ASX, Australia’s primary securities exchange has entered into an agreement with Tata Consultancy Services (TCS) to introduce a cutting-edge clearing and settlement platform for the Australian market. As TCS is well known for its mission-critical projects, it will implement its flagship product TCS BaNCS for market infrastructure and drive this initiative.
The TCS solution is set to replace ASX’s existing cash equities clearing and settlement platform. The new platform will utilize TCS BaNCS for Market Infrastructure and will be implemented in two phases. The initial phase will be focused on delivering the clearing service. It will be followed by the second phase incorporating settlement depository and sub-register services. This phased approach of this collaboration aims to minimize overall delivery risk and effectively manage the impact on industry stakeholders.
TCS’s track record in executing mission-critical projects, coupled with its award-winning suite of products, underscores its capabilities. The collaboration with ASX strengthens TCS’s presence in Australia, one of its fastest-growing geographies. TCS brings to the partnership its huge local partner network, expertise in cutting-edge technologies, substantial investments in research and innovation, and extensive domain knowledge spanning the banking, financial services, and insurance sectors for over 30 years. Notably, TCS has consistently been recognized as one of the LinkedIn Top 25 companies and a Top Employer in the region for four consecutive years.
“We are delighted to be ASX’s choice for 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 Infrastructure Institutions in a technology-led world. TCS BaNCS for Market Infrastructure continues to gain traction in the global market with its rich functionality and unique multi-asset class capability across the post-trade value chain. Combined with our fit-for-purpose approach to technology and innovation, this gives us the confidence to deliver a robust future-proof solution stack for the Australian market,” said Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS.
TCS BaNCS for Market Infrastructure stands as an industry –first designed explicitly for central securities depositories (CSDs), central counterparty clearing houses (CCPs), exchanges, and central banks. Its versatility in supporting multiple markets, currencies, and asset classes has led to its adoption by market infrastructure institutions in over 20 countries.