Australian Stock Exchange selects TCS to modernise its cash equities platform
Tata Consultancy Services (TCS) on Monday said it has entered into an agreement with Australia’s primary securities exchange, ASX, to provide a next generation clearing and settlement platform to service the Australian market.
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Bengaluru, 20 November: Tata Consultancy Services (TCS) on Monday said it has entered into an agreement with Australia’s primary securities exchange, ASX, to provide a next generation clearing and settlement platform to service the Australian market.
In an exchange filing, ASX will implement TCS’ flagship product TCS BaNCS for Market Infrastructure to enable the transformation.
According to the company, TCS BaNCswill be used to replace ASX’s existing platform for cash equities clearing and settlement. Thenew platform will be on a state-of-the-art technology stack with TCS BaNCS for Market Infrastructure and isproposed to be implemented in two releases. While the clearing service is expected to be delivered in thefirst phase, the settlement depository and sub‐register services will follow in the second phase.
This stagedapproach is expected to reduce overall delivery risk and help manage the impact on industry stakeholders, the company added.
“We are delighted to be ASX’s choicefor 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 InfrastructureInstitutions in a technology-led world. TCS BaNCS for Market Infrastructure continues to gain traction in theglobal market with its rich functionality and unique multi-asset class capability across the post-trade valuechain. Combined with our fit-for-purpose approach to technology and innovation, this gives us the confidenceto deliver a robust future-proof solution stack for the Australian market,” Vivekanand Ramgopal, President (BFSI Products & Platforms) of TCS said.
TCS BaNCS for Market Infrastructure is a 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.
