TCS partners with MCX to enhance and support core system of commodity exchange platform

Tata Consultancy Services (TCS) has partnered with the Multi Commodity Exchange of India (MCX) to transform the exchange’s core systems and support future growth, the IT major informs exchanges in its filing on Thursday.

The partnership is aimed at further strengthening MCX’s leadership position in the commodity derivatives market in India, with TCS support the commodity exchange company’s future growth. 

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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, the IT company said in a statement.

Under this tie-up, the IT heavyweight TCS’ high availability and a high-performance solution will transform the trading and post-trade functions at India’s largest commodity derivatives exchange.

The commodity exchange MCX’s post-trade activities such as clearing, risk management, delivery, and settlement will be transformed using TCS BaNCS, the statement also read. Moreover, 

TCS BaNCS for Market Infrastructure is a world-leading solution for CSDs, central counterparty clearing houses, exchanges, and central banks, adopted by market infrastructure institutions in over 25 countries.

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.

The IT giant brings in 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.

The shares of MCX ended 0.58 per cent lower to Rs 1656.8 per share, while TCS stocks too declined marginally, down 0.45 per cent to Rs 3774.5 per share as compared to a 0.48 per cent decline in the S&P BSE Sensex on Thursday.