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December 6, 2009

China Foreign Exchange Trade System Goes Live With New Platform From TCS

To enable China’s integration into world financial markets through new inter-bank platform for Renminbi currency trading

By CBR Staff Writer

Tata Consultancy Services (TCS), an India-based IT services, business solutions and outsourcing firm, has announced that the Reminbi currency trading platform for the Chinese inter-bank market, an initiative of China Foreign Exchange Trade System (CFETS) and a subsidiary of People’s Bank of China (PBoC) has gone live nation-wide.

The New Generation CNY Trading System (NGCNYTS) aims to incorporate the future vision of the Chinese interbank market and relevant international best practices. It is designed to meet the growing requirements of the Chinese financial market with risk management and real-time monitoring systems. It supports multiple trading methods, including special features for market makers.

NGCNYTS is a system providing unified platform across debt, money and derivative markets and it is the primary trading platform for all financial institutions such as commercial banks, pension, trust & mutual fund, securities firms and insurance companies in China.

Girija Pande, executive vice president and head of TCS Asia Pacific, said: “We are extremely pleased to successfully deliver the CFETS project built based on our experience in other global markets and in close cooperation with CFETS who have experience in Chinese domestic market. It also provides flexibility to connect with third party front ends and other external interfaces.”

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