SIS SegaInterSettle, the Swiss ICSD, today reminded its users that the SECOM settlement system will be ten years old tomorrow.
SECOM (or the Settlement Communication System) settled its first transaction on 4 October 1993. “The settlement was executed in real time – a revolutionary achievement, in those days,” says an SIS Sega Intersetle spokesman. “In developing the new system, SIS SegaInterSettle invested in the future: SECOM is still a perfect vehicle for the efficient, transparent, secure and cost-effective settlement of securities transactions.”
In its first year of operation, SECOM processed 4.6 million transactions. Since then, processing volumes have increased to 17.3 million transactions a year.
SECOM has been modified considerably over the last decade, in conjunction with its original creators: TKS Teknosoft, the Swiss partnersd of India-based TCS (Tata Consultancy Services).
SECOM settles trades on behalf of 550 clients of SIS SegaInterSettle in both domestic and cross-border securities.