“MCX to Unveil New Commodity Derivative Platform on October 3, Mock Session on October 2”
The Multi-Commodity Exchange of India (MCX) announces the implementation of its new commodity trading platform on October 3, with a mock trading session scheduled for October 2 to ensure a smooth transition.
The Multi-Commodity Exchange of India (MCX) is gearing up for a significant milestone as it prepares to unveil its new commodity trading platform on October 3. This transition represents a crucial step in enhancing the trading experience for MCX members and market participants. To facilitate this change, MCX has also organized a mock trading session on October 2, allowing members to participate, validate their setups, and establish connections seamlessly.
In a statement released on Wednesday, MCX underscored the importance of this platform upgrade, stating, “In terms of the provisions of the Rules, Bye-Laws, and Business Rules of the Exchange and in continuation of earlier circular no. MCX/TECH/624/2023, dated September 18, 2023, members of the Exchange are notified as under: Exchange will go live with the new Commodity Derivatives Platform with effect from Tuesday, October 03, 2023.”
To ensure a smooth transition and enable MCX members to familiarize themselves with the new platform, the exchange has organized a mock trading session. During this session, participants can validate their setups and establish connections. MCX emphasized the importance of this exercise, stating, “To facilitate early login and verification on October 03, 2023, the Exchange system would be available for login from 6:00 am onwards.”
This move follows MCX’s earlier decision to extend its contract with software vendor 63 Moons Technologies for an additional six months, a move that underlines the exchange’s commitment to technological excellence. The renewed contract, valued at 1.25 billion rupees ($15.24 million) per quarter, commenced on July 1, representing a substantial increase from the previous renewal’s 810 million rupees and the 600 million rupees before that. Notably, 63 Moons Technologies had a long-term contract with MCX that concluded last year.
Furthermore, MCX’s selection of Tata Consultancy Services (TCS) as its new service provider in 2021 marked a strategic move aimed at modernizing and optimizing its operations.
As MCX prepares to embark on this significant transition, market participants and stakeholders are eagerly anticipating the improved trading experience and enhanced capabilities that the new commodity derivative platform promises to deliver. The mock trading session on October 2 will be a crucial step in ensuring a seamless and successful launch on October 3, 2023.
Sources By Agencies
About The Author
