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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 in a regulatory statement on Thursday.
TCS will design and deploy a 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.
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.
Further, TCS BaNCS' APIs and support for global messaging standards will enable easy integration with various participants, sub-systems and ecosystems.
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.
"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 is an IT services, consulting and business solutions organization. It offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions.
MCX, India's first listed exchange, is a commodity derivatives exchange that facilitates online trading of commodity derivatives transactions. The exchange, which started operations in November 2003, operates under the regulatory framework of Securities and Exchange Board of India (SEBI).
Shares of TCS were down 0.70% at Rs 3764.95. Shares of MCX were up 1.03% at Rs 1683.55.
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