Tata Consultancy Services Ltd (TCS), India's largest IT software exporter, today announced the operationalisation of a `new generation trading system' for foreign exchange transactions in China.
The new reminbi 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, went live today, TCS said in a filing with the Bombay Stock Exchange (BSE).
CFETS's scalable, robust, inter-bank platform for renminbi currency trading will enable China's integration into world financial markets, TCS said.
"The new generation CNY Trading System (NGCNYTS) is a forward-looking trading system, which aims to incorporate the future vision of the Chinese interbank market and relevant international best practices," the release said.
TCS said the system is designed to meet the fast growing requirements of the Chinese financial market with efficient risk management and real-time monitoring systems, adding that 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. NGCNYTS gained national importance, as 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.