DIFX Dubai & New Zealand Exchanges adopt enhanced clearing and settlement solution from TCS Financial Solutions

9 September 2008

TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, today announced the launch of TCS BáNCS Market Infrastructure Version 3.0 with additional functionality to serve the needs of the global capital markets industry. Two leading exchanges in New Zealand and Dubai have already adopted the solution to witness significant benefits of an agile infrastructure in the form of rapid clearing cycles and faster new product launch capability.

TCS BáNCS Market Infrastructure is TCS Financial Solutions’ world leading application for Central Depositories and Clearing organisations. The solution, which has experienced increasing global market share over the last three years, has been moved to a scalable J2EE technology platform.

“We have used the TCS BaNCS Market Infrastructure for all our post-trade processing since the launch of the DIFX market,” said Peter FitzGerald, Chief Operating Officer, Dubai International Financial Exchange. “We have been more than satisfied with both the depth of functionality and the level of service provided by TCS Financial Solutions. We are excited about the new 3.0 version as it includes improved derivatives functionality and look forward to continuing our strong partnership with TCS Financial Solutions.”

“The Clearing business has become increasingly complex. To improve agility and manage risk better, we have simplified the solution into one 'Unified Clearing' module. The product innovations coupled with our early mover advantage in Carbon Trading makes TCS BáNCS Market Infrastructure Version 3.0 a compelling solution to clearing houses and depositories,” said N. Ganapathy Subramaniam, President, TCS Financial Solutions. “TCS BáNCS 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,”

Mark Weldon, CEO of NZX, based in New Zealand said, "NZX has selected TCS BáNCS Market Infrastructure Version 3.0 to upgrade our Clearing & Settlement system, enabling exchange-traded futures, options, and commodities to be traded on NZX Markets. TCS BáNCS 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."

The enhanced version 3.0 contains significant product enhancements to handle Commodity derivatives, Energy markets and Carbon Trading. TCS BáNCS Market Infrastructure Version 3.0 is SOA compliant making it possible for exchanges and depositories to use their data store for publishing information more efficiently. By using a single solution for depository, clearing, risk management, and registrar services, securities firms can also reduce operational costs associated by managing separate point solutions. TCS Financial Solutions is also planning to roll out subsystems for Market Surveillance and Exchange Trading on the same platform over the coming months.

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