MCX Hits 52-Week High as It Sets Date for Commodity Derivatives Platform Launch

MCX Hits 52-Week High as It Sets Date for Commodity Derivatives Platform Launch

VoM News Desk | October 11, 2023 | 01:20 PM IST | Breaking News | Follow on Google News

MCX Hits 52-Week High as It Sets Date for Commodity Derivatives Platform Launch

MCX Hits 52-Week High as It Sets Date for Commodity Derivatives Platform Launch

Multi Commodity Exchange of India (MCX) achieved a significant milestone as its share price surged to a 52-week high on Wednesday, following the company’s announcement of the launch date for its commodity derivatives platform. MCX shares witnessed a gain of up to 2.86%, reaching a 52-week high of ₹2,158.90 per share on the BSE.

MCX Prepares for Commodity Derivatives Platform Launch

MCX, the largest commodity exchange in India, revealed that it will go live with its new commodity derivatives platform (CDP) on October 16, 2023. The company had obtained approval from the capital markets regulator, the Securities and Exchange Board of India (SEBI), to launch its CDP on October 8. To ensure a smooth transition, MCX is planning a mock trading session on October 15, 2023, which will allow its members to participate, validate their setup, and establish connections.

Support Services by Tata Consultancy Services

The new commodity derivatives platform for MCX is backed by Tata Consultancy Services (TCS). In February 2021, the MCX board made the decision to award the contract for the implementation of the Commodity Derivatives Platform to TCS. This marked a transition to TCS’s software to operate MCX’s technology platform. In June 2023, MCX extended the support services provided by its existing software vendor, 63 Moons Technologies, until December 2023. The renewal agreement, covering the period from July to December 2023, amounts to ₹250 crore, with a quarterly price of ₹125 crore.

At 9:40 am, MCX’s share price was trading 1.84% higher at ₹2,137.40 per share on the BSE.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.