Tata Consultancy Services Completes Proof of Concept with Canadian Depository using Quartz Blockchain based Trade Settlement
Deepthi | Myequity news | Date : 24-10-2018 14:15:00 IST
TCS announced the successful completion of a Proof of Concept (Poc) around a blockchain-based non-exchange trade settlement using TCS' Quartz Blockchain Solution.
Developed in collaboration with the Canadian Depository for Securities (CDS), a wholly-owned subsidiary of TMX Group, the PoC is part of a large market infrastructure transformation program leveraging TCS BaNCS for Market Infrastructure, aimed at the modernization of depository, clearing and settlement services in Canada.
The PoC helped demonstrate how Delivery versus Payment (DVP) trade settlement can be completed using tokenized assets held on the Quartz blockchain ledger. It used a unique co- existent architecture comprising conventional and blockchain technologies, leveraging TCS' Quartz Blockchain Solution's support for co-existence and a choice of messaging standards, including 150/FIX/FIXML etc, for data exchange with the ledger. In addition, it can be extended in the future to support interoperability with external blockchain networks, such as for cash settlement.
Commenting on the success of the Quartz-based non-exchange trade settlement PoC, Glenn Goucher, President, CDCC and CDS, Chief Clearing Officer, TMX Group said, "This initiative has helped establish the ability for TMX to leverage emerging technologies such as blockchain to deliver cutting edge, innovative solutions for our clients and to advance Canadian markets into the future."
"This Poe is an important milestone because co-existence with existing systems is fundamental to the acceptance of blockchain technology at scale by markets, as they move to trading and settling in digitised assets and leveraging blockchain based ecosystems,"
said R Vivekanand, Vice- President and Co-head, Financial Solutions, TCS. "We believe our ability to reimagine our proven TCS BaNCS for Market Infrastructure solution with the power of Quartz blockchain, creates immense possibilities for the future of Canadian markets."
About Tata Consultancy Services Ltd. (TCS):
Tata Consultancy Services is an IT services, consulting and business solutions organisation that has been partnering with many of the world's largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. A part of the Tata group, India's largest multinational business group, TCS has over 400,000 of the world's best-trained consultants in 46 countries.