This joint venture with TCS, for the TCS BaNCS Securities Processing solution, will provide best-in-class and leading-edge technology to mid-tier players in the South African market, a press release issued here stated.
Strate Ltd's CEO, Monica Singer, said of the joint venture, "Strate is keen to offer this unique low TCO offering, which will make it possible for more players to participate in the South African market, thereby widening the investor base. We have had a long association with TCS, who have also been the leading custody solution provider in South Africa." Strate is the licensed Central Securities Depository (CSD) for electronic settlement of financial instruments in South Africa.
It handles the settlement of a number of securities, including equities and bonds for the Johannesburg Stock Exchange (JSE), as well as a range of derivative products such as warrants, Exchange Traded Funds (ETFs), retail notes and tracker funds. It has now added the settlement of money market securities to its portfolio of services.