The National Commodity and Derivatives Exchange (NCDEX) on Friday announced a long-term strategic partnership with Tata Consultancy Services (TCS) to support its planned entry into the equity and equity derivatives markets.
NCDEX Partners with TCS to Power Foray into Equity Segment
NCDEX has partnered with TCS to strengthen its entry into the equity segment, expanding its market offerings
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The exchange selected TCS following a comprehensive four-month evaluation process of global solution providers. The engagement covers the deployment of the equity and equity derivatives platform and is licensed for a 10-year period after going live.
Under the engagement, TCS will deploy an enterprise-grade, scalable trading and surveillance platform designed to meet evolving market and regulatory needs, NCDEX said in a statement.
"As we prepare to enter the equity and equity derivatives segment, our priority is to build a strong technology architecture capable of catering to the diverse market and regulatory needs of the Indian financial ecosystem," NCDEX Chief Technology Officer Balkrishna Shankwalker said.
NCDEX, established in 2003, is a SEBI-regulated agricultural commodity exchange. With this foray, NCDEX aims to transform into a multi-segment exchange, leveraging its strong rural reach to channel household savings from India's hinterland into regulated financial markets.
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"We will be deploying a next-gen platform for NCDEX, combining our TCS BaNCS and Quartz technology, with world-class partner solutions for trading. We are confident that this best-of-breed solution set, with multi-asset class support, ultra-high performance, and low-latency capabilities, will help drive growth for NCDEX in a rapidly changing technology landscape," R Vivekanand, President, BFSI Products and Platforms, TCS, said.