Tata Consultancy Services (TCS) announced its tech deal with Multi Commodity Exchange India (MCX), the largest commodity exchange in India, as the technology solution provider.
TCS said it will design and deploy a solution that integrates systems to transform MCX’s operations end-to-end. It will build a new technology core, transforming MCX’s trading and post-trade functions, to support its growth and strengthen its leadership position in the commodity derivatives market in India.
Post-trade activities such as clearing, risk management, delivery and settlement will be transformed using TCS BaNCS for market infrastructure. Its unified clearing approach 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 business needs.
BaNCS’ APIs and support for global messaging standards will integrate with various participants, sub-systems and ecosystems. Additionally, TCS will implement TCS BaNCS for Securities Trading for MCX’s trading members.