MCX Set to Introduce New Commodity Platform on October 3

Multi-Commodity Exchange of India (MCX), which is the country’s largest commodity derivatives exchange, is set to introduce a new web-based Commodity Derivatives Platform (CDP) on October 3, 2023.

A mock session in this regard has been planned a day ahead of the launch on October 2, 2023.

The stock of the Mumbai-based commodity exchange has surged to 18% against a 1.4% spike in the benchmark S&P BSE Sensex. Earlier this week, the stock also hit a 52-week high of Rs 1,962 apiece.

The new CDP platform would act as an interface for members and market participants while aiding in providing risk management, collateral management, and settlement-related services.

The new front-end MCX Trade Station and Member Control Station (MCS) will be available on the Secure File Transfer Protocol (SFTP) server from September 30, 2023. Essentially, the SFTP server uses shell encryption to extend a high level of security.

For members, the market exchange has enabled two-factor authentication to log in to the CDP SFTP server. The two-factor authentication takes into account Google authenticator for Time-Based One-Time code (TOTP). It will be possible for members or market participants to log in from 6 a.m. to facilitate early login and verification.

Members can log in with their User IDs made available in the mock environment to participate in the mock sessions. Also, User IDs and passwords generated at the time of these mock sessions will be carried in the new system on implementation.

In addition, the new web portal (e-Clear) interface would be made live along with the commodity derivative platform. Experts are of the opinion that this move to introduce new technology by the market will further streamline the trading experience of the members and market participants.

Furthermore, the move is expected to prove beneficial for MCX also through the jump in trade volume.

You May Also Like
Gold Jewellery

24K Gold Rate in India for October 2019: Week 3

The week commenced with the gold rate in India holding at Rs.38,300…
Gold rate

24K Gold Rate in India for February 2020: Week 4

When trading opened for the week, 24K gold rate in India was…

Is income tax applicable on Bonus Income?

Did you know that tax deductions don’t apply for the incentives and…

Silver Price Reaches Its 5-Year High in Indian Market

In the global market, many events have been directly and indirectly affecting…