MillenniumIT to provide technology to India’s National Commodity and Derivatives Exchange
View(s):MillenniumIT, the ultra-low latency technology provider and part of London Stock Exchange Group, this week announced that it has been selected by India’s National Commodity and Derivatives Exchange (NCDEX), to provide the core technology infrastructure for both the derivatives and spot market segments of NCDEX.
The online commodity exchange 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 behaviour and promote integrity for its spot and derivatives markets. Both products are based on MillennniumIT’s next generation integration platform, Millennium Advanced Platform (MAP), to support the firm’s entire trading operations and to ensure it meets the market’s evolving regulatory requirements, according to a Millennium media statement.
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 diverse range of financial markets companies pays tribute to this. We look forward to helping NCDEX continue its success and growth as a long-standing and trusted technology partner.”
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 technology will be an important enabler in our efforts to bring innovative offerings to the market and drive greater liquidity and transparency and have chosen MillenniumIT as our technology partner. We believe that with their deep understanding of the world’s financial markets and their technical prowess they will help us capitalise on the opportunities available and equip us for the future.”