Behind MCX’s tech transition woes

On the face of it, India’s largest commodities exchange may be struggling because of the delay in switching from 63 Moons Technologies to TCS as its tech partner. But at the heart of the problem lies an excessive reliance on third-party tech vendors.

India’s largest commodities exchange by turnover seems to have hit a roadblock. Multi Commodity Exchange of India is struggling to replace its existing software, the cornerstone of any exchange.

Over the past nine months, MCX, which boasts a market share of more than 95%, has extended the deadline three times to switch from its existing software vendor (63 Moons Technologies) to a new one (Tata Consultancy Services). The first extension came in September last year, the second in December and the third in June.

Uncertainty was especially palpable last month.

On 1 June, MD and CEO P.S. Reddy said that …


Aakriti Bhalla

Aakriti used to write at the intersection of public markets and large corporations. She joined The Morning Context from The Financial Express, where she was with the markets team, and before that had started out in business journalism as a correspondent with Reuters.