India’s National Commodity and Derivatives Exchange Selects MilleniumIT

If you’re an ardent reader of this site (we hope you are), you must have stumbled across the story of MilleniumIT, the Malabe-based firm that’s got some of the best tech in the world of stock exchanges.

Millenium Exchange, recently announced that it has been selected by India’s National Commodity & Derivatives Exchange (NCDEX) to provide the core technology infrastructure for both the derivatives and spot market segments of NCDEX. The move comes at a time when Indian exchanges look to develop their trading systems as they compete on a global scale.

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 behavior 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.

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 market operators 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: “2014 was an exciting year for NCDEX, expanding asset-coverage to include exchange-traded forwards in sugar and maize and announcing plans for trading forwards contracts in a further 17 commodities. These are just two examples of the exchange’s drive to bring greater liquidity with transparency and regulatory compliance to a market at the heart of India’s economy. The success of such an exchange relies much on its choice of technology partner. MillenniumIT understands the world’s markets as much as it understands our business, and it has the technology to take us where we want to go. “