New Partnership between TCS and ASX to Transform Australian Market Infrastructure

Tata Consultancy Services (TCS), a leading IT services and consulting company, has recently announced a groundbreaking agreement with the Australian Securities Exchange (ASX), the primary securities exchange in Australia. The partnership aims to revolutionize the Australian market by implementing TCS BaNCS for market infrastructure, a cutting-edge clearing and settlement platform.

Under this agreement, TCS will provide next-generation technology solutions to replace ASX’s existing platform for cash equities clearing and settlement. The new platform will be built on a state-of-the-art technology stack, leveraging TCS BaNCS for Market Infrastructure, and will be implemented in two releases. This forward-looking approach will enable ASX to efficiently overhaul their clearing and settlement software, enhancing operational efficiency and scalability.

This collaboration signifies a shift in ASX’s strategy, as they move away from a blockchain-based platform that faced repeated delays and opted for TCS’ proven expertise in market infrastructure. The decision to transition in stages highlights the cautious approach ASX is taking in order to mitigate risk and ensure a smooth adoption process. By leveraging TCS’s comprehensive software capabilities, ASX can now make a seamless transition and provide valuable benefits to its industry stakeholders.

TCS BaNCS for Market Infrastructure is a widely adopted solution that has been successfully implemented by market infrastructure institutions in over 20 countries. Its flexibility allows it to support multiple markets, currencies, and asset classes, making it a perfect fit for ASX’s needs. This technology is already trusted by exchanges worldwide, including those in Finland and Canada, further reinforcing ASX’s confidence in TCS’s capabilities.

The first phase of this partnership will focus on delivering the clearing service, followed by the implementation of settlement depository and sub-register services in the second phase. This staged approach not only reduces delivery risks but also ensures smooth integration with existing systems and minimal disruption for industry stakeholders.

Helen Lofthouse, Managing Director and CEO of ASX, expressed her confidence in the partnership, stating that the TCS platform will meet the needs of today’s market while providing scalability and resilience for future growth. Vivekanand Ramgopal, TCS President for BFSI Products and Platforms, emphasized the significance of this collaboration, highlighting TCS’s track record in mission-critical business and their shared vision of the future of market infrastructure institutions.

Through this strategic partnership, TCS and ASX are driving innovation and paving the way for a technology-led transformation of the Australian market infrastructure. With their combined expertise and commitment to excellence, they are poised to revolutionize the industry, delivering enhanced operational efficiency, scalability, and customer benefits for years to come.

Frequently Asked Questions

1. What does the partnership between TCS and ASX involve?

The partnership involves TCS providing next-generation clearing and settlement platforms to ASX, replacing their existing platform for cash equities clearing and settlement.

2. What technology will be used for the new platform?

The new platform will be built using TCS BaNCS for Market Infrastructure, a state-of-the-art technology stack.

3. How will the transition be carried out?

ASX will transition to the new platform in stages to minimize risks and ensure a smooth adoption process.

4. What benefits will this partnership bring?

The collaboration aims to enhance operational efficiency, scalability, and resilience of ASX’s market infrastructure, providing improved services for industry stakeholders.

5. How widely is TCS software used?

TCS software, including TCS BaNCS for Market Infrastructure, is widely adopted by market infrastructure institutions in over 20 countries, including exchanges in Finland and Canada.