MillenniumIT powers Exchange in India

MillenniumITannounced yesterday that ACE Derivatives and Commodity Exchange, [ACE] India has begun using a suite of its software applications. ACE is the second Indian exchange to be powered by MillenniumIT's range of software products that include modules for trading, risk management, surveillance and clearing and settlement. ACE, which began life in 1954 as the Ahmadabad Commodity Exchange, was the first exchange in India to be transformed from a regional exchange into a national Multi-Commodities Futures Exchange.

The Kotak Group, anchor investor in ACE, successfully obtained approval from the Commodity Markets Regulator and the Forward Markets Commission of India in August to completely transform ACE's trading platform.

The Exchange will trade futures trading in soy bean, soy oil, mustard and castor seed using MillenniumIT technology. MillenniumIT CEO Tony Weeresinghe said the extreme dedication, innovative spirit and determination of the Millennium team has been highlighted again with the ACE Derivatives and Commodity Exchange going live on Millennium's systems last month.