Mumbai, June 8, 2010: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that the Inter-connected Stock Exchange of India Ltd. (ISE) has selected TCS BaNCS for an integrated Trading, Clearing and Surveillance Platform.
ISE, in the process of reviving its exchange operations, needed a state-of-the-art solution with enhanced functionality that could deliver its customers a very rich user experience and differentiate themselves in the market. The TCS BaNCS Market Infrastructure suite will be implemented to revive ISE operations for the equity cash segment in the first phase, with the possibility of supporting the Derivatives segment in the future.
Commenting on the choice of technology, P. J. Mathew, Managing Director, ISE, said, “We are happy to announce our selection of the TCS BaNCS Market Infrastructure solution as an end-to-end solution for our exchange, encompassing Trading, Clearing & Settlement, Surveillance and real-time Risk Management. Our evaluation of the TCS solution has been rigorous and detailed, encompassing technical and functional aspects of the solution. We are confident that the state-of-the-art solution and TCS expertise in this space will help us launch the exchange smoothly.”
“TCS BaNCS is a leader in the post-trade market infrastructure space. We are now expanding our offering in the Market Infrastructure value chain by launching our new Java-based Exchange Trading and Market Surveillance platforms, with the latest technology, high performance and low latency. India has a vibrant, growing capital market. Inclusive growth is critical in the Indian context and players like ISE can enhance capital market participation across the country. We are delighted to be part of this initiative.” said R. Vivekanand, Global Head, Market Infrastructure, TCS Financial Solutions.
TCS has played a catalytic role in the development of Capital Market Infrastructure in India. In addition, TCS BaNCS customers include leading retail and institutional broking institutions in India. The Market Infrastructure solutions from TCS BaNCS are a comprehensive, web-enabled product suite addressing Straight-Through-Processing across the entire Capital Market Infrastructure value chain encompassing Exchange Trading, Exchange Clearing with CCP, Central Depository / Registry services, Market Surveillance, and extending into areas like RTA Services. This solution transforms the organization’s existing exchange trading platform to support the future need of securities exchanges. It enables multi-exchange, multi-asset class trading on a single platform, and integrates the surveillance, risk, clearing, and settlement platforms for better operational efficiency and uniformity.
About Inter-connected Stock Exchange of India (Limited) (ISE)
Inter-connected Stock Exchange of India Limited (ISE) is a national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its Trading Members. It has over 800 Trading Members, who are located in 79 cities in India. These intermediaries are administratively supported through its 9 branch offices.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best-of-breed solutions that drive growth, reduce costs, mitigate risk, and offer a faster speed to market for our customers. TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide.
For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development.
A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 160,000 of the world's best trained IT consultants in 42 countries. The Company generated consolidated revenues of over US $6.3 billion for fiscal year ended March 31, 2010 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com
TCS Financial Solutions Media Contacts:
Phone: + 1732 331 3084
Phone: +61 (2) 9318 1088
Phone: +41 44 832 10 04
Phone: +91 22 6778 9077