CNBC-TV18 Newsbreak Confirmed: MCX will go live on new tech platform on October 3
The stock, in an expectation of this announcement, has seen a significant jump over the past few sessions. The stock hit record high of 1,963 on Tuesday, a jump of 15 percent this month and more than 25 percent this year.
Multi Commodity Exchange of India (MCX) has confirmed its much-anticipated move to a new technology platform in the first week of October. This development, revealed through CNBC-TV18 earlier this week, is now confirmed by the company in its disclosure to exchanges.
MCX has announced that it will be implementing the new web-based Commodity Derivatives Platform (CDP) that would interface with members for providing risk management, collateral management and settlement related services to members and market participants and effective date for implementation of this platform will be Tuesday, October 3, 2023, the first trading session of the month of October.
In preparation for this transition, MCX's Clearing Corporation has scheduled a mock session on October 2. This session is designed to facilitate member engagement and familiarisation with the new platform. MCX's decision to shift to this platform follows two prior unsuccessful attempts, leading to the renewal of agreements.
The most recent setback occurred in June this year when MCX had to extend its agreement with 63 Moons at the last minute due to the failure to go live on the new platform. To prevent history from repeating itself, MCX had renewed the agreement for an additional six months, extending until December 2023.
In a strategic maneuver, MCX is planning to implement the new platform three months ahead of the expiration of its agreement with 63 Moons. This approach aims to ensure a seamless transition, with both platforms available for use during this period. The existing 63 Moons platform will serve as a robust backup, poised to step in should any unforeseen glitches arise with the new system, according to well-placed sources.
The renewal of the 63 Moons platform had come at a substantial cost, amounting to Rs 125 crore per quarter and a total of Rs 250 crore for the July-December 2023 period.
The stock, in an expectation of this announcement, has seen a significant jump over the past few sessions. The stock hit record high of 1,963 on Tuesday, a jump of 15 percent this month and more than 25 percent this year.
First Published: Sept 28, 2023 8:51 AM IST
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