MCX share price: After announcement of launch date for new commodity deerivatie platform by Multi Commodity Exchange (MCX), bulls responded strongly in favour of the company stocks. MCX share price today opened upside at ₹1,971 apiece and went on to hit intraday high of ₹2,104.15 per share on NSE within few minutes of stock market's opening bell today. While htting this intraday high, MCX shares went on to climb a new life-time peak as well.
The Multi Commodity Exchange (MCX) is set to implement new commodity derivatives platform on October 3, 2023. The commodity exchange of India established in 2003 has made an official announcement in this regard and said that mock session ahead of the commodity derivative platform launch has been fixed on 2nd October 2023.
MCX made an announcement in regard to new commodity derivative platform launch citing, “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.”
"Further, In this regards 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 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.
MCX has declared to launch its new commodity derivative platform, which is serviced by Tata Consultancy Services (TCS). the mock session is expected to remain smooth.
On how this move will impact MCX and Indian commodity market, Anuj Gupta, Head — commodity & Currency at HDFC Securities said, "The step is a welcome step as new technology will smoothen trading experience of the members. It is expected to benefit MCX also via rise in trade volume."
This is not the first time when MCX is going to adopt a new technology platform. Previous MCX' attempts had to face impediments by technical issues, leading to the renewal of their agreement with 63 Moons. MCX has renewed its contract with 63 Moons in June of this year. with this renewal of contract with 63 Moons, MCX has secured the platform till December 2023. This renewal has come at a quarterly price of ₹125 crore, which means ₹250 crore for the July-December 2023 period.
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