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Indian IT giant Tata Consultancy Services (TCS) has signed an agreement with Australia’s primary securities exchange, ASX, to provide next-generation clearing and settlement platforms. TCS will replace ASX’s existing platform for cash equities clearing and settlement with its BaNCS for Market Infrastructure software. This move comes after ASX abandoned its blockchain-based effort due to repeated delays. TCS’s software is used by exchanges in over 20 countries and is expected to improve scalability and support future market growth for ASX. The implementation will be done in two releases to reduce delivery risk and impact on stakeholders.
