TCS . Beyond the Obvious. TM tcs

© Tata Consultancy Services ltd. April 21, 2023 1

TCS. Beyond the Obvious.TM

www.tcs.com

Annual Conference Annual Conference of of

September 18, 2005September 18, 2005Shiraz, IranShiraz, Iran

Innovations and Innovations and Financial Market InstitutionsFinancial Market Institutions

A Perspective from Tata Consultancy Services

2

Text in blue and black can be changedPositions in Blue text cannot be alteredText in black can be altered in position and sizes if need beText in yellow ochre is meant for legal matters and updates

1 Introduction to Tata Group and TCS

3 Indian Financial Markets- Growth Story

4 Financial Markets Institutions

5 Innovative Money Market Instruments

6 FX Market Trading and Settlement Infrastructure

Agenda

7 Gilt Market trading Practices

2 TCS Products for Financial Services

8 Indian Commodity Derivatives Market

3


Founded in 1868: Largest and Most Trusted Business House

Contributes 2.6 % of GDP and 5 % of Exports

91 Operating Companies with revenues over US$ 14.25 Billion

Over 230,000 Employees and 2 Million Shareholders

Tata Conglomerate TATA Consultancy Services

Established in 1968 Asia’s Largest Software Company Over 45,000 Consultants Overall revenue:

US$ 1.56 billion (2003-04) US$ 2.24 billion (2004-05)

4


Industry Practices

Outsourcing

E-Business

Application Development & Maintenance

Engineering

Architecture & Technology Consulting

BF

SI

Re

tail

& D

ist.

Ma

nu

fac

turi

ng

Te

lec

om

He

alt

hc

ar e

Ser

vice

Pra

ctic

es

Large Projects

Global Delivery Centers

Security

Infrastructure Development & Management.

At TCS BFS Practice, we help our customers achieve financial technology freedom. This entails realizing their business results and technology objectives through:

Consulting (Listening and Sharing)Thought Leadership (Anticipating your needs)Proven Component and Point Solutions

(Delivering solutions that work)Leading Strategy to Implementation (Holding

ourselves accountable for results)

Our Presence in Financial Services

More than 90,000 person years of domain based solution delivery experience

75% of business from Repeat orders

BFS contributes

30+% of TCS topline

BFS contributes

30+% of TCS topline

At TCS BFS Practice, we help our customers in Financial Services Space

Stock ExchangesClearing and Settlement OrganizationsDepositoriesRegulatorsBroker DealersInvestment Management FirmsCustodian BanksRetail and Commercial BanksLoans and Mortgages

5










Agenda

6


Open Standards, J2EE based Message based Component based design and

development Model driven architecture Flexible and Scalable Solution

Reduced Time to Market Shorter customization time Onsite – Offshore methodology

Proven solution with reference sites

Experience in end-to-end implementations with major clearing and settlement organizations world wide (SIS, STRATE, NSDL, CDS, etc.,)

Experience in handling System Integration and Consulting activities

Solution applicable for multiple entities in one installation

20+ functional components available Supports whole range of financial

instruments Supports Model I and III, CCP Integrated Components

Risk Management Fees & Billing

Compliance to international Standards - G30, ISO 15002, etc.,

Access thru Web, IVR, email, SMS, etc.,

Supports SSL and RSA Based Authentication

Automatic dispatch of reports using emails

… Cost-effective product available in modern technology with rich functionality

eClearSettleeClearSettleTM

Enabling Transformation in Securities Markets

eClearSettleeClearSettleTM

Enabling Transformation in Securities Markets

Jun 2004Mar 2005

Sep 2005

May 2005

KCC – Kuwait Clearing Company

NSDL – National Securities Depository Limited

PDTC – Philippines Depository and Trust Corp.

DIFX – Dubai International Financial Exchange

Rich Functionality

Expertise

Modern Technology

Secured Access

Cost Effective

7


Cater to needs of the exchanges such as Order matching, trade management, risk

management Exchange operations - index management,

market data dissemination, surveillance, addition of new trading markets

Architectural flexibility to be able to provide for changes in functionality through parameterisation

Single system which can support multiple instruments in various models / levels of integration as desired by stock exchanges

System which has high performance, quick response time

System which has high scalability even at higher volumes

Reduced dependency on the machine vendors

Layering and componentising the technical architecture

Specifications• Hardware : Unix Server on

SUN, HP, Intel, IBM• Op. System : Posix-compliant OS

LINUX, HP UX, SUN Solaris, AIX

• Middleware : MQ Series, Unix Q,in-memory queues

• Database : Oracle, in-memory• Application : C• Messaging : FIX 4.3

Live Sites• NCDEX : TradeX Trader Workstation

TradeX™

8


Risk Management System

PositionMonitoring

LimitsManagement

ExposuresManagement

MarginCalculation

Broker - Dealers

Access Channels

Internet Clients

InstitutionalClients

Stock Exchanges & ECN’s

Payment Gateways

Third PartyInterfaces

Depositories

Interfaces

WAP/IVR

Investor

InvestorsTrade

ManagementMarket DataBroadcast

DecisionSupport

FRONT OFFICE (MATRIX)

Order Routing

MarketData Vendors

Electronic Trade Confirmations OASYS

Clearing

Regulatory Reporting

InstrumentAdministration

Book Keeping

Trade Management

CustomerManagemen

t

BACK OFFICE (PRECISION)

Collateral Management Funds & Securities SettlementIn

terf

ace

Laye

r

Com

mun

icat

ion

L

ayer

eIBS –The Broking Business Catalyst

CLSA, India

ICICI Brokerage Services Ltd.

Morgan Stanley Dean Witter

HSBC Securities

HDFC Securities Ltd.

JM Morgan Stanley Retail Services

Apollo Sindhoori Capital Investment Ltd.

Clients

Single window Multi-exchange, Multi-segment

(Equity, Derivatives)

Integrated Front-Office and Back-Office

Solution

Supports Multiple Business Models

Retail

Institutional

Bank Broker

Highly configurable & Flexible

Robust scalable Unix and Oracle based

architecture

Supports global messaging standards such

as FIX; STP enabled

Component-based Architecture

Features

9










Agenda

10


A Quick QUIZ

1. Which securities market is the first to set up demutualised stock exchange in the world ?

2. Which securities market is the first to use satellite communication technology for securities transactions?

3. Which major securities market has implemented T+2 rolling settlement?

4. In which market 99.99% of the settlement takes place on dematerialized securities?

5. In which market 6 mn investors get direct protection from the depository for their holdings ?

6. Which is the largest market for stock futures?

7. Which securities market started real time on line position monitoring of brokers?

Source: SEBI

11


It is Truly an Amazing Indian Story

Unparallel reach Nation wide access to trading system- over 400

cities Over 3000 VSATs and 1000 leased lines – largest

VSAT network in Asia Daily average turnover exceeded 100 times since

the advent of screen based trading Increased Transparency

Internet trading provides direct access to retail investors

Investors are guaranteed new level of transparency and reliability

Risk Management Guaranteed financial settlement Online real-time position monitoring VaR based daily margining

Transaction costs have reduced by a factor of 10

Indian Markets are transformed through innovative use of technologyIndian Markets are transformed through innovative use of technology

We touch every trade of Indian Investor…through TCS built systemsWe touch every trade of Indian Investor…through TCS built systemsSource: NSEIL & BSE

12


Country Total turnover value in 2003 USD Billion

Market Capitalisation in USD billions

GDP in USD Billion

Turnover as % of Market capitalisation

Turnover as % of GDP

USA (NYSE & NASDAQ) 16761 26800 10857.2 63% 154%London 3624 2426 1775 149% 204%Hong Kong 296 715 159.2 41% 186%Korea 459 297 520.9 155% 88%India (NSE) 196 253 541 78% 36%Singapore 92 149 89.7 62% 103%Taiwan 593 379 288.8 156% 205%

International Comparison

Source: NSEIL

13


NSE of India – No. 1 in Stock Futures

S.No. Name of the Exchange 2003 % to total1 NATIONAL STOCK EXCHANGE OF INDIA 25573756 46.85%2 MEFF,SPAIN 12492568 22.89%3 EURONEXT 6941851 12.72%4 SAFEX 4585919 8.40%5 ONECHICAGO 1488573 2.73%6 OM STOCKHOLM 1424890 2.61%7 BUDAPEST 694553 1.27%8 NQLX 576765 1.06%9 ITALIAN STOCK EXCHANGE 468083 0.86%

10 AUSTRALIA 267630 0.49%11 SYDNEY 47822 0.09%12 HONGKONG 18654 0.03%13 SIMEX 549 0.00%

54581613 100.00%

Stock Futures Contract Volume

-

10

20

30

40

50

NSE

India

RTS

SE

Euro

next

Span

ish E

x JSE

Othe

r ex.

Milli

ons

2004

2003

12 exchanges

14


Comparative Analysis of All Contracts

Source: NSE Derivatives update June 2005

15


20th Position in Just 5 years

2003 Rank

2002 rank

Name of the exchange 2003 volume

1 1 Korea Stock Exchange 2,899,937,8952 2 Eurex 1,014,932,3123 3 Euronext 694,970,9814 4 Chicago Mercantile Exchange 640,209,6345 5 Chicago Board of Trade 454,190,7496 6 Chicago Board Options Exchange 283,946,4957 8 International Securities Exchange 244,968,1908 7 American Stock Exchange 180,074,7789 11 Bovespa 177,223,140

10 14 Mexican Derivatives Exchange 173,820,94411 9 New York Mercantile Exchange 137,225,43912 10 BM&F 120,785,60213 12 Philadelphia Stock Exchange 112,705,59714 15 Tokyo Commodity Exchange 87,252,21915 13 Pacific Exchange 86,152,63716 18 Dalian Commodity Exchange 74,973,49317 17 London Metal Exchange 72,308,32718 16 OM 72,137,34719 21 Sydney Futures Exchange 44,755,34020 33 National Stock Exchange of India 43,081,968

Enhanced Integrity and Confidence ….Positive impact of technology use and adoption of best practices

Enhanced Integrity and Confidence ….Positive impact of technology use and adoption of best practices

Derivatives Market

16










Agenda

17


Building Blocks of Strong Financial Markets

EquitiesMarket

CorporateDebt

GiltsMarket

MoneyMarket

ForexMarket

CommoditiesMarket

CommoditiesDerivatives

ForexDerivatives

Interest RateDerivatives

TreasuryDerivatives

EquityDerivatives

Trading Infrastructures

Clearing and Settlement Infrastructures

18


Infrastructure Institutions in India

EquitiesMarket

CorporateDebt

GiltsMarket

MoneyMarket

ForexMarket

CommoditiesMarket

CommoditiesDerivatives

ForexDerivatives

Interest RateDerivatives

TreasuryDerivatives

EquityDerivatives

NSEBSE

NSE

NSCCL

NSCCLBOISL

NSDLCDSL

NSEBSE

CCIL

CCILRBI

CCIL

CCIL

CCIL

CCILSeveral

Regional

NCDEXMCX

NMCE

19


Clearing Corporation of India Limited

Promoted by leading Banks, Financial Institutions & Primary Dealers operating in India

Establish a safe institutional structure for the clearing and settlement of trades in Government Securities, Forex, Money and Debt markets

Trading platform for repo and forex transactionsClearcorp Dealing Systems (India) Limited , a wholly owned subsidiary of CCIL, was incorporated in June, 2003 to facilitate, set up and carry on the business of providing dealing systems/platform in CBLO and all money market instruments of any kind and also in foreign exchange, foreign currencies of all kinds.

Bring in efficiency in the transaction settlement process

20










Agenda

21


Two Traditional popular instrumentsRepurchase Agreement (Repo) is a money

market instrument in which transaction, a holder of securities sells them to an investor with an agreement to repurchase at a predetermined date and rate (second leg)

Advancing fund against collateral in the form of securities

Repayment of fund against return of the collateral

Payment of a repo interest by the borrower Compensation of Income earned on the

collateral Daily computation of difference between

extended credit & value of collateral

Call Money Purely Uncollateralized market Limited participation of market players

resulting in restricted price discovery optionsCounter-party & default risk in trade and

settlement

Innovative Instruments in Money Markets

DisadvantagesLimited participation of market players

resulting in restricted price discovery options

Counter - party & default risk in trade and settlement

Complete absence of fungibilityPrice and value risk of collaterals Absence of reference benchmark rate

for the marketMultiple inherent problems e.g.

illiquidity & non transparency

Market innovates new instrument and trading mechanism to address

these issues

Market innovates new instrument and trading mechanism to address

these issues

22


Collaterised Borrowing and Lending ObligationCBLO is an obligation by the borrower to return the money borrowed, at a specified future date;An authority to the lender to receive money lent, at a specified future date with an option/privilege to

transfer the authority to another person for value received;An underlying charge on securities held in custody (with CCIL) for the amount borrowed/lent. Trade

guaranteed by CCIL

CBLO – New Money Market Instrument

FeaturesCBLO is a money market instrument approved by RBI, is a product developed by CCIL for the benefit

of the entities who have been given restricted participation in terms of ceiling on call borrowing and lending transactions and who do not have access to the call money market.

CBLO is a discounted instrument available in electronic book entry form for the maturity period ranging from one day to ninety Days (can be made available up to one year).

CCIL provides the Dealing System through Indian Financial Network (INFINET), a closed user group to the Members of the Negotiated Dealing System (NDS) who maintain Current account with RBI and through Internet for other entities who do not maintain Current account with RBI.

AdvantagesLenders

Quicker deployment of short-term resources

Borrowers Quicker access to short-term resources

Four step processFixing Members limitIssue of instrument in Auction

MarketTrading in Secondary MarketRedemption on Maturity

23


CBLO- Advantages over Traditional Instruments

Tri-party nature

Market driven price discovery

Fully collateralized transactions

Protected against price & value risk

Easy liquidity & fungibility

Eliminating the movement

of collaterals

Borrowing at lower rates

Lender’s risk are reduced

24


Clearing & Settlement

Member’s Limit

Member

DW

S

CBLO Pay-in

Funds Obligation

TradesNovation

Collateral Management

Fund SettlementConfirmation

RBI

Funds Instructions

CBLO Trading System

Order Management

Limit Validation

Business Validation

OrderMatching

Multilateral Netting

Member’s Limit

CCIL-Admin

CBLO Pay-out

Authorization

Master Set-up

Borrow Rqst

Orders

Accounting System

CBLO Trading System – Trades & Settlement

25


CBLO Settlement Volumes

16,055.05

217,889.91

0.00

50,000.00

100,000.00

150,000.00

200,000.00

250,000.00

FY 2003-04 FY 2004-05

(US

$ M

illio

n)

Product is Gaining Market Acceptance

26


CBLO Membership is growing

1311

1312

19

6 7 76 7

13

0 0

33

11

33

1 1

4

1 1 11 1 0

17

1415

10

0

5

10

15

20

25

30

35

2002-03 2003-04 2004-05

Co-operative Members

Mutual Funds

Nationalised Banks

Primary Dealers

Private Banks

Foreign Banks

Associate Members

Financial Institutions

Insurance Companies

Other Corporate Bodies

Product is Gaining Market Acceptance

27


Comparative Money Market Rates

4.18

4.79 4.664.454.94

5.06

4.58

5.065.09

4.62

5.005.175.15

4.77 4.86

0

1

2

3

4

5

6

APR ' 05 MAY ' 05 JUN ' 05 JUL ' 05 AUG ' 05

Wei

gh

ted

Avg

. (%

)

CBLO

REPO

CALL

Market Pricing Recognises the Advantages of the Product

28


Comparative Money Market Volumes

52319.06

70142.06 72009.13

80664.50

39939.06

48650.74

58358.3663641.07

75796.8075371.50

86010.79

108103.52

90982.8894259.7196736.65

0.00

20000.00

40000.00

60000.00

80000.00

100000.00

120000.00

APR ' 05 MAY ' 05 JUN ' 05 JUL ' 05 AUG ' 05

Tu

rno

ver

(US

$ M

illi

on

)

CBLO

REPO

CALL

Highest Turnover Volume on 1st Sept ’05: US $Million 6918

Volumes have Surpassed Traditional Instruments

29










Agenda

30


FX Clear – Domestic FX Dealing Platform

An effective, efficient & robust system for Inter- bank Dealing in Foreign Exchange launched by CCIL on August 7, 2003

For Inter Bank Forex Deals Started with – INR-USD Spot and Swap deals.Now Transactions in major cross currencies (EUR/USD, USD/JPY,

GBP/UDS etc.) Two modes

Negotiation - Negotiation mode can be used for dealing in cross currencies.

Order matching - anonymous . Spot and Swap deals in USD- INR in Order Matching Mode and Cash,

Tom, Spot, Outright forwards and Swap deals in Negotiation Mode Facilitates setting up of counterparty limits for trading. Facility available to all Forex Clearing members at free of cost. Major advantage – Straight Through Processing (STP).

31


Advantages of FX - Clear

Cost efficient Forex Dealing

Straight - Through Processing (STP)

facility

Automatic price discovery

Reduction in counter – party

& default risk

Provides Viable Alternative for Domestic Currency Trading Facility

32


Transparent Trading Replacing Telephone Market

Trading System-

Forex

Order

Order-Notificn.

Bilateral-Limit-Notificn.

Negotiation

Negotiation-Notificn

CSSTrade-Details

Dealer

Basic-Data-Response

Basic-Data-Query

Bilateral Limit

DealerMarket-Query

Market-Response

Own-Query

Own-Response

Market-Information

Trade-Notificn

Counter-Party

Counter-Party-Notificn

CCIL Admin

User

Basic-Data-Query

Basic-Data-Response

Oprerating-Param

Operating-Param-Resp.

33


Electronic Trading Brings Transparency

34


Institutional Facility for FX Settlement

Traditionally FX deals are settled bilaterally CCIL acts as the central counter party and guarantees Settlement of all trades accepted for settlement. Settlement Banks used for Foreign Currency leg

RBI for INR leg of settlement

ABN Amro, NY for USD leg of settlement

CCIL

35


Types and Sources of Deals

Types of Deals

Cash – Settling today Tom – Settling on T+ 1

Spot – Settling on T+ 2 Forwards – Settling beyond Spot window

Source of Deals

•Forex Trading System Deals (FX-CLEAR)

•Directly reported deals by members

Common Reference

•NEWT - A deal reported for the first time

•AMND - Amend an existing deal

•CANC - Cancel an existing deal

36


Netting and Exposure Monitoring

CCIL determines the maximum exposure that it would normally be willing to take on the member for a given settlement date

Exposure Limit depends on Settlement Guarantee Fund, the Margin Factor etc assigned to the member

During Exposure monitoring the exposure check for a trade ensures that on acceptance of the trade for settlement, the member’s net sold position in USD does not exceed the his Exposure limit

The netting scheme adopted - netting by novation where the bilateral relationship between the two members is substituted with bilateral contracts between each member and CCIL.

37


CCIL Eliminates Settlement Risk

CCILas

CCP

SETTLEMENT BANK

FOREX MEMBERS

CORRESPONDENT BANK

RBI-DAD

4. Send details of the INR amnt to be paid and received from members (Pay in – Pay out )

5. Get INR confirmation including LOC utilization 1. Send details of

USD amnt to be debited for mbrs who have activated the Direct Debit facility

1. Send details of the USD amnt to be received from members (Pay – in Instructions)

2. Instruct to transfer forex to CCIL’s A/C and get confirmation

Send settlement reports

3. Transfer forex to CCIL’s A/C

6. Send details of the USD amnt to be paid to members (Pay – out Instructions)

38


131700

354541

91505951

184133

533015

11275069882

0

100000

200000

300000

400000

500000

600000

Cash Tom Spot Forward

Vol

ume

(US

$ M

illio

n)

FY 2003-04

FY 2004-05

Forex Settlement Volumes

Settlement Volumes are Growing

39










Agenda

40


Highly characterized with presence of few numbers of wholesale players

Major market activities concentrated in government securities alone around 85%

GILTS Market

Few active players

determine prices

Markets are active & liquid when interest rates

are falling

Low volumes render market shallow & prone to market manipulation.

41


Secondary Market Trading Platforms

NSE - WDM RBI - NDS

Introduced in 1995, securities market transactions controlled by brokers registered to NSE – WDM market

Introduced in 2002, transaction controlled by two banking entities.

Telephone Market – Bringing buyer & seller to clinch a deal

Electronic Market – Instant without time lag in the dissemination of trade information

Oral Confirmation of deal which is reported on NSE-WDM by broker

Electronic confirmation of deal reported on NDS real-time & more authentic.

No central Counter party to provide guaranteed settlement

CCIL acts as a central counter party provides guaranteed settlement

Physical SGL form submitted by seller to buyer

Paperless settlement – thru electronic SGL transfer

Inefficient price

discovery

Heavy Broker

bias

Lack of reporting Discipline by

member participants

42


Order Matching System for GILTS Market

Introduced August 2005, promoted by Reserve Bank of India (R.B.I.), hosted

& managed by Clearing Corporation of India Limited (CCIL)

Transition from Over the Counter (OTC) Market to Online Trading platform

Screen based online anonymous order matching system

Aims to build a broad based, dynamic, transparent & liquid debt market

Advantages of NDS – OM to Participants

Nurtures a deep, liquid &

vibrant market

Efficient price discoveryBased on a price -

time priorityBuilt using real-time

messaging architecture

Straight through Processing feature

Creates a dynamic market in terms of instruments

/processes /participants

43


7208.72

4968.81

0

1000

2000

3000

4000

5000

6000

7000

8000

NDS - OM RBI - NDS

Vo

lum

e (U

S $

Mil

lio

n)

Comparative Gilts Market Volume (from 1st Aug ’05 to 31st Aug ‘05)

NDS – OM System went live on 1st August 2005

Volumes Surpassed in the First Month of Operation

44


Transparency Improves Price Discovery

45


Order Matching Provides Competition over Negotiations

46


Road Ahead: NDS – CALL & NDS Auction

47


Automating Call Money Market

Quote-driven Mode

Facilitates online dealing

Deals concluded through Negotiation

Contracts identified: Call, Notice & Term

System facilitates STP to RTGS environment

Risk Management – Regulatory &

Exposure Limit

48


Electronic Markets Bring Transparency over Telephone Markets

49


Automating T Bill Auctions

French/Dutch Auction

T - Bills 91 days, 364 days

Provides an open or closed bidding platform

Price/Yield Screen Based

Auction System

Risk Management

Open Market Operations: Sale

by RBI

Open Market Operations: Purchase

by RBI

Issue of securities Through Tap Sales

Floatation: Issue of Securities with pre

announced coupon rate

50


Bid Management

Market information

Reports

T – Bill Auctioning System

Member Member Member

Bid Entry Bids Confirmation

Market Information

Reports

T – Bill Auction System

51










Agenda

52


Commodity Derivatives Market in India

Commodities Derivatives Trading in India received a fillip in 2003 with abolition of ban

on futures trading. Currently options trading is not permitted

Regional as well as National exchanges exist

Major National exchanges with order driven anonymous electronic trading

National Commodity & Derivatives Exchange Limited (NCDEX)

Multi Commodity Exchange Limited (MCX)

National Board of Trade (NBOT)

National Multi Commodity Exchange (NMCE)

TCS is the IT partner of NCDEX (the largest commodity exchange) and has customized

the trading , clearing and settlement and risk management systems

Major product categories include

Agriculture commodities – pulses, oils& oilseeds and others

Precious metals and other metals

Energy products – Brent crude to be introduced in September

Facility to dematerialise Warehouse receipts through NSDL & CDSL

Emerging concepts –National Collateral Management Services Limited to provide risk

management, storage & certification and electronic holdings of commodities

53


Commodities Trading Volumes in India

30700

135900

83300

020000400006000080000

100000120000140000160000

Financial Years

Volu

mes

(in

mill

ion

USD

)

FY(03-04) FY(04-05) FY(05-06)**

Commodities Derivative Market - Growth

** Data available for first 4 months of FY(05-06)

Source :Business Standard

Growth of Equity V/s. Commodities Market

273780

190600

30700

83300

0

50000

100000

150000

200000

250000

300000

FY (03-04) FY (05-06)**

Financial Year

Vol

umes

(in

mill

ion

US

D)

Equity Trading Volume Commodities Trading volume

54


To Summarise

Technology enabled transformation of financial markets provide ample opportunities for growth

Planning and handling these growth pose technological challenges Technology management is crucial to the success of the business of financial markets Proven and matured technologies provide operational efficiency

Technology can improve efficiency, service and lower costs…. But only if:

it is part of an integrated organizational strategy it is used to enable new ways of working identify and acquire the correct technologies

look for a “Sympathetic” model that links:

to cost structure

rewards based on continuous improvements

the solution provider into organizational success

Experienced Technology partner brings in added value to the organization

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55

Thank You

Jagdish R Bhandari,Vice President

+91 22 5550 [email protected]

TCS . Beyond the Obvious. TM tcs

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Transcript of TCS . Beyond the Obvious. TM tcs