TCS partners with SIX to modernize Swiss post-trade market infrastructure

Tata Consultancy Services (TCS), an IT service provider, has announced its partnership with Swiss and Spanish financial market operator, SIX, to revamp its post-trade market infrastructure. The partnership focuses on upgrading SIX's critical core platform, originally developed by TCS in the 90s. 

The SIX platform plays a pivotal role in the Swiss market's post-trade value chain, managing securities valued in trillions of Swiss Francs. This collaboration aims to modernize this system with a national-scale transformation program. TCS, leveraging its design labs, introduced an innovative strategy and an open systems environment to enhance user experience and response times to client queries, the company said. 

Through the implementation of an automation solution, TCS efficiently migrated over 500 billion records, saving 4-5 months in the overall process. The resulting open system offers improved flexibility, security, and ease of maintenance. Currently processing over 4 million transactions per day across 60 global markets, the modern, cloud-ready architecture facilitates seamless integration with digital ecosystems, enabling innovative new products and services. 

The upgraded system allows for individual customization of post-trade processes, providing businesses with greater flexibility and agility to meet diverse market requirements worldwide. This customer-centric approach enhances SIX's competitiveness and supports its international growth. 

Arturo Merino, Head IT, Securities Services, SIX, said: “This is going to give a second life to our core CSD platform and make our relationship with TCS even stronger. We are conscious of the pressure and high expectations that we have put on TCS for the most complex project in recent years, but the TCS team has lived up to the expectations with an outstanding level of commitment. Our main goal is becoming more customer-centric and user friendly and we have achieved it with the platform upgrade. I am sure that we can count on TCS for the many challenges that SIX has ahead.” 

Uma Rijhwani, Business Unit Head, BFSI – Europe Central, TCS, said, “TCS and SIX have achieved a major feat by modernizing the Swiss post trade platform of SIX in record time. The new, state-of-the-art system brings to bear the power of digital technologies to transform the Swiss post-trade market infrastructure, while providing a solid foundation for SIX’ expansion into global markets.”