India's Tata Consultancy Services (TCS) has won a multi-million dollar contract to supply and implement a securities clearing and settlement platform for Russia's National Depository Centre (NDC).
TCS says it will customise and implement its eClearSettle package at NDC, which provides clearing and settlement for a range of global securities across different market segments including equity, fixed income and derivatives.
Nikolay Egorov, general director of Moscow-based NDC, says: "TCS has a proven state of the art solution in eClearSettle which will help NDC offer more value-added services to our customers and create a liquid securities market in Russia."
TCS says the NDC deal is its first in the Russian market. The vendor's eClearSettle settlement platform is also used by the Kuwait Clearing Company, the Philippines Depository and Trust Company, the Dubai International Financial Exchange and the National Securities Depository in India.