 "TCS")
Tata Consultancy Services (TCS) said on Monday it has signed an agreement with Australia’s primary securities 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 platform for cash equities clearing and settlement.
The new platform 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 sub-register services will follow in the second. This staged approach is expected to reduce overall delivery risk and help manage the impact on industry stakeholders.
The estimated cost for the first release is projected to be between $105 million and $125 million, spread over multiple years. The scope, timing, and cost of the second release are expected to be determined in late 2024.
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The agreement with ASX strengthens TCS’s footprint in Australia, one of its 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 sector, TCS said.
“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 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.
