MCX commences trading after a four-hour delay
The exchange deferred the timings of resumption twice before the trade started. In a circular issued by MCX, it said that the trading hours for the commodity derivatives segment for February 13, 2024, have been revised from 9 am to 1 pm.
India's largest non-agri MCX or the resumed trading at 1 pm on Tuesday after encountering a glitch that forced a shutdown of its operations for four hours, leaving traders perplexed.The exchange deferred the timings of resumption twice before the trade started. In a circular issued by MCX, it said that the trading hours for the commodity derivatives segment for February 13, 2024, have been revised from 9 am to 1 pm. The trading was earlier pushed to 11 am after delays in file generation exchange emerged. There was no trading till 1 pm since the usual opening time of 9 am.
"Today’s delay in commencement of trading at caused due to technical issues, as we understand is one of the cases in the transition process," said Naveen Mathur, Director - Commodities & Currencies, Anand Rathi Shares and Stock Brokers. He said that the transition to new trading platform on MCX with technological advancements has been a big and a complex process for the exchange to undertake. "Migration of this scale may lead to few technical glitches in the course," he added.
While there have been such instances earlier too, Mathur said that the exchange and service provider will look into the root cause of the problem. As a market participant, Mathur added that Anand Rathi expects necessary measures both from MCX and TCS to ensure seamless market continuity.
The exchange facilitates trading of nearly a dozen commodities under bullion (gold and silver), base metals, energy (crude oil and natural gas) and agri categories such as cotton, crude oil, kapas and mentha.
Teams of exchange as well as the technology vendor (TCS) worked to resolve the issue.
As the trading commenced, MCX shares fell 1% on the BSE to Rs 3455.
