Home / Companies / News /  MCX not entitled for tech support post Sep 30: 63moons

MUMBAI : 63moons, erstwhile Financial Technologies, said on Monday that MCX “will not be entitled to receive any support on the Exchange Technology software after 30th September2022 if the trading or settlement system halts for any reason," as the Software Support and Maintenance Agreement between it and the bourse ends on September 30, 2022.  

MCX has chosen to migrate to TCS’ software to run its technology platform. However, the migration which was to coincide with the end of its agreement with 63moons has been delayed by three to four months, according to a source.  

An MCX official was not immediately available for comment. 63moons ended down 5.5% at 157.55. MCX, which runs the country’s largest derivatives segment, ended down almost 2% at 1236.7.  

Since inception in 2003, MCX has used the technology of 63moons, which had promoted the exchange back then. It then became an associate company, until 63moons divested the 26% it held in MCX at the direction of erstwhile commodity derivatives regulator FMC in light of the NSEL scam. FMC was merged into Sebi in 2015.  

The Software Support and Maintenance Agreement between 63moons and Multi-Commodity Exchange of India Ltd (MCX) was amended on 27th September 2014 and was to continue through September 30, 2022. “After this date, MCX would cease to be a client of 63moons for Exchange Technology Maintenance agreement," 63moons said in its communication to the exchanges.

 

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