Kuwait Clearing Co. selects TCS BaNCS for Central Counter Party Services
Tata Consultancy Services (TCS) announced that TCS BaNCS for Market Infrastructure has been selected by the Kuwait Clearing Co. (KCC) for Central Counter Party (CCP) Services.
The KCC is the central clearing, settlement, and depository entity for all securities and derivatives traded at the Boursa Kuwait. KCC also provides registrar and trustee services to companies and investment funds, and performs local and regional custody services for both local and foreign investors.
The Kuwaiti financial market is undergoing transformation, which includes transitioning from a gross settlement model to a CCP-based settlement model. This is a pioneering initiative in the Middle East region. The creation of a CCP is aimed at increasing liquidity, reducing risk, promoting global investments and participation, and facilitating the introduction of new products to the Kuwaiti market.
As part of this transformation, TCS BaNCS for Market Infrastructure will provide KCC with a proven, unified clearing solution for the cash and derivatives markets.
