The Board of Directors of MCX at its meeting decided to award the contract for the implementation of the Commodity Derivatives Platform to Tata Consultancy Services. Further, it was decided to issue a Letter of Intent to TCS to commence the project immediately.

Last October, MCX sought application from software companies to provide new trading and clearing software as the contract with the existing 63 moons comes to an end in September 2022. In the Request for Proposal issued, MCX said bidders should provide an earnest money deposit of ₹1.50 crore in the form of a demand draft favoring MCX and the last date for submission of bids and the financial proposal was October 23 and November 20. The exchange wants competitive proposals for supply, installation, implementation, training, support, and maintenance of commodity derivatives platform having key functionalities. As the system will initially be used for commodity derivatives trading, it needs to be extensible to commodity spot, equity and equity-related derivatives, debt, currency derivatives and interest rate derivatives to achieve MCX vision of becoming a Universal Exchange, the exchange had said.

MCX is determined to adopt platforms and systems that provide standard open interfaces and services that are compliant with the regulatory framework and global best practices. The commodity exchange anticipates that the new software should uphold business expansion and meet international exchange standards in terms of business features, robust system, high performance, and security.