On February 13, 2024, the Multi Commodity Exchange of India (MCX) faced a significant delay in trading due to a technical glitch. Initially scheduled to begin at 9 AM, the exchange was forced to revise its trading hours multiple times throughout the morning. First, the opening was postponed to 10 AM, then to 11 AM, and finally, trading commenced at 1 PM. This delay affected the commodity derivatives segment, leading to widespread disruptions.
According to a circular issued by MCX, the technical issues stemmed from its commodity derivatives trading platform. Both MCX's internal team and its technology partner, Tata Consultancy Services (TCS), were actively working to fix the problem. Zerodha and Upstox, two prominent brokerage firms, were among the first to report the delay via Twitter.
Despite the technical difficulties at MCX, the overall market showed resilience. By the time trading resumed at 1 PM, the Sensex had climbed 0.2% to reach 71,191 points, reflecting marginal gains in the equity markets. Brokers, however, expressed concerns about delays in receiving key files—such as position, margin, and trade files—from MCX, which affected the processing of trades from the previous session.
Shrey Jain, founder and CEO of SAS Online, stated, "Brokers are awaiting their position, margin, and trade files from the MCX. Without these, the processing of the previous trading session remains pending. Once the files are received, we will complete the beginning-of-day process and prepare the system for today's trading." This incident underscores the importance of technological reliability in modern financial markets, where even short-term glitches can have significant ripple effects. The incident has sparked a discussion on the robustness of India's trading platforms and their contingency plans in the event of technical failures.
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