Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, announced today that Maroclear has successfully implemented depository and settlement solutions of the TCS BαNCS Market Infrastructure product as part of its strategy to provide a world-class multi-asset class depository to its participants.
The successful implementation of TCS BaNCS Market Infrastructure in the complex Moroccan capital markets demonstrates the solution's maturity, while scripting a success story for TCS in the North African Capital market.
Ms Fathia Bennis, CEO & Mr. Rachid Haboub, Secretary General, Maroclear said: "With this key-project going live on September 21, Maroclear is making a strong and decisive contribution to the modernization of the Moroccan capital market. Maroclear has made a great leap forward in terms of performance, safety and high availability of its infrastructure. Among other achievements, introducing real-time settlement for OTC trades and Repo's has been undoubtedly the most challenging one. More importantly, Maroclear is now able to build up on its new infrastructure and provide a wider spectrum of value-added services to the financial community, within Moroccan boundaries and beyond".
R. Vivekanand, Global Head - TCS BaNCS Market Infrastructure said, "TCS BaNCS has been an enabler for market transformation in many emerging markets, where the critical market infrastructure runs on our platform. TCS is proud to be associated with this landmark project in Morocco, where the Depository handles a unique combination of listed and OTC securities across multiple asset class. This project demonstrates our strong delivery capability and unique multi-asset class solution architecture.
Built on Java components, this solution provides Maroclear with a best-in-class internet-enabled, technology platform, thereby extending convenient, browser-based services to its customers. The solution supports industry standards, including ISO 15022 and FIX messages, providing an STP platform for Maroclear to communicate with stock exchanges, the Central Bank, brokers, among other industry participants. Maroclear, with this solution, has brought in numerous adjustments to post-market procedures in force in Morocco, strengthening the security and integrity oity of the market and, consequently, making it more attractive to domestic and international investors.