Tata Consultancy Services (TCS) on Thursday said it has been selected by the country's largest commodity exchange Multi Commodity Exchange (MCX) as the technology solution provider. As part of Project Udaan, TCS will help MCX build a new technology core, transforming its trading as well as post-trade functions. Further, the company will help the exchange strengthen its leadership position in the commodity derivatives market in India.
TCS will design and deploy an ultra-low latency, high availability, high resilience and high-performance solution that integrates multiple systems to transform MCX's operations end-to-end, according to a statement.
In an interview with Manisha Gupta, R Vivekanand, Co-Head of TCS Financial Solutions said, "This is MCX's technology transformation to position themselves for the next decade or more of growth. It is a complete end-to-end transformation program in which we would do from trade to clearing for their core systems."
"Everything that MCX does today in the commodities market is part of the transaction. We are not looking beyond the commodities market at this stage as part of this initiative. However, in future, there are more possibilities because we have solutions that address the complete gamut of asset classes. This initiative is mainly focused on the core systems and the asset classes that they support today", he said.
Vivekanand said they hope to go live with the transformation by the second half of 2022.
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"MCX is already working on the software with us. The market can start experiencing it in Q1 of 2022 and then we would be ready in a few months from there. However, the large goal is to go live in the second half of 2022," he said.
With text inputs from PTI.
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