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Multi Commodity Exchange ditches 63 Moons, picks TCS as new technology partner

This is the first time that MCX is changing its technology partner. Currently, 63 Moons Technologies which was the founder-promoter of MCX, is providing technology for the clearing and settlement software at MCX.

February 04, 2021 / 11:15 PM IST
Image by Gerd Altmann from Pixabay

Image by Gerd Altmann from Pixabay

Multi Commodity Exchange of India (MCX) has given its contract for the implementation of the Commodity Derivatives Platform (CDP) to Tata Consultancy Services (TCS). The MCX board met on February 5 and announced its new technology partner.

This is the first time that MCX is changing its technology partner. Currently, 63 Moons Technologies, (formerly FTIL) which was the founder-promoter of MCX, is providing technology for the clearing and settlement software at MCX.

A source close to the development told Moneycontrol: “TCS was the lowest bidder in the bidding process which was initiated in October last year. The company has the expertise and has been expanding its software suite with the acquisition of Postbank Systems AG, the technology services unit of Frankfurt-based Deutsche Bank AG.”

A 63 Moons spokesperson has told Moneycontrol that the company is not aware of any such development.