TCS to help Multi Commodity Exchange India in transformation journey

Tata Consultancy Services (TCS) has been chosen by The Multi Commodity Exchange India (MCX), an Indian commodity exchange, as its technology solution provider for helping in its growth and transformation journey.

Under Project Udaan, Tata Consultancy Services will help Multi Commodity Exchange India develop a new technology core, transforming its trading and also its post-trade functions, for underpinning its future growth and further consolidate its position in the commodity derivatives market in India.

Tata Consultancy Services said that it will design and deploy an ultra-low latency, high-performance solution that will integrate various systems to transform the end-to-end operations of the Indian commodity exchange.

For facilitating high throughput trading, the solution uses the Deutsche Börse T7 trading platform provided by the Deutsche Börse Group.

Tata Consultancy Services as a strategic business and IT transformation partner to the Deutsche Börse Group, had helped in developing the Deutsche Börse T7 trading platform.

Tata Consultancy Services to help Multi Commodity Exchange India in transformation journey. Photo courtesy of Akki17690/Wikimedia Commons.

The Indian IT services provider said that post-trade activities of Multi Commodity Exchange India that include clearing, risk management, delivery and settlement will be transformed with the help of its TCS BaNCS for Market Infrastructure solution with its High Performance Transaction Manager (HpTM) deployed as microservices.

The company claimed that the unified clearing approach of the solution along with integrated real-time risk management and position monitoring and its collateral and delivery management and settlement capabilities will help the Indian commodity exchange in coping up with its present and future business requirements.

Furthermore, the APIs of TCS BaNCS and support for global messaging standards will facilitate easy integration with multiple participants, sub-systems, and ecosystems, said Tata Consultancy Services.

TCS BaNCS will also help Multi Commodity Exchange India address current and future regulatory standards including emerging regulations around collateralization of client levels.

In addition to that, the company will deploy TCS BaNCS for Securities Trading for the trading members of Multi Commodity Exchange India to offer them a modern, fast, intuitive user interface and real time market data feed for trading as well as post trade activities.

R Vivekanand — Co-Head of TCS Financial Solutions said: “A large growing economy like India has immense future potential in Commodity markets. 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.”

Recently, Tata Consultancy Services said that it was roped in by Apoteket for fast tracking its digital transformation and growth.