TCS and Sernova Financial team up for a new cloud-based derivatives post trade processing service.

TCS and Sernova Financial team up for a new cloud-based derivatives post trade processing service

Sernova Financial, a UK-based provider of turnkey post-trade services, has recruited TCS to deliver a new cloud-based derivatives post trade processing service. The software underpinning this service is supplied by Calypso.

TCS says this tie-up “combines Sernova’s capital markets expertise, Calypso platform’s capability and TCS’s bouquet of capital markets solutions”.

Venkat Ramasamy, executive chairman of Sernova, hopes that the new offering will “enable regional banks and institutional investment managers to efficiently and effectively maintain compliance with the changing global regulatory environment while significantly reducing risk”.

Sernova’s cloud-based clearing service re-creates the shared infrastructure and service elements of traditional clearing brokers and counterparties. The services are delivered by Sernova on the Calypso platform, whilst business process services are delivered by TCS.

Sernova’s clients will be benefit from the increased speed to market, regulatory compliance, access to global and regional CCPs, and the move from capex to opex, according to TCS.

Susheel Vasudevan, VP, banking and financial services at TCS, observes that “current regulations require banks to make heavy capital outlays while they are under tremendous pressure to keep cost-income ratios minimum. Banks will need to reinvent their operating model to strike the right balance between cost, compliance and risk.”

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