TCS wins large deal from MCX to build new trading platform
Bengaluru: Tata Consultancy Services Ltd. has won a large deal from the country’s largest commodity exchange Multi Commodity Exchange to build a new technology platform for trading as well as post-trade functions.
The project, dubbed Udaan, is among the largest and most complex projects that TCS is currently undertaking in India, bringing low-latency, high volumes, and high resilience to the MCX platform, R Vivekanand, co-head of TCS Financial Solutions, told ET in an interaction.
TCS will utilize the trading platform it helped develop for Deutsche Borse as well as its own BaNCS platform in the end-to-end system it is developing for MCX that is expected to go live sometime in the second half of next year, the company said.
“MCX calls this project Udaan, and it’s the most significant initiative in their new form. We are replacing end-to-end all their systems — trading, clearing, market players, trading workstations, front ends for their entire commodities markets,” said Vivekanand. “We are looking at the second half of next year to go live. It’s quite aggressive for a program of this complexity, but we are well on the way as we have a proven solution.”
TCS said it is seeing increased business interest from large trading platforms globally, quantifying it as a breakthrough that they are seeing. The company said that it has won five such deals, where the value is in the multi-hundred millions of dollars, just in the last six months.