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Capital Market Infrastructure Technology Transformation
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$1T+

in assets processed on modernized platforms

98.4%

straight-through processing rate achieved for clients

40%

reduction in settlement failures post implementation

500+

capital markets domain experts globally

Reimagining the infrastructure that moves global markets

Market infrastructure firms face rising volumes, tighter settlement cycles, digital asset growth and regulatory pressure. Cognizant helps modernize core systems with AI, cloud and data engineering to improve resilience and unlock new revenue across the trade lifecycle.

Compress settlement cycles

Achieve T+1 by reengineering post-trade workflows with AI-driven automation, reconciliation and exception management.

Ensure regulatory confidence

Meet EMIR, MiFID II, CSDR and DORA requirements with AI-powered compliance, reporting and auditing frameworks.

Unlock new revenue streams

Monetize market data, expand into digital assets and diversify revenue beyond traditional exchange and clearing fees.

Learn about capital markets at Cognizant
DEPTH OF EXPERTISE

Segments we serve

Market operators and exchanges

Modernize exchange technology stacks, optimize low-latency order matching and implement AI-powered real-time market surveillance.

Clearing houses and CCPs

Strengthen CCP resilience with smarter risk, collateral optimization and post-trade automation for faster, safer T+1 settlement.

Depositories and custodians

Transform custody operations with cloud platforms, automated servicing, AI reconciliation and fewer fails for better client experiences.

Market data and analytics

Harness the value of market data through analytics, real-time distribution and AI-powered insights that drive monetization across asset classes.

CAPABILITIES

What we do for market infrastructure

Engineering next-generation exchanges

Rearchitect legacy trading engines and matching platforms for ultra-low latency, cloud-native scalability and seamless integration with digital asset ecosystems. Deploy next-generation AI-powered market surveillance to detect anomalies, prevent manipulation and ensure market integrity across all asset classes.

  • Cloud-native migration of exchange core systems for 10 times throughput improvement
  • AI-powered real-time market surveillance and anomaly detection
  • Digital asset trading integration with existing exchange infrastructure
  • Ultra-low latency order matching engine optimization
Explore exchanges solutions

Optimize post-trade operations

Compress settlement cycles through intelligent automation, real-time reconciliation and AI-driven exception management. Implement collateral optimization and advanced risk engines to reduce counterparty exposure, lower capital requirements and drive operational cost-out across the entire post-trade lifecycle.

  • T+1 settlement readiness assessment and implementation
  • Automated reconciliation and exception management using AI
  • Collateral optimization engines to reduce margin requirements
  • Post-trade STP rate improvement to 98%+ via workflow automation
Explore T+1 settlement

Driving market infrastructure growth

Develop digital products and data-driven services to create new value for existing clients and unlock emerging market opportunities. Rapidly adapt business models and infrastructure to respond to fintech-driven disruption, digital asset growth and evolving participant demands.

  • Digital asset and tokenization platform development
  • New market data product and analytics service creation
  • Fintech partnership ecosystems and API marketplace frameworks
  • Adjacency revenue streams in collateral management and securities lending
Explore gen AI solutions

Reimagine engagement

Deliver intuitive, real-time platforms to enhance engagement across exchange members, clearing participants and custodial clients. Advance data analytics capabilities to generate deeper market insights and empower participants with self-service tools.

  • Member portal modernization with real-time position and risk dashboards
  • AI-powered self-service analytics for clearing participants
  • Digital onboarding journeys reducing member activation time by 60%
  • Personalized market data products for institutional clients
Explore experience services

Realizing value from legacy market data

Modernize legacy trading, clearing and custody systems to streamline a fragmented technology landscape and enable cloud-native transformation. Harness AI and advanced analytics to gain real-time insights, predictive capabilities and intelligent automation—turning decades of market data into a strategic competitive asset.

  • Legacy trading and clearing system decommissioning and cloud migration
  • Real-time market data lake and analytics platform construction
  • AI-powered predictive analytics for risk and liquidity management
  • Technology portfolio rationalization to cut infrastructure costs 30%–40%
Explore data modernization

Managing risks

Reinforce regulatory compliance frameworks to meet EMIR, MiFID II, CSDR, DORA, and T+1 mandates with automated reporting and auditability. Enhance operational resilience to manage systemic risk, market volatility and rising cyber threats.

  • Automated regulatory reporting for EMIR, MiFID II, CSDR, DORA
  • AI-powered compliance monitoring and real-time breach detection
  • Cyber resilience frameworks for mission-critical market infrastructure
  • Operational resilience testing aligned to regulatory expectations
Explore compliance and KYC solutions

Enhancing digital experiences

Replace fragmented onboarding processes for exchange members, clearing participants and custodial clients with intelligent, automated workflows. Reduce onboarding friction and accelerate KYC/AML processing with a modern digital experience.

  • End-to-end digital onboarding with automated KYC/AML processing
  • Real-time document verification and identity validation
  • Holistic client data collection and activation workflows
  • Onboarding time reduction from weeks to hours
Explore client onboarding
OFFERINGS

Solutions built for market infrastructure complexity

Technology services

Reimagining service delivery

AI-powered automation, contract-led optimization and outcome-focused delivery for mission-critical MI environments.

Digital foundation services

Consolidate cloud, infrastructure IT operations and cybersecurity for exchange and clearing systems.

Explore technology services
Consulting and business operations

SMART compliance and operations

Streamline regulatory reporting and compliance monitoring.

Meritsoft

Post-trade processing, fails management and STP for clearing and settlement.

T+1 settlement

Achieve greater settlement efficiency and reduce capital usage.

Explore T+1 settlement
Data-driven enterprise transformation

Data strategy

Align data strategy with business outcomes across the trade lifecycle.

Data management

Organize and derive insights from market and reference data.

Data modernization

Migrate legacy market data infrastructure to cloud.

Explore data services
AI and analytics for financial agility

Generative AI

Transform market surveillance, automate regulatory filings and accelerate product development.

AI and analytics

Automate post-trade tasks and enable prescriptive decisions across the trade lifecycle.

Explore AI and analytics
Post-trade platform modernization

Drive straight-through processing and dramatically reduce manual intervention across clearing, settlement, corporate actions and custody. Leverage proven accelerators—Meritsoft for fails management and Pega for workflow automation—to achieve end-to-end operational efficiency.

Explore platform modernization
Core modernization

Transform legacy trading engines, clearing systems and custody platforms into cloud-native, API-first architectures built for T+1, digital assets and growing market volumes. Decommission technical debt and build a modern core ready for tomorrow's demands.

Explore core modernization
Data warehouse transformation

Cognizant's big frame automates migration of exchange and clearing data infrastructure to next-generation cloud platforms—delivering real-time queries, advanced analytics and machine-learning insights at the velocity markets demand.

Explore data warehouse
Market data asset monetization

Exchanges and data providers are sitting on decades of proprietary market data. Cognizant’s digital strategy unlocks commercial value from legacy and real-time data assets—creating analytics products, licensing revenue streams and institutional data services.

Explore digital strategy
Front-office optimization

Boost productivity for trading, clearing and operations teams with digital solutions encompassing workflow automation, real-time dashboards, AI-powered decision support and integrated front-to-back processing across all booking centers.

Explore front-office

Targeted solutions

Purpose-built for market infrastructure outcomes

T+1 settlement solutions

Diagnose post-trade process gaps, modernize settlement workflows and implement AI-driven exception management to meet regulatory mandates with Cognizant's T+1 readiness framework.

Learn more
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Integrated AI and platform engineering

AI integration for platforms, services and proprietary IP to enhance system quality, streamline orchestration and reduce total cost of ownership for exchanges, CCPs and custodians.

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Software engineering services

Mission-critical market infrastructure demands software built for resilience, precision and scale. Cognizant engineers bespoke trading, clearing and custody platforms that deliver measurable competitive advantage.

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AI implementation platforms

Cognizant's AI platforms solve the last-mile challenge—accelerating from proof-of-concept to full production deployment across post-trade automation and market surveillance.

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Engineering with AI agents

Agentic AI is redefining market infrastructure operations—enabling real-time decision-making, adaptive risk management and hyper-personalized participant experiences. Cognizant transforms market infrastructure, leveraging agentic AI frameworks.

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PLATFORMS & TOOLS

Cognizant platforms powering MI transformation

COGNIZANT NEURO AI ENGINEERING

Unify AI across the trade lifecycle

Neuro® AI Engineering integrates data, development, orchestration and governance into a unified platform—designed for the full lifecycle of intelligent systems from surveillance to post-trade automation.

Learn more
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COGNIZANT NEURO IT OPERATIONS

Resilient operations for exchanges

Neuro® IT Operations uses AI-powered automated tools to improve resilience, reduce complexity and gain full visibility over the IT operations underpinning mission-critical market infrastructure environments.

Learn more
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COGNIZANT FLOWSOURCE

Accelerate MI software delivery

Flowsource™ is an AI-powered, full-stack engineering platform incorporating gen AI into the SDLC—enabling faster development, testing and deployment of trading and post-trade applications.

Learn more
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COGNIZANT SKYGRADE

Cloud modernization at scale

Modernize, migrate and manage cloud applications for mission-critical market infrastructure with SkygradeTM—accelerating time-to-value and reducing complexity across multi-cloud and hybrid estates.

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DRIVEN BY RESULTS

How market infrastructure evolves with Cognizant

A leading securities depository
A leading securities depository

protects bond investors by building a blockchain platform with ISIN mapping for over 3,700 assets

Digital network mesh with glowing nodes forming connected data landscape
A global investment manager
A global investment manager

ensures a seamless move to the cloud with 80% faster quality assurance stress-testing

Two people working on laptop inside server room with racks
A growing asset management firm
A growing asset management firm

cuts investor update reporting time from four days to 45 minutes using intelligent automation

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THOUGHT LEADERSHIP

Perspectives on market infrastructure’s future

Taking the pulse of ISDA’s CDM: 3 areas to monitor

Adoption of ISDA’s Common Domain Model is off to a slow start—but CDM is here to stay. We identify the three signals that prompt a shift to CDM.

Read more
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Capital Markets Outlook 2025: Market infrastructure reimagined

Market infrastructure providers are expanding beyond trading and settlement into data products, digital assets and AI-driven analytics services—representing a fundamental transformation.

Read more
Financial graph with blue bars and fluctuating line indicating market trends
The 3S approach to AI-driven resilient operations

AI empowers market infrastructure engineering teams to leverage new technology trends, focused on improving operations efficiency, system reliability and regulatory resilience across the trade lifecycle.

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How gen AI will forever change data engineering

New tooling ecosystems have emerged, integrating gen AI capabilities directly into data engineering platforms—with profound implications for market data infrastructure and analytics.

Read more
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T+1 settlement: The five key areas of change for market infrastructure

T+1 settlement mandates represent a systemic challenge for exchanges, CCPs and custodians. Five critical transformation areas determine T+1 readiness and ongoing settlement efficiency.

Read more
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CONNECT WITH OUR LEADERS

The people behind your transformation

Our market infrastructure specialists bring deep domain expertise across exchanges, CCPs, depositories and post-trade operations. Reach out to start a conversation.

Kishore K Premkumar

Portfolio Head - Market Infrastructure Cognizant Capital Markets

Kishore K Premkumar headshot

Ready to modernize your market infrastructure?

Connect with Cognizant's capital markets experts to explore how AI, cloud and data-driven transformation can help you compress settlement cycles, unlock new revenue and build the resilient infrastructure that tomorrow's markets demand.