TCS to power NSE IFSC-SGX Connect at Gift City, phase-1 goes live in April

The NSE IFSC-SGX Connect at Gift City IFSC will be powered by Tata Consultancy Services (TCS).

The first phase of the proposed initiative between the National Stock Exchange (NSE) and Singapore Exchange (SGX) will go live in April, while it will become fully operational in another three to four months.

“TCS BaNCS has been selected by SGX to power the NSE IFSC-SGX Connect , its program to connect to NSE IFSC for trade execution and clearing of Nifty products on behalf of its members in Singapore and globally,” TCS said in a release.

Nifty derivatives contracts are one of the most-traded at SGX. Once the Gift Connect gets operational, SGX investors dealing in Nifty contracts will have to carry out their investment at NSE IFSC.

“SGX will be pioneering the creation of a new trading infrastructure in Gift City, that paves the way for trading of globally popular products such as the Nifty Futures through the NSE IFSC platform. This innovative link will bring Singapore and India’s capital markets together by providing seamless and efficient access for international participants seeking to trade in NSE IFSC,” said Tinku Gupta, Senior Managing Director and Chief Technology Officer, SGX.

More than 40% of trades in India run through the TCS BaNCS Trading solution. “We are pleased to partner with SGX in its strategic Gift Connect program and bring our unique combination of Indian market knowhow, global practices, agility and our high-performance solution to support its growth plans in India, while bringing in new capital flows from across the world,” said R Vivekanand, Global Head, BFSI Platforms and Products, TCS.