India’s MCX picks TCS for technology revamp and post-trade services
01 October 2021 India
Image: hywards
The ?Multi Commodity Exchange India (MCX) has selected Tata Consultancy Services (TCS) to build its new?technology?core and grow its commodity derivatives market in India.
TCS was selected as part of MCX’s growth project, Udaan, and will design and deploy a?solution that?utilises ?the ?Deutsche? Boerse?T7? trading platform from Deutsche Boerse to enable higher levels of trading.
Post-trade activities such as clearing, risk management, delivery and settlement will also be enhanced using TCS BaNCS.
TCS BaNCS’ clearing capabilities, ?along with integrated real-time risk management?and position monitoring, coupled with its?collateral?and delivery?management?and settlement function,?will?help MCX in meeting its current and future business needs, the exchange says.?
The solution, which enables global messaging standards for central securities depositories (CSDs), central counterparty clearing houses, exchanges and central banks will?also help MCX’s clients with securities trading, providing them?with real-time market data.
It will also be utilised for compliance with?global regulatory standards, including emerging regulations around client level collateralisation.?
R Vivekanand,?co-head of TCS Financial Solutions, says: “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.”?
TCS was selected as part of MCX’s growth project, Udaan, and will design and deploy a?solution that?utilises ?the ?Deutsche? Boerse?T7? trading platform from Deutsche Boerse to enable higher levels of trading.
Post-trade activities such as clearing, risk management, delivery and settlement will also be enhanced using TCS BaNCS.
TCS BaNCS’ clearing capabilities, ?along with integrated real-time risk management?and position monitoring, coupled with its?collateral?and delivery?management?and settlement function,?will?help MCX in meeting its current and future business needs, the exchange says.?
The solution, which enables global messaging standards for central securities depositories (CSDs), central counterparty clearing houses, exchanges and central banks will?also help MCX’s clients with securities trading, providing them?with real-time market data.
It will also be utilised for compliance with?global regulatory standards, including emerging regulations around client level collateralisation.?
R Vivekanand,?co-head of TCS Financial Solutions, says: “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.”?
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