TCS has contributed to Release 1 of ASX’s Clearing House Electronic Subregister System (CHESS) programme, a move aimed at modernising Australia’s critical market infrastructure backing post-trade clearing and settlement services.
CHESS facilitates in clearing and settlement of trades in eligible financial products. It eases the transfer of legal title to securities through the CHESS sub-register and enables delivery-verses payment settlement by transferring securities and cash between buyers and sellers, TCS said in a regulatory filing.
As part of the ASX CHESS Project, TCS unveiled its flagship TCS BaNCS for Market Infrastructure and Quartz Gateway solutions.
The solution supports real-time trade novation and netting and is compliant with industry standards. It offers connectivity to multiple Australian exchanges and supports ISO 15022, ISO 20022 and FIX messaging standards.
Hosted in the cloud, it has been benchmarked to process more than 20 million trades per day, supporting ASX’s future growth with improved resilience and scalability.
R Vivekanand, President BFSI Products and Platforms, TCS, said “Together, we have smoothly implemented a world class platform that sets a strong foundation to drive the future growth and development of Australian financial markets. The rich functionality and straight through processing capabilities of TCS BaNCS and Quartz establishes our next-generation platform as a leader in the post-trade landscape. We now look forward to working with ASX on a similar seamless execution in Release-2.”
CHESS Replacement Project in two releases
ASX is delivering the CHESS Replacement Project in two releases, a staged approach developed in close consultation with industry to manage change and reduce implementation risk for critical market infrastructure systems.
With the completion of Release-1, TCS and ASX along with industry participants have commenced work for Release-2 of the CHESS Replacement Programme.
Page 2 of 3 TCS BaNCS for Market Infrastructure caters to the evolving business needs of Exchanges, CCPs and CSDs, supporting their end-to-end operations across multiple asset classes, ranging from issuance, clearing, risk management, depository and registry functions, to cross-border settlement, pledge, collateral management, repo and securities lending and borrowing.
It supports both omnibus and end-investor accounting along with support for multiple settlement models and settlement optimization to help manage liquidity across both securities and cash. It is complemented by TCS’ Quartz solutions providing standards-based industry integration and the ability to provide services, including decentralised settlement and tokenisation based on distributed technology.
It is pertinent to note that TCS has been boosting its presence in Australia for over 35 years and serves as a partner to most of the top 10 listed companies in the region.
