MCX set to go live on TCS from October 1, finally breaking away from 63 Moons
MCX (Multi Commodity Exchange of India) is poised to transition to a new trading platform, which is serviced by Tata Consultancy Services (TCS), starting from October 1. This marks a significant development as it breaks the exchange’s dependence on its previous group company, 63 Moons.
MCX had previously entered into an agreement with 63 Moons to utilize its trading platform until December 2023. However, the exchange has taken steps to migrate to the new platform provided by TCS. To ensure a smooth transition, MCX plans to retain the 63 Moons platform as a backup, which can be employed in case any issues or glitches arise on the new platform.
The decision to move to the TCS-serviced platform appears to have been reinforced by the successful conduct of mock trading sessions on the new platform, which have reportedly been free of glitches or technical problems. This transition signifies MCX’s commitment to modernizing its infrastructure and ensuring a robust and reliable trading environment for its participants.
While MCX (Multi Commodity Exchange of India) is preparing to go live on the new trading platform provided by Tata Consultancy Services (TCS) from October 1, it’s worth noting that the exchange will need approval from the Securities and Exchange Board of India (SEBI) to commence trading on the TCS platform.
MCX’s move towards transitioning to the TCS platform began in February 2021 when the exchange’s board decided to award the contract for the implementation of the Commodity Derivatives Platform to Tata Consultancy Services. The approval from SEBI is a crucial step in this transition process to ensure compliance with regulatory requirements and to formally launch trading on the new platform.
MCX (Multi Commodity Exchange of India) faced challenges in transitioning to the new trading platform provided by Tata Consultancy Services (TCS) within the originally specified deadlines. As a result, MCX had to seek multiple extensions with its existing service provider, 63 Moons, to continue using their platform.
The software support and maintenance agreement between MCX and 63 Moons had commenced in September 2014 and was originally set to end in September 2022. However, due to the delays in the transition process, MCX had to extend its reliance on the 63 Moons platform beyond the initial agreement.
These extensions highlight the complexities involved in upgrading and migrating trading platforms, as well as the importance of ensuring a smooth and glitch-free transition to the new platform to maintain the integrity and efficiency of commodity trading on MCX.
In the most recent extension, MCX (Multi Commodity Exchange of India) had made the decision in June to extend its utilization of 63 Moons’ platform for an additional six-month period, commencing from July 1.
63 Moons, in an exchange filing in June, acknowledged this extension and humorously commented on the situation, stating, “We have once again agreed to the eleventh-hour request by MCX, which according to them is for the ‘last time’ for one more time. We sincerely wish that this ‘last time’ really happens someday.”
This statement from 63 Moons reflects the ongoing extensions and the hope for a successful transition to the new trading platform, ultimately signaling a desire for a smooth and final shift away from their platform.
