Longer trades: Tata Consultancy Services (TCS) has collaborated with Finland’s National Central Securities Depository (CSD) Euroclear Finland for modernising its post-trade platform, the company said Monday.

The IT arm of salts to software conglomerate Tata Group will integrate its core platform with the European securities settlement engine, TCS said in a statement.

As part of the partnership, the transformation program will ensure easier cross-border settlements for investors in Finnish securities,  and attract investment and access to capital for issuers in the region.

TCS has deployed its BaNCS platform for market infrastructure, integrating Euroclear Finland’s core platform with the European Central Bank’s TARGET2-Securities or T2S platform. 

With longer trading hours, banks will be able to support transactions across all 24 countries within the T2S ecosystem with a centralised cash account, simplifying collateral management and improving liquidity.

Vivekanand Ramgopal, President, BFSI Products and Platforms, TCS, said, “Euroclear Finland’s digital transformation offers a roadmap for other CSDs in their journey to become future-ready. This successful digital transformation sets a precedent in Europe…establishes (TCS BaNCS) as a leader in the European post-trade landscape.”

TCS is present in Europe since four decades with over 350 clients in the region and 53 offices. 

Hanna Vainio, Chief Executive Officer, Euroclear Finland, said, “As a direct holding market with end investor accounts, this program was amongst the largest of its kind in terms of the number of book-entry accounts and holdings moved to the platform.”

Euroclear Finland notably holds over 2 million accounts, having a total value of over € 460 billion. The transformation is part of their decade-long journey over multiple phases.