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MCX set to sever tech ties with its founder 63 Moons
Mint Mumbai
|September 26, 2023
Long-awaited shift to TCS service to make significant cost savings for MCX
After a year of costly extensions, MCX, India’s largest commodity derivatives exchange, is preparing to part ways with 63 Moons Technologies Ltd, its former anchor shareholder. The separation involves a crucial technology platform necessary for running its operations, including trading, clearing and settlements.
On Monday, the MCX stock hit a 52-week high, as investors celebrated the news, anticipating significant cost savings.
The exchange said in a circular on 19 September that it proposes to migrate to the new commodity derivatives platform (CDP) developed by Tata Consultancy Services (TCS) by September-end, subject to necessary compliance and approvals. It said a separate circular would be issued on the actual “go-live date".
Cette histoire est tirée de l'édition September 26, 2023 de Mint Mumbai.
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