Companies

TCS bags deal from MCX to transform core trading systems

Our Bureau | | Updated on: Sep 30, 2021
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TCS will implement TCS BaNCS for Securities Trading for MCX’s trading members

Tata Consultancy Services (TCS) on Thursday announced that it was selected by Multi Commodity Exchange India Ltd (MCX), India’s largest commodity exchange, as the technology solution provider for its growth and transformation journey for Project Udaan.

In this project, 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. It will build a new technology core, transforming MCX’s trading and post-trade functions, to support its growth and strengthen its leadership position in the commodity derivatives market in India, a statement said.

Post-trade activities such as clearing, risk management, delivery and settlement will be transformed using TCS BaNCS for market infrastructure. Its unified clearing approach 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 business needs.

BaNCS’ APIs and support for global messaging standards will integrate with various participants, sub-systems and ecosystems. Additionally, TCS will implement TCS BaNCS for Securities Trading for MCX’s trading members.

R Vivekanand, Co-Head, TCS Financial Solutions 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.”

Published on September 30, 2021

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