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MCX schedules new software mock trading on Sunday

After cancelling the mock trading and triggering a stock price crash on Friday, the country’s largest commodity exchange has scheduled a mock trading of the new software being developed by Tata Consultancy Services on Sunday.

The exchange has to implement the new software and sign the service contract with TCS before the end of this month as the existing contract with 63 moons (formerly Financial Technologies) expires on June 30.

Shares of MCX crashed four per cent to ₹1,563 on Friday.

The exchange is in the process of implementing a new commodity derivative platform and members are requested to actively participate in the Mock Trading Session to avoid any issue when the Exchange plans to go live with the new version of trading software, said MCX in a circular late on Friday.

All the Trading Members are requested to participate in the mock trading system and log in with all the user IDs available in the mock environment. User IDs password set during the mock will be carried in the new system once the system goes live, it added.

The exchange zeroed in on TCS as the vendor for the development of the new platform in February, 2021. MCX had cancelled mock trading twice and the latest cancellation coming close to the deadline for adopting the software had unnerved investors.

Last December, the exchange renewed the agreement with current service provider 63 Moons (formerly Financial Technologies) for two quarters. The service agreement with the erstwhile promoter of the exchange comes to an end in this June quarter.



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