In October 2020, MCX floated a request for proposal (RFP) for developing the Exchange’s Commodity Derivatives Platform (CDP) and TCS was selected as the vendor for the same in February 2021.

In September 2021, TCS informed the exchanges that it was selected by MCX as the technology solution provider for its growth and transformation journey. As part of Project Udaan, TCS was hired to help MCX build a new technology core, transforming its trading as well as post-trade functions, to support its future growth and further strengthen its leadership position in the commodity derivatives market in India.

As per the deal, TCS will design and deploy high-performance solutions that would integrate multiple systems to transform MCX’s operations using the Deutsche Börse T7 trading platform from the Deutsche Börse Group. Post-trade activities such as clearing, risk management, delivery and settlement will be transformed using TCS BaNCS for market infrastructure, which will help MCX meet current and future regulatory standards including emerging regulations around client level collateralisation. 

Additionally, TCS will implement TCS BaNCS for securities trading for MCX’s trading members, providing them a modern, fast, intuitive user interface and real time market data feed for trading and post trade activities. 

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