MCX will launch new derivatives platform on October 16
The Multi Commodity Exchange of India (MCX) announced on Wednesday that its brand-new commodity derivatives platform (CDP) will launch on October 16, 2023. This exciting announcement caused MCX shares to skyrocket, reaching a 52-week high and increasing by 3.30% to Rs. 2,169 each on the BSE. As India's largest commodity bourse, MCX's new platform is eagerly awaited and has already received the green light from the Securities and Exchange Board of India (SEBI).
Mock trading session scheduled for October 15
To guarantee a seamless switch to the new platform, MCX is organizing a mock trading session on October 15, 2023. This practice run will enable members to join in, double-check their setup, and test their connections during the session. The successful launch of the CDP is vital for MCX, as it aims to offer a more streamlined and user-friendly trading experience for its members.
Tata Consultancy Services behind new platform
Tata Consultancy Services (TCS) is the company behind the servicing of MCX's new commodity derivatives platform. Back in February 2021, MCX's board chose to award the contract for implementing the CDP to TCS, which will transition MCX's technology platform to TCS's software. This partnership is predicted to boost the overall functionality and performance of the trading platform.
MCX extends support services contract with existing vendor
In June 2023, MCX extended its support services agreement with its current software vendor, 63 Moons Technologies, until December 2023. This renewal comes with a quarterly price tag of Rs. 125 crore, amounting to Rs. 250 crore for the July-December 2023 period. This extension ensures that MCX will continue to receive crucial support services as it makes the switch to the new commodity derivatives platform.
