India’s Tata Consultancy Services Tests Securities Settlement Using Blockchain

May 4, 2019

India’s Tata Consultancy Services (TCS) has tested the first-ever securities settlement between two central depositories on the Quartz blockchain.

According to a report by Cointelegraph, TCS revealed that the test was carried out between two Central Securities Depositories (CSD), namely, Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait. For the operation, data on equities and fixed income securities was entered onto the blockchain and transferred immediately. The experiment involved the use of cash coins on the BaNCS Network, which is powered by Quartz blockchain.

The IT service provider added that the network used to test the operation is a private permissioned blockchain, which offers services in the market infrastructure, banking, custody, and insurance industries on the same ledger. A company statement said that 450 clients have already gained access to the BaNCS Network.

CrunchBase data indicates that TCS has an annual revenue of US$15.4 billion. Its parent company Tata Group generates US$100.4 billion in annual revenue, according to the data.

Cointelegraph had previously reported that the Mauritius Financial Services Commission had issued a second guidance note on security token offering (STO) regulation.

Additionally, the United States Securities and Exchange Commission (SEC) has said that the agency is seeking to employ a cryptocurrency specialist attorney advisor to work for the commission’s Division of Trading and Markets. The specialist will be tasked with establishing “a comprehensive plan to address crypto and digital asset securities.”

Source: cointelegraph.com

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