TCS to modernize depository system of Muscat Clearing and Depository

Tata Consultancy Services (TCS) has signed an agreement to modernize the depository system of Muscat Clearing and Depository (MCD), Oman's central securities depository. TCS will implement TCS BaNCS for Market Infrastructure and Quartz to future-proof MCD's operations.

MCD provides comprehensive Clearing, Settlement & Depository (CSD) services to all market participants. In addition to providing best-in-class CSD solutions, MCD will now benefit from TCS's global expertise and ability to offer new services to the market such as collateral management, central counterparty clearing and risk management. MCD will also collaborate with TCS to implement solutions from Quartz as part of this modernization initiative. TCS will also implement its digital and cloud-enabled solutions to transform customer experience and meet MCD's transformation objectives.

TCS BaNCS for Market Infrastructure is an offering designed for central securities depositories (CSDs), central counterparty clearing houses (CCPs), exchanges, and central banks. It is a world-class, multi-asset CSD solution, providing end-to-end services for settlement, asset servicing, and investor services across various asset classes. TCS will deploy state-of-the-art technology for MCD, including cloud-based deployments and digital solutions. Additionally, Quartz Gateway will enable seamless integration of the market infrastructure solution with the stock exchange and investors for MCD.

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