To enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants, SGX has set up SGX India Connect IFSC, a special purpose vehicle at Gujarat International Finance Tec-City (Gift City), a special economic zone in Gandhinagar, India. 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 Gift 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.
“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,” said Tinku Gupta, Senior Managing Director and Chief Technology Officer, SGX.
“TCS BaNCS will give us a modern, fast, intuitive application interface and real time market data feeds for trading, post trade processing and risk management. 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.”
TCS BaNCS provides a comprehensive and scalable trading platform for broker-dealers, spanning both institutional and retail business lines.
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“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,” said R Vivekanand, Global Head, BFSI Platforms and Products, TCS.
The system provides various options for connectivity with clients via multiple channels like FIX, proprietary APIs for Direct Market Access & low-touch Direct Market Access, and RestFul APIs, across multiple devices and channels, including ATM/IVR integration, call center and trader workstations. The system also supports algorithmic trading.
The securities processing module caters to client registration, trade management, contracting and allocation, portfolio management, clearing and settlement, exchange reporting, reporting to various statutory bodies, risk management as well as financial accounting.
