By Dipo Olowookere
The Central Securities Clearing System (CSCS) Plc says it hopes to increase automation and improve efficiencies in the Nigerian capital market with the deployment of TCS BaNCS, a world class multi-asset class solution for securities depository, clearing and settlement.
The solution replaces the NASDAQ Equator which has been in use since inception of the company in 1997.
The solution change is core to the company’s business transformation initiatives which aim at improving efficiency in depository, clearing and settlement services.
Commenting on the development, the Interim Chief Executive Officer of CSCS, Mr Bola Adeeko, stated that, “This is a significant milestone for us and a demonstration of our commitment to bring excellent customer service delivery and efficiency to the Nigerian Capital Market.”
He said further that, “We are proud of this achievement and confident that the new solution will be beneficial to the teeming market participants in particular and the Nigerian Capital Market in general,” while urging them to take advantage of the enormous opportunities the new platform offers.
While listing some of the opportunities available on the platform, Mr Adeeko said that TCS BaNCS, as a market infrastructure, will drive Straight-Through Processing (STP) by providing the unique ability to support multiple markets and asset classes on the same platform. It will also support various types of account ownership structures such as Segregated Depository Account, Nominee/Special Purpose Vehicle Accounts and Custodian Accounts.
According to him, “this initiative aligns very closely with one of our strategic objectives, which is to improve efficiency in our depository, clearing and settlement services – ultimately, we believe our customers and stakeholders at large will enjoy improved service delivery.”
He commended the market participants for their cooperation and support towards ensuring that the transition was a smooth one. “Let me appreciate my colleagues too for demonstrating excellent team spirit and perseverance while the project lasted. This would not have been possible without them,” Mr Adeeko said.
TCS BaNCS is developed and supported by TATA Consultancy Services (TCS), an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match.
Adedapo Adesanya