MCX is India’s largest commodity exchange, as the technology solution provider for its growth and transformation journey. 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 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.
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.
Further, TCS BaNCS’ APIs and support for global messaging standards will enable easy integration with various participants, sub-systems and ecosystems. Compliant with global regulatory standards, TCS BaNCS will help MCX meet current and future regulatory standards including emerging regulations around client-level collateralization.
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,” said R Vivekanand, Co-Head, TCS Financial Solutions.
“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,” he added.