NEW DELHI: Tata Consultancy Services (TCS) on Monday said it has signed an agreement with Australia’s primary securities exchange, ASX, to provide clearing and settlement platform to service the Australian market. ASX will implement TCS’ flagship product ‘TCS BaNCS for Market Infrastructure’ to enable the transformation. It will be used to replace ASX’s existing platform for cash equities clearing and settlement, the company said in a statement. “TCS BaNCS for Market Infrastructure continues to gain traction in the global market with its rich functionality and unique multi-asset class capability across the post-trade value chain,” said Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS. The new platform (the clearing service, the settlement depository and sub-register services) is proposed to be implemented in two releases.

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