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63moons to not provide tech support to MCX beyond Friday

63moons to not provide tech support to MCX beyond Friday

Published:26 September 2022

63moons technologies (formerly Financial Technologies) on Monday said it will not provide technology support to Multi Commodity Exchange (MCX) after September 30.

New Delhi | 63moons technologies (formerly Financial Technologies) on Monday said it will not provide technology support to Multi Commodity Exchange (MCX) after September 30.
63moons provides next-generation technology ventures and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments.
In a regulatory filing to the BSE, 63 moons said that the term of the Software Support and Maintenance Agreement between 63 moons and MCX will end on September 30.
"Consequently, MCX would cease to be a client of the 63 moons for exchange Technology Maintenance Agreement," 63moons said.
As the agreement is not renewed, MCX's right to continue to use the exchange technology software (with no access to source code to rectify issues or bugs that may arise) will be subject to any regulatory restriction the regulator may impose on the commodity bourse.
Further, MCX will not be entitled to receive any support on the exchange Technology software after September, if the trading or settlement system halts for any reason.
"No workaround by any person is possible in issues arising in exchange platform as no access to source code is available to MCX," it added.
With regard to a circular issued by MCX to its members last week, 63moons' said that MCX initiated discussions with 63moons for acquiring IP licence of exchange technology for self-use even before the expiry of the service agreement and also initiated discussions for a new agreement after the expiry of existing technology service agreement.
63moons responded to their requests with clear commercial proposals. Both the proposals after discussion eventually ended with no final response of acceptance or rejection from MCX.
Thereafter, MCX floated a public Request for Proposal (RFP) in October 2020.
The discussion with 63 moons for a new agreement started in October 2020 and the last communication from MCX seeking inputs or clarification for negotiation was received in January 2021, which was responded in the same month.
However, 63moons wrote to the board of MCX in December 2020, with a request to take an informed decision given the fact that 63moons has been giving them the best performance since inception in 2003 and are willing to enter a new agreement or give IP rights for existing usage.
In 2021, certain media reported that MCX finalised the vendor, even when the discussion with 63 moons was not closed.
According to sources, MCX had given a contract to TCS nearly two years ago to provide technology support. However, the technology that TCS was supposed to provide was not ready.
Last month, MCX again approached 63moons for support services after September 30 as the new system was not fully developed and deployed, for which a proposal was requested by the commodity bourse.
The commercial proposal was duly submitted by 63moons to the board of MCX.
The validity of the last proposal has already expired as of the date and 63moons did not hear anything from MCX on the renewal of the service agreement, the technology firm said.
"63moons understands and acknowledges that eventually, it is a commercial arrangement between 2 organisations, which MCX has decided not to take any further. 63 moons wish all the best to MCX for its future journey," it added.


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