Singapore Exchange (SGX) has signed a five-year IT infrastructure outsourcing agreement worth SGD110m with global IT services provider HCL Technologies (HCL).
HCL will provide SGX with infrastructure support and management services including the exchange’s Reach initiative.
SGX said that its recently announced SGD250m Reach initiative aims to create the fastest trading engine, data center offering co-location facilities and connect trading communities in global financial hubs to Singapore.
HCL said that its solution architecture for SGX is powered by two-pronged strategy comprising ‘change the business’ and ‘run the business’ services.
Bob Caisley, executive vice president and chief information officer at SGX, said: “HCL is an important partner for SGX in enabling the Reach initiative to provide customers with the fastest access to Asia, and in enhancing the efficiency and effectiveness of our operations on a daily basis.
“The implementation of Reach will ensure that SGX’s position as a leading listing venue for international issuers and the unparalleled trading venue for Asian products is fortified and future-proofed.”
Kiran Bhagwanani, senior vice president and worldwide head of system integration sales, infrastructure services division at HCL Technologies, said: “Our aim is to enable transformation of data center and network operations at SGX to bring in enhanced efficiency and clear business benefits. We are equally committed to ensuring superior performance year-on-year for SGX and its members, having been entrusted with the responsibility of managing its large and complex infrastructure.”