In August 2016, TMX Group launched a business integration initiative designed to transform the organization into a client-driven solutions provider to the Canadian and global capital markets.

The first major milestone was to integrate the operations and management of TMX Group’s cash clearing and derivatives clearing businesses, The Canadian Depository for Securities (CDS) and Canadian Derivatives Clearing Corporation (CDCC).

CDCC was originally a subsidiary of the Montreal Exchange (MX), which in 2008 joined up with the Toronto Stock Exchange (TSX) to form the TMX Group. In 2012, CDCC added fixed income and repo clearing.

CDS, acquired by TMX Group in 2012, provides depository, clearing, regulatory, and information services for the vast majority of securities traded in Canada.

In June 2017, TMX Group selected TCS BaNCS to replace the legacy systems deployed by both CDS and CDCC. The new solution will deliver a seamless client experience across the clearing houses and the CSD. TCS BaNCS is unique in its ability to support CCPs and CSDs across asset classes, and has completed similar implementations in other markets.

TCS BaNCS will provide rich browser-based access and straight-through processing using industry standard message types ISO 15022, ISO 20022, FIX, and FIXML. Additional benefits to adopting the platform include enhanced reporting and metrics, a streamlined approach to collateral management, and the future development and integration of emerging technologies.

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