Trading Deal

Feb 03, 2009 (LBO) – Sri Lankan software firm Millennium IT said it has won the contract to provide the trading platform for India’s new International Multi-Commodity Exchange (IMX). The exchange is expected to go live in the first quarter of the next financial year, subject to regulatory approvals, according to a statement by Indiabulls Financial Services (IBFSL), the largest shareholder in the new commodities exchange.

An MIT statement said the Boston-based company, which won the deal against competition from international and Indian vendors, will implement a fully integrated end-to-end solution for IMX.

“We also have an in-depth comprehension of the Indian market and hence the ability to cater to all regulatory and business needs.”

The Millennium IT platform will include trading, risk management and market surveillance systems, trader front ends, CCP (Central Counterparty Clearing and Settlement) and collateral and delivery management.

The IMX exchange, which has six partners, is India’s fourth national commodity bourse and will primarily engage in commodity derivatives trading.

Its largest shareholder IBFSL is one of the largest brokerages in India