IT services company TCS announced that it carried out what it defines as the world’s first cross-border securities settlement between two central depositories.
Indian IT services company Tata Consultancy Services (TCS) announced on April 10 that it carried out what it defines as the world’s first cross-border securities settlement between two central depositories using the Quartz blockchain.
The Central Securities Depositories (CSD) involved are reportedly Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait. During the test, a set of equities and fixed income securities from both markets were created on the chain along with accounts to hold them, and were instantaneously transferred.
The system reportedly used cash coins on the BaNCS Network, powered by the Quartz blockchain. The announcement explains that cash coins are a digital asset pegged to a fiat currency and maintained on the network.
Per the report, the network is a private permissioned blockchain aimed to let customers in the banking, market infrastructure, custody and insurance industries collaborate by connecting to a single ledger. The post claims that 450 TCS customers have access to the BaNCS network.
According to CrunchBase data, TCS has $15.4 billion in revenue annually; its parent company, Tata Group, reportedly has $100.4 billion.
As Cointelegraph reported yesterday, the Mauritius Financial Services Commission has issued a second guidance note concerning security token offering regulation.
Also, at the beginning of the current month, the United States Securities and Exchange Commission revealed that it is looking to hire a crypto specialist attorney advisor for its Division of Trading and Markets tasked with establishing “a comprehensive plan to address crypto and digital asset securities.”
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.