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Business EconomyPosted at: Jun 27 2017 7:56PM


TCS to implement integrated tech platform for Canada’s clearing, settlement businesses

New Delhi, Jun 27 (UNI) Tata Consultancy Services (TCS) today announced that TMX Group has awarded TCS, the implementation of a single, integrated technology platform for Canada’s clearing and settlement businesses.
The innovative platform, called TCS BaNCS for Market Infrastructure, will replace the legacy systems deployed by The Canadian Depository for Securities Limited (CDS) and Canadian Derivatives Clearing Corporation (CDCC), subject to regulatory approval where required.
Jean Desgagne, President and CEO, Global Enterprise Services (GES), TMX Group, said, “We are excited to begin working with TCS to implement their platform and usher in a new era of integrated, modern technology infrastructure at TMX."
"The progress we have made to date in our clearing integration initiative is a strong signal to all of our stakeholders that TMX Group is committed to strengthening Canada’s capital markets to conquer our clients’ newest and next challenges,” he added.
TCS Financial Solutions, Co-Head R Vivekanand, said, "The selection of TCS BaNCS by TMX Group is a big milestone for us in North America."
"It’s imperative that technology keeps organisations ahead as markets constantly outgrow infrastructure. We have a unique multi-asset class CSD and CCP platform and are delighted to work with TMX Group as they take the Canadian markets into the future,” he added.
This new solution will enable TMX to deliver a more seamless client experience between the two clearing houses and provide rich browser-based access and straight-through processing using industry standard messaging through ISO 15022, ISO 20022, FIX and FIXML.
Additional benefits to adopting the platform include enhanced reporting and metrics, a streamlined approach to collateral management and the future development and integration of emerging technologies.
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Tags: #TCS to implement integrated tech platform for Canada’s clearing# settlement businesses
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