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TMX picks TCS platform for clearing and settlement businesses

Reuters

June 27 (Reuters) - TMX Group Ltd, Canada's biggest stock exchange operator, said on Tuesday it had chosen India's Tata Consultancy Services to implement a single integrated platform for Canada's clearing and settlement businesses.

The platform, called TCS BaNCS, will replace legacy systems at Canadian Depository for Securities Ltd (CDS) and Canadian Derivatives Clearing Corp (CDCC) - two of the clearing houses that TMX operates.

The development is part of an initiative, started in August last year, to improve CDS and CDCC's businesses, TMX said.

(Reporting by Yashaswini Swamynathan in Bengaluru; Edited by Martina D'Couto)