MCX says will not renew any old contracts after moving to new platform
Rishi Nathany, Head of Business Development and Marketing at MCX said there has been a boost in volumes following the transition to the new platform as the software has acted as enabler helping in smoother transactions.
The Multi Commodity Exchange of India (MCX) will not renew any old contracts following its transition to a new web-based commodity derivatives platform, Rishi Nathany, Head of Business Development and Marketing at MCX, told CNBC-TV18.
Nathany said the software has been an enabler easing transactions further leading to a volume boost.
“If you see FY23-24, the overall volume till date has been in futures 20,354 crore and options at 81,220 crore. But if you see the post go-live volumes, they have been higher than this. So you have seen 20,094 crore in futures and 87,842 crore in options. So, overall there has been a growth in turnover, pre and post go-live,” he said.
He said a few isolated issues faced during the transition have been promptly addressed, and efforts are ongoing to resolve any outstanding concerns.
MCX successfully migrated to the Deutsche Börse's T7 platform in collaboration with Tata Consultancy Services (TCS) for backend support from banks.
The MCX officially went live with the new Commodity Derivatives Platform on October 16, 2023. The initial implementation date, set for October 3, was temporarily postponed by the capital market regulator, Securities and Exchange Board of India (SEBI), due to technical issues and pending legal matters.
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The migration to the TCS-developed platform, initiated under a 2021 agreement, is a substantial move for MCX. The exchange had been operating on a platform provided by 63 Moons Technologies, with a contractual arrangement in place until the end of December.
Also Read | CNBC-TV18 Newsbreak Confirmed | MCX gets approval from SEBI tech panel to shift to new platform
To ensure a smooth transition and minimize disruptions to trading operations, MCX had strategically planned to commence the migration process three months before the expiration of the agreement with 63 Moons. This approach allowed MCX to operate on both platforms simultaneously during the transitional period, gradually shifting entirely to the TCS platform ahead of the contract expiry with 63 Moons in December.
Also Read | MCX set for a major cost saving in TCS deal, annual fee may be less than ₹10 crore: sources
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(Edited by : Shweta Mungre)
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