Mumbai: 63 Moons Technologies (formerly Financial Technologies) on Monday informed stock exchanges that the software support it provides to MCX, the largest commodities bourse in India, will be stopped from October 1 after its 10-year maintenance contract ends on September 30. Since the source code of the software is with 63 Moons and MCX is yet to have a new software in place, this could potentially push the commodities derivatives trading on the bourse into a high-risk territory, market players and industry sources said.
Last week, MCX had said that although they had given a contract to TCS to develop a trading system which would replace the existing one, the same has been delayed due to the complexities of the system.
Earlier, MCX had said, “In the absence of continuity of services by 63 Moons, the system will continue to be operated by the existing in-house IT team, which has been augmented by necessary expertise. No code changes and enhancements are envisaged under this option.”
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