Even if these trades were placed by members of SGX in Singapore, they would be processed at NSE IFSC-SGX Connect (Gift Connect) in India. As the size of the Indian market grows, trading volumes are now being brought ashore as the Gift City offers all the benefits that other offshore destinations offer.

Tata Consultancy Services has partnered with Singapore Exchange (SGX) to set up a new trading infrastructure in Gift City that will handle the exchange’s trades in India.

Even if these trades were placed by members of SGX in Singapore, they would be processed at NSE IFSC-SGX Connect (Gift Connect) in India. As the size of the Indian market grows, trading volumes are now being brought ashore as the Gift City offers all the benefits that other offshore destinations offer.

NSE IFSC, a wholly owned subsidiary of the National Stock Exchange of India (NSE), will handle trade execution 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 operational in April 2022. The full program to which TCS is committed will start in approximately three to four months. In fact, the program will allow trading almost around the clock.

Tinku Gupta, senior managing director and chief technology officer, SGX, said: “SGX will pioneer in creating a new trading infrastructure in Gift City, paving the way for trading globally popular products such as the Nifty Futures through the NSE IFSC platform.”

TCS is working with SGX to ensure the change is seamless and members are equipped to migrate to the new system. To enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants, SGX SGX India Connect has established 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 activities.

R Vivekanand, global head, BFSI Platforms and Products, TCS, said: “TCS has played a key role in building and maintaining the technology infrastructure underpinning India’s capital markets. More than 40% of trades in India go through the TCS BaNCS Trading solution. We are excited to partner with SGX in its strategic Gift Connect program, bringing our unique combination of Indian market knowledge, 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.”


This post TCS to enable Singapore Exchange transactions in Gift City was original published at “https://www.financialexpress.com/market/tcs-to-power-singapore-exchange-trades-in-gift-city/2463388/”

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