TCS’ new trading software to take at least 3 to 4 months to complete, says MCX

Even as MCX decided not to renew its software contract with 63 Moons after September 30, the commodity bourse expects glitch-free trading till its transition to a new trading platform from TCS over the next three-four months. Meanwhile, 63 Moons Technologies, the trading platform vendor to the exchange, in exchange filings said, “MCX will be taking a huge risk by being confident of not facing any technical/software glitches after September 30, when their contract ends along with service support and that in the event of any eventuality they will deploy third parties to rectify the issues, which if done so will be illegal and will be at the expense of the large numbers of investors and traders on the exchange.”

“The software support and maintenance agreement between 63 Moons and Multi-Commodity Exchange, amended on September 27, 2014, would end on September 30, 2022. As the agreement is not being renewed, MCX’s right to continue to use the exchange technology software (with no access to source code to rectify issues or bugs that may arise) shall be subject to any regulatory restrictions.