30 Sep , 2021 By : Kanchan Joshi
IT major Tata Consultancy Services (TCS), has partnered with the Multi Commodity Exchange India Ltd (MCX), India’s largest commodity exchange, as the technology solution provider for its growth.
As part of Project Udaan, TCS will help MCX build a new technology core, transforming its trading as well as post-trade functions, to support its future growth and further strengthen its leadership position in the commodity derivatives market in India.
TCS said it 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, the IT major said in a filing.
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.
“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. A large growing economy like India has immense future potential in Commodity markets. We are delighted to partner with MCX in building a future-proof platform to enable this growth. 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, Co-Head, TCS Financial Solutions.
TCS said its BaNCS for market infrastructure is a world leading solution for CSDs, central counterparty clearing houses, exchanges and central banks, adopted by market infrastructure institutions in over 25 countries for their mission-critical business needs. Its components support trade and post-trade functions, including matching, settlement, risk and collateral management, surveillance, unified clearing, issuance, depository, and registry functions around a common reference data layer.
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