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The partnership is to be implemented in the first quarter of the next financial year. Founded in 1996, MIT is fully owned by the London Stock Exchange Group.
“We are now looking for a paradigm shift in bringing greater convenience and increased efficiency in our offering of an integrated marketplace comprising spot, forward and futures,” explained Samir Shah, managing director and chief executive officer, NCDEX.
MillenniumIT is a trading technology business. Powering a little over 40 financial organisations and exchanges around the world, clients include London Stock Exchange, Borsa Italiana, Turquoise, London Metal Exchange, Tullett Prebon, Johannesburg Stock Exchange, Singapore Exchange and HKEx.
The NextGen system will provide a faster trading engine, perhaps the country's fastest, giving a big advantage to market participants. The new trading system will give a more dynamic experience to the user with features such as tick-by-tick broadcast and ease of executing complex trading strategies like butterfly and straddles.
It will also have improved capability to handle high frequency / algo trading. Additionally, it will be able to execute regulatory changes in a quick and efficient manner which will assist in efficient intra-day closure, pre-order checks and order flow monitoring.
"While every market infrastructure and its requirements are unique, MIT'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 markets companies pays tribute to this," said Mack Gill, Chief Executive Officer, MIT.
