TCS Financial Solutions, a business unit of Tata Consultancy Services, has announced that LCH.Clearnet selected TCS BaNCS Market Infrastructure to provide the underlying technology for Synapse, a multi-asset derivatives clearing platform of LCH.Clearnet.
LCH.Clearnet is a European clearing house and an independent central counterparty. LCH.Clearnet will work with TCS to develop TCS BaNCS Market Infrastructure into the most advanced flexible derivatives clearing platform to which new products and markets can be added quickly, said TCS Financial.
TCS Financial claims that the Synapse will enable LCH.Clearnet to service multiple derivative markets through a common platform, over a common framework which accommodates specializations across multiple markets. The flexibility of the TCS BaNCS Market Infrastructure and capacity to handle multiple asset classes in a single solution makes it the ideal foundation on which to base a derivatives clearing platform.
Roger Liddell, CEO of LCH.Clearnet said: The functional resilience of TCS BaNCS, combined with our unparalleled understanding of financial derivative markets means Synapse will be a market leading clearing solution.
Ganapathy Subramaniam, president of TCS Financial Solutions, said: This implementation at LCH.Clearnet, Europe’s largest clearing house, demonstrates in particular our continuing leadership in the Depository Clearing Space. TCS BaNCS Market Infrastructure is a compelling solution and unique in its design.