TCS and Australian Securities Exchange (ASX) go-live with CHESS Release 1 for cash clearing & settlement

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TCS and Australian Securities Exchange (ASX) go-live with CHESS Release 1 for cash clearing & settlement. The deployment on TCS BaNCS for Market Infrastructure and Quartz solutions provides the ASX with a modern, high performance, scalable and resilient cloud solutionTata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has successfully contributed to Release 1 of ASX's Clearing House Electronic Subregister System (CHESS) program, marking an important milestone in the modernisation of Australia's critical financial market infrastructure. This is a key step in ASX's digital transformation journey in partnership with TCS. CHESS is the system used to facilitate the clearing and settlement of trades in eligible financial products. It facilitates 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. Release-1 of the CHESS Project delivers the new clearing component. As part of the ASX CHESS Project, TCS implemented its flagship TCS BaNCS for Market Infrastructure and Quartz Gateway solutions. Together, they deliver a high-performance, scalable and resilient CCP clearing solution for multiple asset classes. The solution supports real-time trade novation and netting and is compliant with industry standards. It provides connectivity to multiple Australian exchanges and supports ISO 15022, ISO 20022 and FIX messaging standards. The solution is hosted in the cloud and has been benchmarked to process more than 20 million trades per day, supporting ASX's future growth with improved resilience and scalability.Tim Whiteley, Chief Information Officer, ASX, said 'Release 1 of the CHESS Project marks a significant milestone in the modernisation of Australia's critical market infrastructure supporting post-trade clearing and settlement services. With CHESS Release 1 in production, ASX is very proud of the outcomes achieved with TCS as our technology partner having deployed a modern, secure, resilient and scalable solution for the Australian market. Leveraging the expertise of TCS and their experience with markets infrastructure in other jurisdictions has enabled us to confidently put Release 1 into production and we are progressing with Release 2, targeted to go-live 2029...

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