Australia’s ASX signs deal with TCS to revamp clearing, settlement platform

Tata Consultancy Services (TCS) said on Monday it has signed an agreement with Australia’s primary securities exchange, ASX, to provide a clearing and settlement platform to serve that country’s market.

TCS’s flagship product, called BaNCS for Market Infrastructure, will be used to replace ASX’s existing platform for cash equities clearing and settlement.

The new platform is proposed to be implemented in two releases. While the clearing service is expected to be delivered in the first phase, the settlement depository and sub-register services will follow in the second.