NCDEX partners with TCS to power foray into equity segment

New Delhi, Feb 13 (PTI) 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. 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. “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. PTI ANK HVA