Tata Consultancy Services Ltd.

TMX group has chosen Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organisation, to implement 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 (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.