On 10 April, Tata Consultancy Services (TCS) announced an agreement between two Central Securities Depositories (CSDs) – Kuwait Clearing Company, CSD of Kuwait, and Maroclear, the CSD of Morocco, using the Quartz blockchain. The feat has been dubbed the “world’s first cross-border securities settlement.”
The Settlement using the quartz blockchain
The settlement was reportedly transacted using cash coins on the BaNCS Network and was powered by the Quartz blockchain. Cash coins are basically digital currencies set with a fiat currency at a stable market rate and are maintained on a permissioned and private blockchain network.
There was a test run by the two CSDs in order to hold these securities together in which a set of fixed income securities and equities were created on the BaNCS Network from both Moroccan and Kuwaiti markets and were matched and settled instantly. For this cross-border settlement, they used Quartz’s Smart Solution.
Fathia Bennis, CEO of Maroclear reportedly said that by using these innovative technologies like blockchain in this field, they could create new business opportunities for their customers and easily control business models. He also said that their relationship with TCS has also developed in order to provide innovative technology solutions to the market.
The Quartz blockchain solution and BaNCS Network is also establishing its grip in Moroccan and African markets by exploring new operational possibilities to facilitate cross-border settlement.
TCS reportedly has $15.4 billion in revenue and the Tata Group, its parent company, has $100.4 billion in revenue annually.
The BaNCS Network is a permissioned private blockchain system through which the 450 TCS clients and other customers across market infrastructure, insurance domain, custody, and banking can flawlessly come together by connecting to a single ledger and gain benefits. This can open up opportunities to new businesses, services and market lines all over the world.