CSCS, the Nigerian CSD, moves to align itself further with global best practices

The Central Securities Clearing System (CSCS), the CSD for Nigeria, is upgrading its clearing and settlement platform, utilising Tata Consultancy Services’ platform, TCS BaNCS.

The move to this state of the art platform will enable CSCS to further align itself with global best practices and international standards, such as those outlined by the CPMI-IOSCO Principles for Financial Market Infrastructures, being increasingly looked at by global investors and banks. Many of the PFMIs are directly applicable to CSDs.

This move by CSCS is part of a wider ambition by the firm to be viewed as a global leader in Africa on the CSD landscape. The new clearing and settlement and platform will also enable it to deliver a wider range of asset servicing in the evolving and diversifying African capital markets.

“I am excited about the opportunities this business transformation initiative presents CSCS,” says Kyari Bukar, the managing director and CEO of CSCS. “This will deliver far-reaching benefits to the Nigerian capital markets as a whole and position us to take advantage of the increased interest in the creation of regional markets through linking of post-trade services. The selection of TCS BaNCS will not only enable us generate efficiencies in our core operations but also help expand our portfolio of service offerings.”

He feels that the move truly underscores CSCS’s desire to provide a market leading post-trade service in Nigeria. TCS BaNCS is used by a number of CSDs and banks globally for its depositary technology and platform. 

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