Tata Consultancy Services (TCS) announced that TCS BaNCS had been selected by Singapore Exchange (SGX) to power the NSE IFSC-SGX Connect (Gift Connect), its program to connect to NSE IFSC, a wholly-owned subsidiary of the National Stock Exchange of India (NSE), for trade execution and clearing of Nifty products on behalf of its members in Singapore and globally. The company did not disclose the deal size.
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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 Private Limited, a particular 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.
