MCX may reverse payments made to London company for spot trading software

The Multi Commodity Exchange plans to write off the nearly 20 crore paid to London-based software developer PESB for setting up a spot commodity exchange, sources said Activity area. The plan is under discussion and senior officials are deliberating on developing a policy, which can be submitted to the board for approval, the sources said.

In 2019, Activity area was the first to report on the payments controversy surrounding MCX spot trading software. The contract with PSEB became controversial after alleged covert payments by MCX in 2018. Three years have passed, but the company was unable to deliver the software and instead dragged MCX to arbitration proceedings in Singapore.

MCX in a trading spot

The lack of spot exchange trading software has put MCX on its back. SEBI recently gave MCX the green light to initiate spot gold trading. While the ESB last week announced plans to launch spot gold trading through Diwali, MCX, with a monopoly on gold futures and options, is still in talks with suppliers. software that will allow him to start the cash trade. India imports nearly 1,000 tons of gold per year and therefore a spot exchange could intensify the battle for market share among Indian exchanges, experts said.

Senior level outings

Even as MCX changes its trading technology and moves its supplier base to TCS from 63Moons Technologies, its Chief Technology Officer (CTO) Manav Jain has left. Jain will be appointed a consultant for MCX and will be based in the United States, sources said.

Also read: TCS bags deal from MCX to transform major trading systems

Anand Iyer, who worked as senior director of operations and technology at Dun & Bradstreet and chief information officer at NCDEX, is the frontrunner for the CTO position at MCX, the sources said. MCX is also looking for an COO and a Manoj Jain will join in November, sources said.

Neetu Juneja, vice president and head of investor protection fund at MCX, also filed her papers, the sources said. MCX did not respond to queries sent by Activity area.

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