TCS & ASX Go-Live with CHESS Release 1 for Cash Clearing & Settlement
TCS and Australian Securities Exchange (ASX) have successfully gone live with Release 1 of the CHESS program for cash clearing and settlement. This milestone is part of ASX's digital transformation. Release 2 is targeted for go-live in 2029. TCS has been a partner to ASX for over 35 years in Australia.
The successful deployment of Release 1 of the CHESS program is a significant achievement for both TCS and ASX, showcasing TCS's capabilities in market infrastructure. However, the direct financial impact on TCS is not immediately quantifiable from this announcement, and the full impact will be realized as subsequent releases are completed.
The announcement highlights a successful go-live of a critical financial market infrastructure component, marking a significant milestone in digital transformation and modernization. This indicates a positive development in the partnership between TCS and ASX.
Tata Consultancy Services (TCS) has successfully contributed to Release 1 of ASX’s Clearing House Electronic Subregister System (CHESS) program, marking a significant milestone in modernizing Australia’s financial market infrastructure. This is a key step in ASX’s digital transformation journey in partnership with TCS.
The CHESS system facilitates the clearing and settlement of trades in eligible financial products. Release 1 of the CHESS Project delivers the new clearing component. TCS implemented its flagship TCS BaNCS for Market Infrastructure and Quartz Gateway solutions, which together provide a high-performance, scalable, and resilient CCP clearing solution for multiple asset classes. The solution supports real-time trade novation and netting, is compliant with industry standards, and offers connectivity to multiple Australian exchanges.
Tim Whiteley, Chief Information Officer at ASX, stated that Release 1 is a significant milestone and expressed pride in the outcomes achieved with TCS as their technology partner. He also mentioned that Release 2 is targeted to go-live in 2029. R Vivekanand, President of BFSI Products and Platforms at TCS, expressed pride in partnering with ASX on their modernization strategy and the successful Go-Live of CHESS Release-1, highlighting the world-class platform implemented. TCS is looking forward to a similar seamless execution for Release-2.
TCS has been strengthening its presence in Australia for over 35 years and serves as a partner to most of the top 10 listed companies in the region. The company has operations in five locations across the country.
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