Tata Consultancy Services, the leading global technology services company, announced a pioneering strategic initiative in the Russian market. TCS' securities' product eClearSettleTM was selected by The National Depository Center, Moscow as its solution in a multi-million dollar engagement.
NDC, as part of its growth strategy, will participate in establishing a Central Securities Depository to make the Russian stock market more liquid with low risks and high levels of guarantees. As per the MoU, TCS will customize and implement eClearSettleTM for providing Depository, Clearing and Settlement services.
Russia's NDC is the latest customer for TCS' eClearSettleTM, which is widely regarded as a proven solution that enables transformation in securities markets combining state-of-the-art technology and a quick time-frame for deployment. Other major global depositories that have used eClearSettleTM include the Kuwait Clearing Company, the Philippines Depository and Trust Company, the Dubai International Financial Exchange as well as the National Securities Depository Ltd in India.
"At the National Depository Center, we are investing in world-class IT solutions to enhance our capabilities and add value to our stakeholders. TCS has a proven state of the art solution in eClearSettleTM which will help NDC offer more value-added services to our customers and create a liquid securities market in Russia," said Nikolay Egorov, General Director, NDC.
Commenting on TCS' entry into the Russian market, the first for the Indian IT company, Mr. N. Chandrasekaran, Global Head - Operations said, "The assignment with NDC is strategic from two perspectives. Not only does it reiterate the strength and relevance of TCS' asset-based solutions like eClearSettleTM for global players in the securities industry but also extends TCS' footprint in Russia which is one of the emerging markets in the world." He added: "With our presence in Brazil, China and India, and now Russia, we are geared to play a significant role in the development and growth of the BRIC countries."