SGX selects TCS BaNCS to power Gift Connect

Tata Consultancy Services (TCS) announced that TCS BaNCS has been selected by Singapore Exchange (SGX) to power the NSE IFSC-SGX Connect (Gift Connect).
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Gift Connect is a program to connect to NSE IFSC, a subsidiary of the National Stock Exchange of India (NSE), for trade execution and clearing of Nifty products on behalf of its members.

SGX has set up SGX India Connect IFSC, a special purpose vehicle at Gujarat International Finance Tec-City (Gift City) in Gandhinagar, India, to enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants.

TCS in a news statement said SGX selected TCS BaNCS for its multi-broker, low latency capabilities, to serve as the end-to-end solution for its trading, clearing, settlement and risk management operations.

Gift Connect will allow SGX members to place orders on NSE IFSC using FIX/proprietary APIs or through the TCS BaNCS dealing terminal. The solution’s clearing and settlement module will interact with the clearing arms of NSE IFSC and SGX for position and limits management, while performing all regulatory compliance functions.

“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,” Tinku Gupta, Senior Managing Director and Chief Technology Officer, SGX, said.

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