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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.

The TCS product 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 will be on a state-of-the-art technology stack with TCS BaNCS for Market Infrastructure and is proposed to be implemented in two releases.

While the clearing service is expected to be delivered in the first phase, the settlement depository and sub?register services will follow in the second phase, said the company.

This staged approach is expected to reduce overall delivery risk and help manage the impact on industry stakeholders.

ASX Managing Director and CEO Helen Lofthouse said the TCS product is expected to meet the needs of today's market and provide important industry and customer benefits, like improved scalability, maintaining high operational and resilience standards, while providing improved scalability and the ability to support future market growth as required.

With an ability to support multiple markets, currencies, and asset classes, TCS BaNCS for Market Infrastructure has been adopted by market infrastructure institutions in more than 20 countries.