Even as these trades would be placed in Singapore by members of SGX, they would be processed at NSE IFSC-SGX Connect (Gift Connect) in India. As the size of India’s market is increasing, trading volumes are now being brought onshore as the Gift City offers all the advantages that other offshore destinations do.
Tata Consultancy Services has partnered with Singapore Exchange (SGX) to put in place a new trading infrastructure at Gift City that will process the exchange’s trades in India.
Even as these trades would be placed in Singapore by members of SGX, they would be processed at NSE IFSC-SGX Connect (Gift Connect) in India. As the size of India’s market is increasing, trading volumes are now being brought onshore as the Gift City offers all the advantages that other offshore destinations do.
NSE IFSC, a fully owned subsidiary of the National Stock Exchange of India (NSE), will ensure execution of trades and clearing of Nifty products on behalf of its members in Singapore and other parts of the world. NSE IFSC-SGX Phase 1 will be operationalised in April 2022. The full programme for which TCS is engaged, will go live about three-four months from then. Effectively the programme will enable trading almost round the clock.
Tinku Gupta, senior managing director and chief technology officer, SGX, said, “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.”
TCS is working with SGX to ensure the change happens seamlessly and members are equipped to migrate to the new system. In order 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). 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.
R Vivekanand, global head, BFSI Platforms and Products, 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 programme and bring our unique combination of Indian market know-how, 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.”