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TCS Endorses Cross Border Security Settlement Based on Blockchain

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TCS (Tata Consultancy Services), one of India’s IT service giant on April 10 announced that the firm carried out what it calls the first-ever cross border securities settlement in the world between two central depositories with the use of Quartz blockchain. According to reports, the two Central Securities Depositories (CSD) which are involved in the process are Maroclear (CSD of Morocco) and Kuwait Clearing Company (CSD of Kuwait). At the time of testing, equities along with fixed income securities from each market were conceived on the chain along with accounts in order to hold them and were transferred right away.

Reports suggest that the entire system made use of cash coins on the BaNCS Network, powered by Quartz blockchain. According to the announcement, the cash coins are essentially digital assets which are fixed to a fiat currency and are managed on the network.

The reports further suggest that the network is a private and a permissioned blockchain which intends to enable customers in banking, market infrastructure, custody and insurance industries which come together by connecting to a single ledger. The announcement also highlights that close to 450 customers (TCS) have the access o the BaNCS network.

As per data provided by CrunchBase, Tata Consultancy Service has an annual turnover of $15.4 billion and its parent company, Tata Group’s revenue annually is $100.4 billion. As reported earlier, the Financial Service Commission of Mauritius has come up with a second guiding note mainly regarding security token offering regulation.

Moreover, at the beginning of April 2019, the Security and Exchange Commission –  United States came forward to announce that it is looking to hire an attorney advisor (crypto specialist) primarily for its Division of Trading and Markets with the objective of establishing “a comprehensive plan to address crypto and digital asset securities.”

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