Australia’s ASX signs deal with TCS to revamp clearing, settlement platform
Tata Consultancy Services (TCS) said on Monday it has signed an agreement with Australia’s main stock exchange, ASX, to provide a clearing and settlement platform to serve that country’s market.
TCS’s flagship product, called BaNCS for Market Infrastructure, will be used to replace ASX’s existing cash share clearing and settlement platform.
It is proposed to implement the new platform in two releases. While the clearing service is expected to be provided in the first phase, settlement depository and sub-registry services will follow in the second phase. This phased approach is expected to reduce overall supply risk and help manage the impact on industry stakeholders.
The agreement with ASX strengthens TCS’s footprint in Australia, one of the fastest growing geographies, with a strong local partner network, expertise in cutting-edge technologies, investments in research and innovation, and deep domain knowledge of the banking financial services and insurance sectors, TCS said .
“TCS BaNCS for Market Infrastructure continues to gain traction in the global marketplace with its rich functionality and unique capabilities across multiple asset classes in the post-trade value chain. Combined with our purpose-driven approach to technology and innovation, this gives us the confidence to deliver a robust, future-proof solutions stack for the Australian market,” said Vivekanand Ramgopal, president of BFSI Products & Platforms, TCS.
TCS BaNCS for Market Infrastructure is a solution specifically designed for central securities depositories (CSDs), central counterparty clearing houses (CCPs), exchanges and central banks. With the ability to support multiple markets, currencies and asset classes, it has been adopted by market infrastructure institutions in more than twenty countries.