Multi Commodity Exchange India (MCX) has selected Tata Consultancy Services (TCS) to build its new technology core and expand its commodity derivatives market in India.
TCS was selected as part of MCX, Udaan’s growth project and will develop and deploy a solution that the? Germans? Exchange? T7? Deutsche Börse trading platform to enable a higher level of trading.
Post-trade activities such as clearing, risk management, delivery and processing are also improved by TCS BaNCS.
The clearing capabilities of TCS BaNCS? Together with the integrated real-time risk management? and position monitoring in connection with? security and delivery management? and back office will help MCX meet its current and future business needs, Exchange says.
The solution, which enables global messaging standards for central securities depositories (CSDs), central counterparty clearinghouses, exchanges and central banks, will also help MCX clients trade securities by providing them with real-time market data.
It is also used for compliance with “global regulatory standards, including new regulations for customer-level collateralization”.
R Vivekanand, Co-Head of TCS Financial Solutions, says, “We are excited to be working with MCX to build a future-proof platform to enable this growth.”
“Our strong presence in the Indian markets, our unique market expertise, our intellectual property and the ability to put together a world class solution will help us to play a critical role in helping MCX evolve the transformation. “?
