The Multi Commodity Exchange of India Ltd. will go live with its new commodity derivatives platform on Oct. 16, days after market regulator Securities and Exchange Board of India gave its approval.
The exchange has also planned to conduct mock trading on Oct. 15 in order to allow members to participate and validate set-up and connection during the mock trading session, for which a separate circular would be issued, the company said in a statement on Tuesday.
On Sept. 29, SEBI had asked MCX to delay the launch of the Commodity Derivatives Platform, which was scheduled to go live by Oct. 3. Then, on Oct. 8, the regulator withdrew its abeyance order.
The new front-end—MCX Trade Station and Member Control Station—set-up will be available on the SFTP server (Extranet) from Oct. 14.
MCX has informed its members that all the pending orders (including Good Till Cancelled/Good Till Date orders) at the end of trading hours on Oct. 13 will be cancelled due to release of the new trading platform.
"Members are advised to use the back-office software duly tested for changes in new trading platform. A new web portal (eClear) interface https://eclear.mcxccl.com/Bancs/ will also be made live as part of the New Commodity Derivative Platform implementation," the circular said.
MCX has been conducting mock trading sessions for the new software while it waited for the regulator's nod.
Earlier, the company had extended its software support service arrangement with 63 Moons Technology Ltd. for the third time till the end of this year.
MCX offers trading in commodity derivative contracts across varied segments including gold, industrial metals, energy and agricultural commodities as also on indices constituted from these contracts.
In terms of percentage share of commodity derivatives turnover among exchanges, MCX had the highest market share of 98.7%, followed by NCDEX (1.2%) and NSE (0.05%) at the end of August.
Shares of MCX closed 1% higher at Rs 2,098.70 apiece on Tuesday ahead of the announcement, as compared with a 0.87% gain in the benchmark BSE Sensex.
(With inputs from PTI)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
