As basis for next generation Derivatives Clearing
Vienna, Austria / Mumbai, India, September 16, 2008: TCS Financial Solutions, a 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 today the decision by LCH.Clearnet to select TCS BαNCS Market Infrastructure to provide the underlying technology for Synαpse Clearing Technology (Synαpse), LCH.Clearnet’s multi-asset derivatives clearing platform.
LCH.Clearnet is Europe’s largest clearing house and a leading independent central counterparty. LCH.Clearnet will work with TCS to develop market leading TCS BαNCS Market Infrastructure into the most advanced flexible derivatives clearing platform to which new products and markets can be added quickly.
Synαpse will enable LCH.Clearnet to service multiple derivative markets through a common platform, over a common framework which accommodates specializations across multiple markets.
The unique flexibility of the TCS BαNCS Market Infrastructure and capacity to handle multiple asset classes in a single solution makes it the ideal foundation on which to base a world-class derivatives clearing platform.
Roger Liddell, CEO LCH.Clearnet said; “The functional resilience of TCS BαNCS, combined with our unparalleled understanding of financial derivative markets means Synαpse will be a market leading clearing solution.”
“This implementation at LCH.Clearnet, Europe’s largest clearing house, demonstrates in particular our continuing leadership in the Depository Clearing Space. TCS BαNCS Market Infrastructure is a compelling solution and unique in its design," said N. Ganapathy Subramaniam, President, TCS Financial Solutions.
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 BαNCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base in excess of 240 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. 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 116,000 of the world's best trained IT consultants in 50 countries. The company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March 2008 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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