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Tata Consultancy Services to Upgrade Sweden's Central Securities Depository; Shares Down 9%

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Tata Consultancy Services (NSE:TCS, BOM:532540) secured a contract from its existing client Euroclear Group to digitally transform Sweden's Central Securities Depository, according to a Wednesday filing to the Indian stock exchanges.

Under the contract, Euroclear Sweden will deploy the financial technology platform TCS BaNCS for Market Infrastructure and its digital solutions platform Quartz.

Quartz will use its distributed ledger technology and artificial intelligence to support tokenized assets, decentralized settlements, and real-time, actionable insights.

The project is aimed at helping Euroclear standardize technology across Sweden and Finland and provide a unified platform through a phased IT transition, including the migration of the Swedish market to the European Central Bank's TARGET2-Securities platform for secure pan-European settlement.

The company's shares were down nearly 9% in recent trade.

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