MCX, the country’s largest commodity exchange, has renewed its software services contract with 63 moons (erstwhile Financial Technologies) till December for ₹125 crore per quarter.
The renewal of contract comes even as the exchange is working with leading software company Tata Consultancy Services for the last two years to roll out a new trading platform. The exchange had done unsuccessful mock-tests on the platform and cancelled few of them before renewing the contract with 63 moons.
MCX said the contract with 63 moons was extended in a bid to ensure all stakeholders are better prepared to migrate to the new commodity derivatives platform and to ensure necessary compliances.
The company was obligated to extend the support services being rendered by its existing software vendor, 63 moons technologies, for six months, being the minimum period offered by the vendor, beginning from July at a consideration of ₹125 crore per quarter, it said.
“We understand the importance of providing our users a reliable and robust platform. All our stakeholders will be informed about the roll-out plan to migrate to the new commodity derivatives platform,” said MCX.
Meanwhile, 63 moons said it has once again agreed to the eleventh-hour request by Multi Commodity Exchange to renew the software service contract. This new arrangement of software support service will extend from July 1 to December 31, it said.
This is the third time that MCX has approached 63 moons to extend the software support service arrangement, after the long-term arrangement with MCX ended on September 30, 2022, and the exchange selected a new technology service provider in February 2021.
63 moons has been offering MCX software support since August 2020. Its technology exchange engine has been at the heart of MCX since 2003 (20 years), working uninterruptedly for 16 hours a day, said the software services provider.