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| TCS successfully delivers CFETS project in China |
| Press Trust of India / Mumbai Dec 07, 2009, 12:21 IST |
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Information technology major and Tata group company, Tata Consultancy Services (TCS), today announced that the Reminbi currency trading platform for the Chinese inter-bank market, has successfully gone live nation-wide. This is an initiative of China Foreign Exchange Trade System (CFETS), a subsidiary of People’s Bank of China (PBoC).
The New Generation CNY Trading System (NGCNYTS) is a forward-looking trading system, which aims to incorporate the future vision of the Chinese Interbank market and relevant international best practices. It is designed to meet the fast-growing requirements of the Chinese financial market with efficient risk management and real-time monitoring systems. It supports multiple trading methods, including special features for market-makers, a press release issued here stated.
NGCNYTS is a next-generation system providing unified platform across debt, money and derivative markets. NGCNYTS gained national importance, as it is the primary trading platform for all financial institutions such as commercial banks, pension, Trust and mutual fund, securities firms and insurance companies in China, the release said.
TCS Asia-Pacific's Executive Vice-President and Head, Girija Pande, said, "we are extremely pleased to successfully deliver the CFETS project built based on our experience in other global markets and in close co-operation with CFETS who have experience in Chinese domestic market. It also provides flexibility to connect with third-party front-ends and other external interfaces. Deploying in ten markets at a time is a unique challenge which TCS could complete successfully."
"The project is among the most prestigious venture of TCS in the APAC region, involving a highly dedicated multi-cultural team of over 130 associates spanning a period of more than two years. The team will be maintaining the system going forward and enhancing the system for additional markets," Pande added.
TCS' trading solution at CFETS is scalable and can handle rapid growth in volumes with ease. Due to its scalable and configurable architecture, it also simplifies the addition of multiple financial products thus reducing the overall time to market, the release said.
Besides CFETS, TCS has successfully delivered the mission-critical trading systems for the National Stock Exchange of India Limited, National Commodity and Derivatives Exchange and Clearing Corporation of India Limited (CCIL).
TCS is also the chosen strategic partner involved in maintaining the trading applications at Deutsche Boerse AG, Germany.
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