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Padala Subbi Reddy, the outgoing chief executive of India s largest commodities derivatives exchange, recalls a rather turbulent phase for the bourse as it scrambled to transition its technology vendor amid the pandemic lockdowns ....
The recent glitch is the first incidence of a major technical issue after MCX finally migrated to TCS platform in December. With trading stopped for over four hours now, the exchange could be liable to pay a hefty fee as mandated by market regulator SEBI ....
Recently, the company informed that it has resolved trading procedure issues, completed the final code freeze, and resumed daily mock trading on the new platform starting from September 1. ....
MCX hired TCS in September 2021 to design and deploy software for securities trading and market infrastructure. The new software was to replace the existing software before the end of its contract with 63 Moons on September 2022. ....
Between October 2022 and June 2023, MCX paid Rs 242 crore to 63 Moons for the extension of the contract. It was extended till December 2023 for a charge of Rs 125 crore per quarter. All together, MCX will fork out Rs 470 crore as additional expenses ....