TheNFAPost Podcast

Mumbai, NFAPost: India’s leading IT services company Tata Consultancy Services (TCS) has partnered with Multi Commodity Exchange of India (MCX) to transform the exchange’s core systems and support future growth.

As a part of Project Udaan, TCS will help MCX (Multi Commodity Exchange) to put up a new technology core, modifying its trading as well as post-trade functions. The company will also help the exchange in bolstering its leadership position in the commodity derivatives market in India.

According to a statement, TCS will plan and install an ultra-low latency, high availability, high resilience and high performance solution that amalgamate multiple systems to transform MCX’s operations end-to-end. All these solutions are brought under comprehensive product portfolio brand TCS BaNCS and owned by TCS strategic business unit TCS Financial Solutions.

TCS will design and deploy a cutting-edge, ultra-low latency, high availability, high resilience and high-performance solution that integrates multiple systems to transform MCX’s operations end to end.

To enable high throughput trading, the solution uses the Deutsche Börse T7® trading platform from the Deutsche Börse Group. TCS is a strategic business and IT transformation partner to the Deutsche Börse Group, and has helped develop this platform, and is also implementing it in select engagements.

Commenting on the development, TCS Financial Solutions Co-Head R Vivekanand said increasing trading volumes, longer trading hours, new asset classes, and higher retail participation are driving forward thinking exchanges and market infrastructure institutions to accelerate their transformation.

Post-trade activities such as clearing, risk management, delivery and settlement will be transformed using TCS BaNCS for Market Infrastructure with its unique High Performance Transaction Manager (HpTM) deployed as microservices.

Its unified clearing approach along with integrated real-time risk management and position monitoring, as well as its collateral and delivery management and settlement capabilities, will help MCX in meeting its current and future business needs.

“Our strong presence across the Indian markets, unique market know-how, intellectual property, and ability to put together a world class solution will help us play a pivotal role in helping MCX drive its transformation,” said R Vivekanand.

Further, TCS BaNCS’ APIs and support for global messaging standards will enable easy integration with various participants, sub-systems and ecosystems. Compliant with global regulatory standards, TCS BaNCS will help MCX meet current and future regulatory standards including emerging regulations around client level collateralization. 

Additionally, TCS will implement TCS BaNCS for Securities Trading™ for MCX’s trading members, providing them a modern, fast, intuitive user interface and real time market data feed for trading and post trade activities. 

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