Tata Consultancy Services gained 1.27% to Rs 3,641 after the IT bellwether was selected by Singapore Exchange (SGX) as strategic partner for its NSE IFSC-SGX Connect in Gift City.
TCS said that it has been selected by Singapore Exchange (SGX) to power the NSE IFSCSGX Connect for trade execution and clearing of Nifty products on behalf of its members in Singapore and globally.SGX will use TCS' flagship solution, TCS BaNCS for trading and enabling Nifty Trading Between India and Singapore. TCS BaNCS provides a comprehensive and scalable trading platform for broker-dealers, spanning both institutional and retail business lines. SGX selected TCS BaNCS for its multi-broker, low latency capabilities, to serve as the end-to-end solution for its trading, clearing, settlement and risk management operations.
The NSE IFSCSGX Connect will allow SGX members to place orders on NSE IFSC using FIX/proprietary APIs or through the TCS BaNCS dealing terminal. The solution's clearing and settlement module will interact with the clearing arms of NSE IFSC and SGX for position and limits management, while also performing all regulatory compliance functions. Using TCS BaNCS' risk management module, SGX and SGX brokers can define risk rules and profiles, monitor and control trading activities.
R Vivekanand, Global Head of BFSI Platforms and Products of TCS, said, TCS has played a key role in building and maintaining the technology infrastructure that underpins India's capital markets. 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.
Tata Consultancy Services (TCS) is an IT services, consulting and business solutions organization. The IT major's consolidated net profit rose 1.51% to Rs 9,769 crore on 4.31% increase in net sales to Rs 48,885 crore in Q3 FY22 over Q2 FY22.
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