“There is very little intra-operability in Asia when it comes to clearing and settlement”
Vivekanand Ramgopal, vice president of TCS, discusses the outlook for financial market infrastructure space in Asia. October 28, 2013 | Mobasher KazmiAn independent solutions provider to the financial market infrastructure space, Tata Consultancy Services (TCS) has grown leaps and bounds since it first launched its landmark electronic depository and clearing system SECOM back in 1990. Vivekanand Ramgopal, vice president of TCS, has played a key role in the growth and transformation of the company’s capital markets business for the past two decades, delivering projects to meet the needs of exchanges, depositories and clearing organisations. Global financial crisis and its impact Discussing the 2008 global financial crisis, Ramgopal touched on the particularly challenging time for TCS, where a volatile market environment and cuts in discretionary spending led to a slowdown in client decision-making of key projects in the market infrastructure space. Ramgopal observed that “how we were responding to the crisis was largely determined by how our customers had to deal with the pressures and regulators.” Ramgopal pointed out that TCS BaNCS projects going live this year were actually commissioned post-2011, once important legislative reforms such as Dodd-Frank Wall Street Reform and Consumer Protection Act and European Market Infrastructure Regulation (EMIR) were signed in to law. He also noted that TCS’ customers in Asia were not as directly affected by the evolving regulatory framework as their North American and European clients based in the more advanced markets. Opportunities in Asia Discussing the range of integration projects TCS seeks to support, Ramgopal cited the ASEAN Bond Markets Initiative, backed by the Asian Development Bank, and the rise in number of cross-listing opportunities available as exchanges in the region become increasingly inter-connected. Commenting on the state and quality of financial market infrastructure in Asia, some of which number over fifteen years old, Ramgopal said, “The ability of those systems ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Asset Management, Trustees and Custodians, Clearing & Settlement, Exchanges, Markets & Exchanges, Risk & ComplianceTrustees Custodians and Depositories,Clearing & Settlement,Exchanges,Markets Exchanges,Risk & Compliance, Asset Management, Trustees and Custodians,Clearing & Settlement,Exchanges,Markets & Exchanges,Risk & Compliance, Keywords:Vivekanand Ramgopal, TCS, ASEAN Bond Market Initiative, CCPs, CSDs, Target2Securities Vivekanand Ramgopal, TCS, ASEAN Bond Market Initiative, CCPs, CSDs, Target2Securities
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