Canadian Depository and TCS Complete Phase One of `Most Complex Systems Infrastructure Project' in Canadian Capital Markets History.Business Editors/Hi-Tech Writers NEW YORK--(BUSINESS WIRE)--Jan. 14, 2002 Tata Consultancy Services Tata Consultancy Services Limited (TCS Limited company) is one of the world’s largest providers of information technology, consulting, services and business-process outsourcing which commenced operations in 1968. As of 2007, it is Asia's largest And India's No. Again Selected by the Financial Community to Update Technology Infrastructure The Canadian Depository for Securities The Canadian Depository for Securities Ltd. (CDS Limited) is the holding company for three operating subsidiaries: CDS Clearing and Depository Services Inc. CDS INC. CDS Innovations Inc. CDS Clearing and Depository Services Inc. (CDS) and Tata Consultancy Services (TCS (Transportation Control System) A widely used integrated information system for railroad transportation developed by the Missouri Pacific Railroad Company in the late 1960s and early 1970s. It was later implemented by Union Pacific when the companies merged. ) today announced the successful, phase one completion of "System X," a multi-million dollar initiative undertaken by the CDS that will totally integrate the operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. for all securities into one platform, allowing maximum flexibility for clearing, settlement, entitlement and depository services in Canada. TCS has been assigned to create and implement the new technology for System X. TCS has significant experience in the financial services markets, having worked for such clients as the Johannesburg (South Africa) Stock Exchange, the National Securities Depository of India, the Swiss National Depository and Clearing Corporation and the Global Straight Through Processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. Association. TCS has received the Smithsonian Institution's award for Innovative Use of Technology and Project Administration for its work with the Swiss National Depository. System X is "the most complex systems infrastructure project in the history of Canadian capital markets," according to Allan Cooper, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CDS. "The total cost of System X will be in the range of $50 million and although it is understood to be less than a quarter of the cost of similar projects at Euroclear and Depository Trust and Clearing Corporation Depository Trust and Clearing Corporation (DTCC) The Depository Trust and Clearing Corporation (DTCC), through its subsidiaries, provides post-trade clearance, settlement, custody and information services for equities, corporate and municipal debt, money market instruments, , Canadians will enjoy one of the most efficient, cost-effective, post-trading securities environments in the world." "TCS and CDS have established a strong working relationship at all levels. The complexity of this project has presented many management challenges that have required collaborative teamwork between CDS and TCS," added Allyn Howe, VP, Customer Relations and Director, Project X at CDS. "TCS continues to demonstrate flexibility in its approach and a strong desire to satisfy our requirements." Overall objectives of System X are to: -- Create a single Clearing and Settlement platform for Debt and Equity -- Fully automate entitlement processing -- Improve linkages with other clearinghouses and depositories -- Allow for a choice of settlement methods -- Prepare for a change in T+3 securities settlement process to settle transactions on a T+1, T+0 basis Phase One of System X automates the entitlement processing using TCS' proprietary Network Custody System (NCS (Network Call Signaling) CableLabs version of MGCP. See MGCP/MEGACO. NCS - Network Computing System: Apollo's RPC system used by DEC and Hewlett-Packard.The protocol has been adopted by OSF. ), implements a new reporting architecture and replaces CDS' legacy Certificate Inventory System with a state-of-art web based Certificate Inventory System. "The entitlement processing system implemented in phase one using NCS is one-of-a-kind in the world," said Arup Gupta, president, TCS America. "It has been customized for the Canadian market to handle more than 20 corporate actions related to a variety of debt instruments, including complex instruments like strip bonds. It has also been integrated with CDS' core clearing and depository system for real time operation." The next and final stage of System X is the movement of all domestic and international equities into the new environment from the existing platform built 25 years ago. This is scheduled to be completed in early 2003, well before the implementation of T+1 in Canada. ABOUT TCS and TCS America TCS provides information technology and management consulting services to organizations in over 50 countries across the globe. The $700 million company, with 18,000 employees, has over 100 offices worldwide - 50 offices in North America, where it is known as TCS America (headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ). Its clients include companies such as American Express, AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group , Boeing, Citibank, Dell Computer Corporation (company) Dell Computer Corporation - One of the biggest US manufacturers of IBM PC compatibles. "From notebooks to networks", their slogan says. http://us.dell.com. , The Gap, General Electric, Hewlett-Packard, Kellogg's, Lucent Technologies, Nike, The State of Pennsylvania, The State of Montana, Prudential Financial, Qwest and the Target Corporation. TCS America currently supports the technology needs of seven of the U.S. Fortune 10 companies. TCS America is responsible for more than 65 percent of the company's overall worldwide revenues. Visit us at www.tcs-america.com or www.tcs.com. |
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