 percent increase at 11:03 am IST on Monday.
TCS BaNCS is a multi-asset class clearing and settlement solution designed for central securities depositories (CSDs), central counterparty clearing houses (CCPs), exchanges, and central banks. It is one of the most widely used clearing and settlement solutions in the world, with deployments in over 20 countries.
TCS BaNCS is used by a wide range of clients, including:
Relevant and Latest Facts:
TCS BaNCS for Market Infrastructure is an industry-leading solution that has been deployed by market infrastructure institutions in more than 20 countries.
The new platform will be based on a state-of-the-art technology stack that will support multiple markets, currencies, and asset classes.
The platform will be implemented in two phases to reduce delivery risk and minimize disruption to the Australian market.
Conclusion:
The TCS-ASX alliance signifies a milestone in technology-led market infrastructure enhancements. This collaborative effort sets a precedent for leveraging cutting-edge technology to revolutionize financial ecosystems and drive unparalleled efficiency and reliability.