Moving away from its prior blockchain-based strategy, Australian stock exchange regulator ASX has made a calculated decision by appointing Tata Consultancy Services (TCS) to restructure its vital clearing and settlement software. The choice of TCS’s flagship product, BaNCS for Market Infrastructure, is intended to revolutionize the ASX platform. In the first phase, clearing services will be provided, followed by the second, settlement deposit plus sub-register services.
A Break from Blockchain
ASX’s decision to abandon its blockchain-based approach, which was caused by delays and cost overruns, is a noteworthy event in the industry. TCS’s strategy leverages its vast experience in supplying software for the market structure organizations globally, promising a contemporary solution for the Australian market.
Implementation in Stages for Reduced Risks
As an alternative to ASX’s current cash equities clearing and settlement platform, TCS’s BaNCS for Markets Infrastructure, renowned for its flexibility across many markets, foreign currencies, and asset classes, will take its place. Two releases will be made of the implementation, with the first one deliberately focusing on clearing services. With no significant effects on industry stakeholders, this phased strategy is intended to reduce delivery risks and guarantee a seamless transition.
TCS’s Worldwide Market Infrastructure Presence
The fact that TCS has been used in over 20 countries—including exchanges across Finland and Canada—demonstrates the company’s reputable history of delivering software for market infrastructure. The company’s software is known for its capacity to accommodate a wide range of asset types and marketplaces.
ASX’s Prospects and Sector Advantages
Helen Lofthouse, the CEO and Managing Director of ASX, expressed trust that TCS’s product will fulfill the demands of the market today and offer crucial advantages to the industry and customers. Improved scalability, strict operating and resilience standards, and the adaptability to accommodate future market expansion are among the projected enhancements.
Through this partnership, TCS is positioned to play a significant role in redesigning ASX’s crucial systems, highlighting the significance of cutting-edge and dependable technology in the dynamic financial markets.
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