The Singapore Exchange has picked Tata Consultancy Services Ltd’s BaNCs solution to power the NSE IFSC-SGX Connect trading link at the Gujarat International Finance Tec-City special economic zone, which will allow Singapore traders and other international investors to trade in Nifty derivatives on a real-time basis.
“To enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants, SGX has set up SGX India Connect IFSC Private Limited, a special purpose vehicle at Gujarat International Finance Tec-City (Gift City), a special economic zone in Gandhinagar, India,” TCS said in a press release.
The Gift Connect will enable Singapore Exchange members to place orders on NSE IFSC with the help of FIX/proprietary APIs or via TCS BaNCS dealing terminal, the release said.
“The solution’s clearing and settlement module will interact with the clearing arms of NSE IFSC and SGX for position and limits management, while also performing all regulatory compliance functions. Using TCS BaNCS’ risk management module, SGX and SGX brokers can define risk rules and profiles, monitor and control trading activities”, the release added.
TCS BaNCS was chosen by Singapore Exchange as the end-to-end solution for its trading, clearing, settlement, and risk management activities because of its multi-broker, low latency capabilities.
“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. 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.” said R Vivekanand, Global Head, BFSI Platforms and Products, TCS.