TATA CONSULTING LAUNCHES UPGRADED VERSION OF CLEARING APPLICATION

Posted September 12, 2008

MUMBAI -- TCS Financial Solutions, the business applications solutions unit of Tata Consulting Services (TCS) serving the capital markets, banking and insurance industries, has launched version 3.0 of its TCS BaNCS Market Infrastructure central depository and clearing application. The enhancements improve the agility and risk management capabilities of the software in an increasingly complex clearing business, and move the solution to a scalable J2EE technology platform.

“We have simplified the solution into one ‘Unified Clearing’ module,” says N. Ganapathy Subramaniam, President, TCS Financial Solutions. “The product innovations coupled with our early mover advantage in Carbon Trading makes TCS BaNCS Market Infrastructure Version 3.0 a compelling solution to clearing houses and depositories. TCS BaNCS Market Infrastructure Version 3.0 will provide clearing and settlement houses with a powerful business application that will improve their ability to introduce innovative products and cater to new markets and reduce operation costs.”

The Dubai International Financial Exchange (DIFX) and the New Zealand Exchange (NZX) are the first two leading exchanges to adopt the new version of the solution. “NZX has selected TCS BaNCS Market Infrastructure Version 3.0 to upgrade our clearing and settlement system, enabling exchange-traded futures, options, and commodities to be traded on NZX Markets,” says Mark Weldon, Chief Executive Officer of NZX. “TCS BaNCS Market Infrastructure is a flexible and innovative platform which has meant that NZX has been able to both enhance existing market infrastructure and develop new product capabilities, such as the TZ1 Carbon Registry.”