ICEX upgrades to hi-tech platform
Indian Commodity Exchange Limited (ICEX) has migrated to an upgraded technology platform, thus catapulting itself to the league of exchanges with the world’s best exchange technology platform. The upgraded technology platform of ICEX has advanced surveillance and risk management features at par with global best practices.
With the implementation of the new technology, ICEX becomes the first exchange in India to adopt such a global hi-tech platform that ensures automatic and seamless switch-over from its Data Center (DC) to the Disaster Recovery (DR) site with zero data loss in case of exigencies.
The new technology platform has highly optimized processing techniques, which enables the system to handle very large orders with latencies under 300 microseconds. The unique technology architecture of the system allows the Exchange to function in HOT mode (A HOT server at the DR site is a back-up server that receives updates on a real-time basis and is on standby (on HOT standby) to take over immediately in the event of a failover of the DC (Data Center).
Thus, at any given point of time, orders and trades are available on both DC (Data Centre) as well as DR (Disaster Recovery) site, hence resulting in zero data loss. Technology plays the key role in an Exchange business and the upgraded technology version will give ICEX an edge over its competitors. MillenniumIT (MIT), subsidiary of London Stock Exchange Group (LSEG), provides the exchange technology to ICEX.
Elaborating on the new technology provided to ICEX by MIT, Mr. Nigel Cairns of LSEG Technology said, “We are delighted to have completed successful migration of ICEX to the MillenniumIT trading platform. MillenniumIT’s advanced technology platform provides exchange operators with a highly scalable, low-latency solution with rich functionality, flexibility, resilience and reliability.
Our products are asset class agnostic and seamlessly interoperable, offering benefits for customers across the whole capital market value chain.” Mr. Sushil Limbulkar, Chief Technology Officer (CTO), ICEX, added, “ICEX is the first exchange in India to implement this kind of high-end technology, which ensures that in case of any eventuality at the Data Center, the Disaster Recovery site takes over automatically without any data loss.”
