Central Securities Clearing System (CSCS) Plc, the central securities depository, clearing and settlement entity for the Nigerian Capital Market has selected TCS-BaNCS to replace its existing clearing and settlement platform. TCS-BaNCS is a state-of-the-art, multi asset class solution developed by Tata Consultancy Services (TCS).
To support CSCS’ vision of becoming the globally respected and leading central securities depository in Africa, TCS BaNCS will enable CSCS align more closely with international best practices. This solution will also enhance CSCS’ ability to support a wider variety of asset classes to keep up with the evolving dynamics of Capital Markets and provide holistic support for various types of custodian account ownership structures.
Kyari Bukar, MD/CEO of CSCS said that this engagement underscores CSCS’ commitment to providing world class quality in post trade services. “I am excited about the opportunities this business transformation initiative presents CSCS. This will deliver far-reaching benefits to the Nigerian capital markets as a whole and position us to take advantage of the increased interest in the creation of regional markets through linking of post-trade services. The selection of TCS BaNCS will not only enable us generate efficiencies in our core operations but also help expand our portfolio of service offerings”.
R Vivekanand, Vice President, TCS Financial Solutions said, “We are pleased that CSCS has chosen TCS BaNCS for this transformation program. We believe TCS BaNCS’ unique multi asset class, component architecture, rich functionality and continuous technology advances will help CSCS drive growth in the Nigerian Capital Market and the region”.
Central Securities Clearing System (CSCS) Plc. is the Central Securities Depository (CSD) for the Nigerian Capital Market. In this capacity, CSCS facilitates the delivery (transfer of shares from seller to buyer) and settlement (payment for bought shares) of securities in its custody when same securities are traded on any recognized Exchange in the Nigerian Capital Market.
