CFETS Goes Live with New Currency Trading Platform
Tata Consultancy Services (TCS), an IT services, business solutions and outsourcing firm, has announced that the renminbi currency trading platform for the Chinese inter-bank market, an initiative of China Foreign Exchange Trade System (CFETS), a subsidiary of People’s Bank of China (PBoC), has successfully gone live nationwide.
The New Generation CNY Trading System (NGCNYTS) aims to incorporate the future vision of the Chinese inter-bank market and relevant international best practices. It is designed to meet the fast-growing requirements of the Chinese financial market with efficient risk management and real-time monitoring systems. It supports multiple trading methods, including special features for market makers.
NGCNYTS is a next generation system providing unified platform across debt, money and derivative markets. It is the primary trading platform for all financial institutions, such as commercial banks, pension, trust and mutual fund, securities firms and insurance companies, in China.
Girija Pande, executive vice president and head, TCS Asia-Pacific, said: “The project is among the most prestigious ventures of TCS in the Asia-Pacific region, involving a highly dedicated multi-cultural team of over 130 associates spanning a period of more than two years. The team will be maintaining the system going forward and enhancing the system for additional markets.”