Maroclear modernizes Moroccan capital market, implements TCS BaNCS multi-asset class depository services

PRESS RELEASE

 

Maroclear modernizes Moroccan capital market, implements TCS BaNCS multi-asset class depository services

SIBOS|Amsterdam, October 29, 2010: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, announced today that Maroclear has successfully implemented depository and settlement solutions of the TCS BaNCS Market Infrastructure product as part of its strategy to provide a world-class multi-asset class depository to its participants.

The successful implementation of TCS BaNCS Market Infrastructure in the complex Moroccan capital markets demonstrates the solution’s maturity, while scripting a success story for TCS in the North African capital market. 

Fathia Bennis, CEO and Rachid Haboub, Secretary General, Maroclear said “With this key-project going live on September 21, Maroclear is making a strong and decisive contribution to the modernization of the Moroccan capital market. Maroclear has made a great leap forward in terms of performance, safety and high availability of its infrastructure. Among other achievements, introducing real-time settlement for OTC trades and Repos has been undoubtedly the most challenging one. More importantly, Maroclear is now able to build up on its new infrastructure and provide a wider spectrum of value-added services to the financial community, within Moroccan boundaries and beyond.”

R Vivekanand, Global Head - TCS BaNCS Market Infrastructure said, “TCS BaNCS has been an enabler for market transformation in many emerging markets, where the critical market infrastructure runs on our platform. TCS is proud to be associated with this landmark project in Morocco, where the depository handles a unique combination of listed and OTC securities across multiple asset class. This project demonstrates our strong delivery capability and unique multi-asset class solution architecture.

Built on Java components, this solution provides Maroclear with a best-in-class internet-enabled, technology platform, thereby extending convenient, browser-based services to its customers. The solution supports industry standards, including ISO 15022 and FIX messages, providing an STP platform for Maroclear to communicate with stock exchanges, the Central Bank, brokers, among other industry participants. Maroclear, with this solution, has brought in numerous adjustments to post-market procedures in force in Morocco, strengthening the security and integrity of the market and, consequently, making it more attractive to domestic and international investors. 

About Maroclear
Established in July 1997, Maroclear is the only central securities depository in Morocco and the clearing agency for all depository eligible securities. Maroclear is a Public Limited Company and its capital is held by the State (25%), Central Bank (Bank Al Magrib, 20%), Casablanca Stock Exchange (Bourse de Casablance, 5%) and others (50%). When it comes to the settlement of the transactions, the Central Depository (Maroclear’s) mission is to make sure that simultaneous rolling delivery versus payment is respected between all the parties involved in a transaction.

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 (TCS)

Tata Consultancy Services is an IT servicesconsulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT,  BPS,  infrastructure,  engineering  and assurance services. This is 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 285,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.

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