TORONTO l MUMBAI, June 27, 2017 - Tata Consultancy Services (TCS), (BSE: 532540, NSE:TCS), a leading IT services, consulting and business solutions organization, announced today that TMX Group 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.
Technology integration across TMX Group’s cash and derivatives clearing businesses is the next significant step in the company’s evolution as a premier client-driven solutions provider to the Canadian and global capital markets. In August 2016, CDS and CDCC began an initiative to align, simplify and integrate risk management tools, operations, systems and business development functions to become more responsive and adaptive in serving client needs. 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.
“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,” said Jean Desgagné, President and CEO, Global Enterprise Services (GES), TMX Group. “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.”
“The selection of TCS BaNCS by TMX Group is a big milestone for us in North America,” added R. Vivekanand, Co-Head, TCS Financial Solutions. “It’s imperative that technology keeps organizations 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.”
About TMX Group (TSX: X)
TMX Group's key subsidiaries operate cash and derivative markets and clearing houses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, Shorcan, Shorcan Energy Brokers, AgriClear and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston) as well as in London, Beijing and Singapore. For more information about TMX Group, visit our website at www.tmx.com.
Follow TMX Group on Twitter: @TMXGroup.
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. With a global customer base of more than 370 institutions operating in over 80 countries, TCS BaNCS delivers core systems for the banking, insurance and capital markets industries worldwide, for the digital era. For more information, visit us at www.tcs.com/bancs
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting 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™ (GNDM), recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 387,000 of the world’s best-trained consultants in 45 countries. The company generated consolidated revenues of US $17.58 billion for year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. For more information, visit us at www.tcs.com
To stay up-to-date on TCS news in North America, follow @TCS_NA.
For TCS BaNCS news, follow @TCS_BaNCS
For TCS global news, follow @TCS_News.
Dennis Roman, Chief Marketing Officer
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