MillenniumIT to provide core infrastructure for India's NCDEX
Mumbai, 10th February, 2015: NCDEX, the leading commodities and derivatives exchange, has selected MillenniumIT as its partner for scaling up its trading and surveillance system for futures and forwards segments. The new system - NextGen - will provide enhanced functionality, enable additional products and offer trendsetting speed. MillenniumIT is the leading ultralow-latency technology provider and part of the London Stock Exchange Group.
The NextGen system will provide a faster trading engine, perhaps the country’s fastest, giving a big advantage to market participants. The new trading system will give a more dynamic experience to the user with features such as tick-by-tick broadcast and ease of executing complex trading strategies like butterfly and straddles. It will also have improved capability to handle high frequency / algo trading. Additionally, it will be able to execute regulatory changes in a quick and efficient manner which will assist in efficient intra-day closure, pre-order checks and order flow monitoring.
NCDEX has chosen MillenniumIT’s multi-asset and ultra-low latency trading solution, Millennium Exchange™ for its matching engine technology and Millennium Surveillance™ to detect abnormal trading behavior. Both products are based on Millennium Advanced Platform (MAP™).
Samir Shah, Managing Director and CEO, NCDEX, said, “Regulated commodity markets are at the heart of India’s economy and the last decade has seen us grow into a platform with the largest pool of liquidity in agricultural commodities in the country. We are now looking for a paradigm shift in bringing greater convenience and increased efficiency in our offering of integrated marketplace comprising spot, forward and futures. We believe that MIT ‘s deep understanding of the world’s financial markets and their technical prowess will help us capitalise on the opportunities available and equip us for the future.”
Mack Gill, CEO, MillenniumIT said, “We’re delighted that NCDEX selected MillenniumIT to support its impressive business momentum, with the very best in agile, low-latency, financial technology. While every market infrastructure and its requirements are unique, MillenniumIT’s technology is designed to meet those requirements in a timely, efficient way. Our ability to handle any asset class across a wide breadth of financial markets companies pays tribute to this. We look forward to helping NCDEX continueits success and growth as a long-standing and trusted technology partner.”
MillenniumIT is a leading innovative trading technology business. Powering over 40 financial organizations and exchanges around the world, MillenniumIT’s clients include London Stock Exchange, Borsa Italiana, Turquoise, London Metal Exchange, Tullett Prebon, Johannesburg Stock Exchange, Singapore Exchange and HKEx.
MillenniumIT's suite of capital market products include; Millennium Exchange™, an ultra-low latency, highly scalable trading platform; Millennium SOR™, a smart order router; Millennium MarketData™, an ultra-fast and efficient data for financial markets; Millennium Surveillance™, a market surveillance and regulatory compliance system; and Millennium PostTrade™, providing integrated clearing, settlement and depository functions.
Founded in 1996 and headquartered in Colombo, Sri Lanka, MillenniumIT is fully owned by the international diversified exchange business, London Stock Exchange Group.
As India’s leading online exchange, NCDEX offers the widest range of benchmark products across agriculture, metals and precious metals. NCDEX brings buyers and sellers together through its electronic trading platform. It enjoys the distinction of being the only exchange in the country promoted by national level institutions. The institutional promoters and shareholders of NCDEX are prominent players in their respective fields and bring with them institutional building experience, trust, nationwide reach, technology and risk management skills.