Tata Consultancy Services () will replace 63 moons as the technology vendor for , which runs the country's largest commodity derivatives segment.
The exchange has a technology agreement with 63 moons through September 2022. The decision to award the contract to TCS was taken by the MCX board on February 4.
"...the Board of Directors of MCX at its meeting held today, has decided to award the contract for implementation of Commodity Derivatives Platform to M/s Tata Consultancy Services... it was decided to issue Letter of Intent to TCS to commence the project immediately," MCX informed the stock exchanges late evening on Thursday.
Sources told ET that TCS will source the order matching engine from Deutsche Borse.
63 moons, formerly Financial Technologies, founded MCX, which began operations in 2003. The 63 moons' stock closed up 1% at Rs 77.75 on BSE on Thursday.
MCX offers derivatives on bullion, energy and base metals and has 95% market share. Its rivals include NSE and BSE..
The exchange has a technology agreement with 63 moons through September 2022. The decision to award the contract to TCS was taken by the MCX board on February 4.
"...the Board of Directors of MCX at its meeting held today, has decided to award the contract for implementation of Commodity Derivatives Platform to M/s Tata Consultancy Services... it was decided to issue Letter of Intent to TCS to commence the project immediately," MCX informed the stock exchanges late evening on Thursday.
Sources told ET that TCS will source the order matching engine from Deutsche Borse.
63 moons, formerly Financial Technologies, founded MCX, which began operations in 2003. The 63 moons' stock closed up 1% at Rs 77.75 on BSE on Thursday.
MCX offers derivatives on bullion, energy and base metals and has 95% market share. Its rivals include NSE and BSE..
( Originally published on Feb 04, 2021 )