New Delhi
Tata Consultancy Services (TCS) has entered into an agreement with the Australian Securities Exchange (ASX) to deliver a clearing and settlement platform for the Australian market. ASX will implement TCS’ flagship product, ‘TCS BaNCS for Market Infrastructure,’ as part of the transformation. The TCS product will replace ASX’s existing platform for cash equities clearing and settlement. The new platform, based on a state-of-the-art technology stack with TCS BaNCS for Market Infrastructure, will be implemented in two releases. The first phase will focus on delivering the clearing service, followed by the second phase that includes settlement depository and sub-register services. Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, highlighted the global traction gained by TCS BaNCS for Market Infrastructure, emphasizing its rich functionality and unique multi-asset class capability across the post-trade value chain. ASX Managing Director and CEO Helen Lofthouse noted that the TCS product is expected to meet the current market needs and deliver essential industry and customer benefits, including improved scalability and the ability to support future market growth. TCS BaNCS for Market Infrastructure, known for its multi-market, multi-currency, and multi-asset class support, has been adopted by market infrastructure institutions in over 20 countries.
