TCS Transforms Swiss Post-Trade Market Infrastructure Of SIX Group

Tata Consultancy Services Ltd. has revamped SIX Group’s post-trade market platform for the Swiss stock exchange, three decades after it built the core platform of the operator of Swiss and Spanish stock exchanges. 

India’s largest IT services firm has modernised the clearing, settlement and custody platform of SIX for a robust post-trade market infrastructure, according to an exchange filing on Monday. That will aid SIX Group’s business growth in domestic and international markets.

“This is going to give a second life to our core platform and make our relationship with TCS even stronger,” Arturo Merino, head of IT Securities Services at SIX Group, said. “Our main goal is to become more customer-centric and user-friendly and have achieved it with the platform upgrade.”

TCS had originally built SIX Group’s core platform in the 1990s—making it one of the world’s first online real-time settlement systems. The platform is the backbone of the Swiss market’s post-trade value chain, holding securities worth trillions of Swiss francs.

This time, the IT services firm has leveraged its design labs for a thorough UI/UX overhaul—users can now respond to end-client queries much faster. The open-system architecture offers greater flexibility, security and ease of maintenance, according to the company.

The new system now processes more than four million transactions per day across 60 global markets, TCS said in the exchange filing. It is scalable at will, integrating easily with digital ecosystems. In fact, TCS has already migrated 500 billion records, saving 4-5 months in the overall process.

“TCS and SIX have achieved a major feat by modernising the Swiss post-trade platform in record time,” Uma Rijhwani, head of TCS Europe’s BFSI operations, said in the statement. “The new system brings to bear the power of digital technologies to transform the Swiss post-trade market infrastructure, while providing a solid foundation for SIX’ expansion into global markets.”

On Monday, TCS shares fell 0.05% to Rs 3,858.00 apiece on the BSE even as the benchmark Sensex ended the day 0.24% lower at 71,315.09 points.