Commodities Brokers Body To Discuss Recurring Tech Outages At MCX With Chair And Management
The commodity brokers are likely to hold virtual discussions with regards to the repeated tech outages with the Chairperson of India's top commodity bourse, MCX, today. The three major stakeholders in this meeting are the Chairperson, the top management officials and the brokers, people with direct knowledge of the matter told NDTV Profit.
"We are positive that a resolution of the issues is reached," one of the persons quoted above mentioned.
The bourse went through a four-hour trading halt this Monday, and a previous instance spanning over an hour took place on July 23. NDTV Profit had reported at the time that the market regulator, Securities and Exchange board of India, may also look into the issue in a regulatory manner.
NDTV Profit was further told that the glitches have been recurring for the past two years and the Commodity Participants Association of India, a brokers' body, has raised the issue with the exchange several times. They have sought a meeting with the MCX Chairperson as well and expect a response by next week.
These tech issues have become a pain point for brokers and one of the major issues is in the form of delays in getting settlement files, according to one of the sources mentioned above.
Speaking to the affected parties, NDTV Profit was further informed on Monday that major tech issues have been persistent for the past two to three days. The trading orders are not getting confirmed and the settlement files are not coming on time, they said.
MCX has 544 registered members and 32,480 Authorised Persons across India as of March 2025.
The bourse has a market share of about 98% in terms of the value of commodity futures contracts traded in the financial year 2024-25.
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