Tata Consultancy Services (TCS) said that the Singapore Exchange (SGX) has selected its TCS BaNCS solution to power the NSE IFSC-SGX Connect (Gift Connect), the latter’s program to connect to NSE IFSC, a wholly-owned subsidiary of the National Stock Exchange of India (NSE), for trade execution and clearing of Nifty products on behalf of its members in Singapore and around the world.

For facilitating international access to Indian capital markets and to create a broader liquidity pool of global and domestic participants, Singapore Exchange has established a special purpose vehicle called SGX India Connect IFSC at Gujarat International Finance Tec-City (Gift City), which is a special economic zone in Gandhinagar.

Singapore Exchange will use TCS BaNCS for its multi-broker, low latency capabilities for serving as the end-to-end solution for its trading, settlement, clearing, and risk management operations.

R Vivekanand — Global Head of Tata Consultancy Services BFSI Platforms and Products said: “TCS has played a key role in building and maintaining the technology infrastructure that underpins India’s capital markets. More than 40% of trades in India run through the TCS BaNCS Trading solution.

“We are pleased to partner with SGX in its strategic Gift Connect program and bring our unique combination of Indian market knowhow, global practices, agility and our high-performance solution to support its growth plans in India, while bringing in new capital flows from across the world.”

According to Tata Consultancy Services, the NSE IFSC-SGX Connect will enable members of Singapore Exchange for putting orders on NSE IFSC using FIX/proprietary APIs or via the TCS BaNCS dealing terminal.

The clearing and settlement module of NSE IFSC-SGX Connect will interact with the clearing arms of NSE IFSC and Singapore Exchange for position and limits management, while also carrying all regulatory compliance functions.

By using the risk management module of TCS BaNCS, Singapore Exchange and its brokers can define risk rules and profiles as well as track and control trading activities.

Tinku Gupta — Singapore Exchange Senior Managing Director and Chief Technology Officer said: “SGX will be pioneering the creation of a new trading infrastructure in Gift City, that paves the way for trading of globally popular products such as the Nifty Futures through the NSE IFSC platform.

“TCS BaNCS will give us a modern, fast, intuitive application interface and real time market data feeds for trading, post trade processing and risk management. This innovative link will bring Singapore and India’s capital markets together by providing seamless and efficient access for international participants seeking to trade in NSE IFSC.”

  Gandhinagar, Gujarat, Gujarat International Finance Tec-City, India, National Stock Exchange, R Vivekanand, risk management, SGX India Connect IFSC, Singapore, Tata Consultancy Services, TCS BaNCS, Tinku Gupta