Tata Consultancy Services (TCS) announced that TCS BaNCS™ has been selected by Singapore Exchange (SGX) to power the NSE IFSC-SGX Connect (Gift Connect), its program to connect to NSE IFSC, a fully owned subsidiary of the National Stock Exchange of India (NSE), for trade execution and clearing of Nifty products on behalf of its members in Singapore and globally.
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. 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.
The 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 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.
Tinku Gupta, Senior Managing Director and Chief Technology Officer, SGX, said, “SGX will be pioneering the creation of a new trading infrastructure in Gift City, that paves the way for trading of globally popular products such as the Nifty Futures through the NSE IFSC platform. 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.This innovative link will bring Singapore and India’s capital markets together by providing seamless and efficient access for international participants seeking to trade in NSE IFSC.”
R Vivekanand, Global Head, BFSI Platforms and Products, TCS,said,“TCS has played a key role in building and maintaining the technology infrastructure that underpins India’s capital markets. More than 40% 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.”
TCS BaNCS provides a comprehensive and scalable trading platform for broker-dealers, spanning both institutional and retail business lines. It offers seamless integration of trading and risk management functions and supports multiple asset classes and markets, connecting with several liquidity destinations for order execution and interfaces with market data vendors for data capture, low-latency streaming, and display of Level I and Level II Quotes.
The system provides various options for connectivity with clients via multiple channels like FIX, proprietary APIs for Direct Market Access & low-touch Direct Market Access, and RestFul APIs, across multiple devices and channels, including ATM/IVR integration, call center and trader workstations. The system also supports algorithmic trading. The securities processing module caters to client registration, trade management, contracting and allocation, portfolio management, clearing and settlement, exchange reporting, reporting to various statutory bodies, risk management as well as financial accounting.