The Singapore Exchange said on Monday it had signed a five-year IT infrastructure agreement

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with India's HCL Technologies for S$110 million ($78.6 million).

Under the agreement, HCL will provide the Singapore bourse with infrastructure support and management services under its Reach Initiative, which aims to create the world's fastest trading engine and seamlessly connect global hubs to Singapore.

"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 daily basis," Bob Caisley, the exchange's executive vice-president, said in a statement.