Tata Consultancy Services 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. ASX will implement TCS' product TCS BaNCS for Market Infrastructure to enable the transformation. 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 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 subregister 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.
TCS has proven its execution capabilities for mission-critical projects with its suite of products and platforms. The agreement with ASX further fortifies its footprint in Australia, one of TCS' fast growing geographies, with its 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 sector for over 30+ years. TCS has also been recognized as one of the LinkedIn Top 25 companies and a Top Employer in the region for four consecutive years. 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.