MCX on Thursday extended its support services contract with 63 Moons for six months from July 1, the company announced through an exchange filing. MCX had earlier in January extended the contract with 63 Moons for six months.
The overall consideration for the same is Rs 125 crore per quarter. This amount is higher than the Rs 87 crore it paid during the last quarter.
MCX said it wants all stakeholders to better prepare for migration to the new platform. In the regulatory filing it said, "We understand the importance of providing a reliable and robust platform to our users, and we are committed to continuously improving our services. We will communicate to all our stakeholders about the roll-out plan to migrate to the new Commodity Derivatives platform."
MCX and 63 Moon agreement
The agreement between MCX and 63 Moons dates back to September 2014 and was to end in September 2014, however the company was forced to extend the agreement as it was not successful in transitioning to the new trading platform within the stipulated deadlines.
TCS new technology partner
The commodity trading exchange had chosen TCS as its technology partner in September 2021 for its growth and transformation journey as MCX believed that the transaction would reduce its overall costs. TCS was to help MCX build a new technology core and then transform its trading post-trading functions.
The commodity trading exchange had earlier this month notified that it would conduct a mock trading session on June 19 which was rescheduled to June 22 from 5 pm to 11:30 pm in order to familiarise the members with the new trading platform. However, the mock trading session was cancelled and was eventually conducted on June 26.