Multi Commodity Exchange of India (MCX), the country's largest commodity derivatives exchange, on October 10 announced the launch of a new web-based commodity derivatives platform (CDP) with effect from October 16, with a mock session planned a day earlier.
The exchange will go live with the new platform from October 16. Further, in this regard the exchange has also planned to conduct mock trading on October 15, in order to "allow members to participate, validate setup and connection during the mock trading session for which separate circular would be issued", MCX said in its circular.
CNBC TV-18 first reported that MCX is likely to propose October 16 as the go-live date of the new platform.
In the circular, MCX said members can log in to the new front-end set-up, namely the new trading work station – MCX Trade Station (MTS), and new member admin terminal - Member Control Station (MCS) from October 14, 2023.
Members should note that all the pending orders (including GTC / GTD orders) at the end of trading hours on Friday, October 13, 2023 will be cancelled due to the release of the new trading platform, MCX said.
"Members may please note that pending Option Devolvement Intimations for CRUDEOIL OPTION 17OCT2023 contract will not be carried forward to the new trading platform and members may enter the intimation afresh in the new trading platform," it further stated.
Option Devolvement Intimation can be provided by members on the expiry date of the Options contract from October 16.
The planned launch of the new commodity derivatives platform got delayed as market regulator SEBI put a temporary suspension till the first week of October. This delay was prompted by the filing of writ petitions by the Chennai Financial Markets and Accountability in the Madras High Court. These petitions raised technical concerns about the platform transition, leading SEBI to exercise prudence and take a cautious approach.
On October 8, MCX said it had received the approval from SEBI tech panel to launch the new CPD.
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