CNBC-TV18 Exclusive: MCX set to go live on new tech platform on Oct 1, say sources
Sources confirm that these mock sessions have been remarkably free of glitches, setting the stage for a transition. However, the process requires the crucial approvals of both the MCX board and the regulatory authority, the Securities and Exchange Board of India (SEBI).
The Multi Commodity Exchange of India (MCX) is preparing to launch a new technology platform on 1 October. The Mumbai-based commodity exchange, after conducting mock sessions for this platform serviced by Tata Consultancy Services (TCS) for a month now, is ready to go live.
Sources confirm that these mock sessions have been remarkably free of glitches, setting the stage for a transition. However, the process requires the crucial approvals of both the MCX board and the regulatory authority, the Securities and Exchange Board of India (SEBI).
This is not the first time MCX has attempted to adopt a new technology platform. Previous attempts were hampered by technical issues, leading to the renewal of their agreement with 63 Moons. MCX has renewed its contract with 63 Moons in June of this year, securing the platform until December 2023. This renewal came for Rs 125 crore per quarter, totalling Rs 250 crore for the July-December 2023 period.
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In a strategic move, MCX plans to implement the new platform three months before the expiry of the 63 Moons agreement. This proactive approach aims to ensure a smooth transition, with MCX planning to have both platforms operational during this period. The existing 63 Moons platform will serve as a reliable backup, ready to step in should any unforeseen glitches arise with the new system, according to sources.
As of now, MCX has not responded to CNBC-TV18’s query regarding going live on the new technology platform. Nonetheless, the anticipation and excitement surrounding this significant move are already evident in the stock market.
MCX’s stock has surged to a 52-week high, climbing more than 9 percent on the back of this news. Over the past month, the stock has risen by 15 percent, and for the entirety of 2023, it has seen an increase of 25 percent.
(Edited by : Vivek Dubey)
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