MCX to shift to new trading platform on October 3, shares hit 52-week high

Multi Commodity Exchange of India (MCX), India’s largest commodity derivatives exchange, will be moving to its new technology platform on October 3, the company said in a regulatory filing to the bourses. Following the confirmation, the stock of MCX hit a 52-week high of Rs 2,103.85 on BSE on Thursday (September 28, 2023). The new commodity derivative platform will be serviced by Tata Consultancy Services (TCS).

MCX has announced that it will be implementing the new web-based Commodity Derivatives Platform (CDP) that would interface with members for providing risk management, collateral management and settlement-related services to members and market participants.

The commodity exchange, which was launched in 2003, said that a mock session ahead of the commodity derivative platform launch has been fixed on October 2, 2023.

"In terms of the provisions of the Rules, Bye-Laws and Business Rules of the Exchange and in continuation of earlier circular no. MCX/TECH/624/2023, dated September 18, 2023, members of the Exchange are notified as under: Exchange will go live with new Commodity Derivatives Platform with effect from Tuesday, October 03, 2023," the company said on Thursday.

"Further, In this regard the Exchange has also planned to conduct mock trading on October 2, 2023, in order to allow members to participate, validate setup and connection during the mock trading session for which a separate circular would be issued. To facilitate early login and verification on October 03, 2023, Exchange system would be available for login from 6:00 am onwards," MCX added.

The company said to facilitate early login and verification on October 03, 2023, new system would be available for login from 6.00 am onwards.

The exchange said members should note of the following:

• To participate in ongoing mock sessions and login with their User Ids made available in the mock environment. User IDs and password set during these mock sessions will be carried in the new system on implementation.

• The new trading, risk and clearing &settlement interface supported-File format Version1.2, informed as per Circular no. MCX/TECH/394/2023 dated June 19, 2023, will be effective from Tuesday, October 03, 2023.

• The new web portal (eClear) interface https://eclear.mcxccl.com/Bancs/ will be made live along with the new commodity derivative platform.

• Members connecting to eClear portal are required to use RSA SecureID as a multi-factor authentication, informed vide MCXCCL Circular no. MCXCCL/TECH/145/2023 dated, June 07, 2023.

• The Clearing Corporation would enable two factor authentication for members to login to SFTP (https://sftp.mcxindia.com) for enhancing security control measure from October 02, 2023.

• The two-factor authentication uses Google authenticator for time-based One-time code (TOPT). The existing SFTP would be changed to Oldsftp (i.e., https://oldsftp.mcxindia.com) for members to download their previous days’ reports.

• During the mock sessions scheduled on October 2, 2023, Members are requested to login with their user Id’s available in the mock environment to access the eClear system.

Earlier it was reported that MCX will be parting ways with 63 Moons Technologies Ltd, its former anchor shareholder. The separation involves a crucial technology platform necessary for running its operations, including trading, clearing and settlements.

The exchange said in a circular on September 19 that it proposes to migrate to the new commodity derivatives platform (CDP) developed by Tata Consultancy Services (TCS) by September-end, subject to necessary compliance and approvals. It said a separate circular would be issued on the actual “go-live date".