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MCX Extends Software Services Deal with 63 Moons Tech for the ‘last time’

Tata Consultancy Services (TCS) is the new software services provider MCX has selected.

Used to the administrative exchange filing system, market participants were in for a surprise when 63 Moons Technologies informed bourses in an announcement dipped in heavy sarcasm that it has agreed to spread the software support service to Multi Commodity Exchange (MCX) for six more months.

This is the third time that MCX moved toward 63 Moons to extend the software support service plan after the long-term arrangement with MCX ended on September 30, 2022, and the exchange selected another technology service provider in February 2021.

Tata Consultancy Services (TCS) is the new software services provider MCX has selected and is working on the emerging new trading platform for the exchange.

MCX has failed to migrate to the new technology stand since then. The exchange has done several mock trials, but the last one was cancelled last week without a reason. Thus, some feared that another delay was in the making.
Though 63 Moons didn’t reveal the new deal’s monetary value, it will be necessary, as observed in the past. As per sources, 63 Moons had charged meaningly higher remuneration for extending its services. This is optimistic for 63 Moons Technologies but negative for MCX, which will likely have to spend more now.

Since August 2020, it has been offering an option to purchase the software source code for self-use, which the firm says is in line with the performance adopted by all best exchanges in India and worldwide.

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