TCS signs pact with Australia's ASX for next-gen clearing, settlement platform

New Delhi: Tata Consultancy Services (TCS) on Monday said it has signed an agreement with Australia’s primary securities exchange, ASX, to provide next-generation clearing and settlement platform to the Australian market.

ASX will implement 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, TCS said in a statement.

TCS President for BFSI Products and Platforms Vivekanand Ramgopal said, "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.”

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 phase.