TCS leverages its expertise to transform SIX’s core trading platform, introducing groundbreaking technology for the financial industry.
Tata Consultancy Services (TCS), a major player in the global IT services industry, has successfully modernized the post-trade platform for SIX, the operator of the Swiss and Spanish financial market infrastructures. The collaboration aimed to enhance the resilience and robustness of SIX’s post-trade market infrastructure, positioning SIX as a growing force in the global securities services sector.
Revitalizing a pioneering platform
Originally developed by TCS in the 1990s, SIX’s core platform was among the world’s first real-time online settlement systems. It is a critical component of the Swiss market, handling securities worth several trillion Swiss Francs. The modernization of this platform was a high-stakes undertaking, crucial to the nation’s financial infrastructure.
Leveraging its extensive experience in large-scale transformations, TCS collaborated closely with SIX and various technology providers to devise an innovative strategy and implement a cutting-edge open systems environment. TCS utilized its design labs to create a modernized portal that significantly improves user experience, enabling quicker responses to client queries. An ingenious automation solution by TCS enabled the rapid migration of over 500 billion records, reducing the overall process time by approximately four to five months.
Enhanced system capabilities for global markets
The upgraded open system offers enhanced flexibility, security and ease of maintenance. It efficiently processes over four million transactions daily across more than 60 global markets. The system’s modern, cloud-ready architecture facilitates easier integration with digital ecosystems, paving the way for innovative products and services.
Customization and competitive edge
The new system provides more customized post-trade process options, offering greater flexibility and agility to businesses. This customization aligns with varying market requirements worldwide, making SIX’s operation more customer-centric and user-friendly. The transformation enhances SIX’s competitive edge and supports its international expansion.
Leadership insights on the transformation
Arturo Merino, Head of IT, Securities Services at SIX, acknowledged the significance of this upgrade and praised TCS for meeting the high expectations and challenges of this complex project. “This is going to give a second life to our core CSD platform and make our relationship with TCS even stronger,” Merina said.
Uma Rijhwani, Business Unit Head, BFSI—Europe Central at TCS, commented on the collaboration’s success in modernizing SIX’s Swiss post-trade platform. She highlighted the project’s swift completion and the role of digital technologies in transforming Swiss post-trade market infrastructure, laying a strong foundation for SIX’s future global market endeavors.
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