Tata Consultancy Services (TCS) on Thursday said it has been selected by the country's largest commodity exchange MCX as the technology solution provider.
As part of Project Udaan, TCS will help MCX (Multi Commodity Exchange) 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.
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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.
"Increasing trading volumes, longer trading hours, new asset classes, and higher retail participation are driving forward thinking exchanges and market infrastructure institutions to accelerate their transformation," TCS Financial Solutions Co-Head R Vivekanand said.
According to him, a large growing economy like India has immense future potential in commodity markets. "Our strong presence across the Indian markets, unique market know-how, intellectual property, and ability to put together a world class solution will help us play a pivotal role in helping MCX drive its transformation," Vivekanand said.
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