TMX completes post-trade modernisation drive
The Canadian Depository for Securities Limited (CDS), a wholly-owned subsidiary of TMX Group Limited (TMX Group), this week implemented upgrades to CDS's foundational clearing technology, designed under its post trade modernization initiative (PTM), which includes the replacement of certain legacy systems related to clearing and settlement, as well as depository and entitlement payments.
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“Post trade modernization represents a game-changer for Canada’s equities, fixed income and OTC clearinghouse and a key milestone in the evolution of TMX,” said John McKenzie, CEO, TMX Group. “The launch of the new platform advances our core technology capability and ultimately strengthens Canada’s ability to compete for global investment. TMX’s investment in clearing technology also delivers on our enterprise wide commitment to ensuring these critical systems are efficient, resilient and adaptive. Above all, we are grateful for the contribution of our stakeholders in helping to vault Canada’s markets to the front of the global pack.”
Powered by TCS BaNCSTM for Market Infrastructure, an industry leading high performance, scalable and standards compliant clearing and settlement solution provided by Tata Consultancy Services (TCS), the new platform represents a significant upgrade to critical components of Canada’s capital markets infrastructure and will serve to power recent initiatives, including the Canadian Collateral Management Service, launched in 2024.
“The successful completion of the complex PTM project is the culmination of a great deal of hard work by a dedicated team here across clearing and technology divisions, working in close collaboration with TCS, and our network of industry participants,” said Kevin Sampson, President, CDS. “I want to extend my sincere thanks to our team and to our valued stakeholders for stepping up to work alongside us to deliver a new, leading-edge solution to strengthen Canada’s capital markets ecosystem."