TMX in major tech consolidation and revamp

TMX in major tech consolidation and revamp

Canada’s TMX Group has recruited TCS to help it renovate its clearing and settlement business technology. The Indian vendor will provide “a single, integrated technology platform” to TMX – TCS Bancs for Market Infrastructure – to replace disparate legacy systems deployed by the Canadian Depository for Securities Limited (CDS) and Canadian Derivatives Clearing Corporation (CDCC).

The project requires some regulatory approvals.

“Technology integration across TMX Group’s cash and derivatives clearing businesses is the next significant step in the company’s evolution,” TCS says.

The group embarked on business integration initiative last year.

Jean Desgagné, president and CEO, global enterprise services at TMX Group, says the new solution will “usher in a new era of integrated, modern technology infrastructure at TMX”.

R Vivekanand, co-head, TCS Financial Solutions, says the selection by TMX Group is “a big milestone” for the vendor in North America.

TMX Group operates cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy through its many subsidiaries. Among these are the aforementioned CDS and CDCC, plus Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, Shorcan, Shorcan Energy Brokers and AgriClear.

TMX Group has a worldwide presence and employs 1,400 people. Its HQ is in Toronto.

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