Tata Consultancy Services has won the 'The Banker Technology Award 2003', co sponsored by the UK-based Financial Times Group and the Banker Magazine's, in the stock exchange category for the turnkey development project it implemented for the Canadian Depository for Securities Ltd.
"This was an initiative to realise a single securities depository, clearing and settlement platform named CDSX for the Canadian capital markets costing $50 million," Ravi Shah, vice president and head of delivery, Chennai, TCS told reporters on Monday.
The project went on stream from March 31 last and CDS had now been awarded a new contract to support and maintain the system for the next five years, he said.
CDSX had transformed Canada's capital markets by replacing two settlement and clearing systems with a single mission critical application.
CDSX implementation represented yet another milestone on TCS's track record of similar large turnkey engagements in the securities domain in Switzerland, India and South Africa, he said.
TCS's was expecting that its revenues from BFSI (banking, financial services and insurance) sectors would contribute to at least 40 to 45 per cent of its total turnover, he said, adding the company received encouraging enquiries for CDSX projects from across the globe.
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