Toronto-based TMX Group Ltd. took a step toward replacing its existing clearing infrastructure technology on Tuesday with the hiring of a firm to implement a new platform.
The exchange company announced that it has hired India-based Tata Consultancy Services (TCS) to implement a new single, integrated technology platform to replace the legacy systems operated by the Canadian Depository for Securities Ltd. (CDS) and the Canadian Derivatives Clearing Corp. (CDCC).
TMX Group says that integrating the technology utilized by its cash and derivatives clearing businesses “is the next significant step” in its evolution. The new platform is intended to provide “a more seamless client experience between the two clearing houses” while also enhancing reporting and metrics, and allowing a streamlined approach to collateral management.
“We are excited to begin working with TCS to implement their platform and usher in a new era of integrated, modern technology infrastructure at TMX,” says Jean Desgagné, president and CEO of Global Enterprise Services at TMX Group.
“The progress we have made to date in our clearing integration initiative is a strong signal to all of our stakeholders that TMX Group is committed to strengthening Canada’s capital markets to conquer our clients’ newest and next challenges,” he adds.
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