MCX prepares for major upgrade: New commodity platform to launch on October 3

The Multi-Commodity Exchange of India is gearing up for a big transformation, as it prepares to launch its new commodity trading platform on October 3. In an official statement released on Wednesday, MCX announced this development.

The exchange has taken meticulous steps to ensure a seamless transition, and to facilitate this, MCX will conduct a mock trading session on October 2. This session will provide an opportunity for members to actively participate, validate their setup, and establish a secure connection to the upcoming platform.

The official notification from MCX reads, "Exchange will go live with the new Commodity Derivatives Platform with effect from Tuesday, October 03, 2023." In addition, the exchange is taking proactive measures by allowing early login and verification on the morning of October 3, with access available from 6:00 am onwards.

This transformation follows MCX's decision to extend its contract with software vendor 63 Moons Technologies for six months earlier this year. The contract renewal amounted to ₹1.25 billion ($15.24 million) per quarter.

MCX had chosen Tata Consultancy Services (TCS) as its new service provider in 2021, marking a  shift in its technology landscape.

Also Watch: MCX set to go live on TCS platform from Oct 3rd, say sources; shares jump by 9%