MCX technical glitch: Trading commences on MCX at 1 pm after four-hour delay

MCX technical glitch, MCX margin file error: Trading on MCX commenced at 1 pm on Tuesday, February 13, instead of the normal 9 am, owing to a technical glitch at the commodity exchange. First delayed for an hour and then delayed further owing to persistent issues at the bourse, trading finally resumed on the bourse at 1 pm.

"Trading resumed at 1 pm The delayed start was attributed to the slow processing and generation of backend files for the members. We apologise for any inconvenience caused," MCX said after the bourse returned to normal operations.

Normally trading at MCX takes place in two sessions, from 9 am to 5 pm (morning session) and from 5 pm to 11:30/11:55 pm (evening session). 

Several members faced issues due to issues in the creation of the margin file. 

Now MCX will open at 1 PM#MCX

— Varun Dubey (@VarunDubey85) February 13, 2024

Due to operational delays at the Multi Commodity Exchange (MCX), the commodity markets will open at 10 AM today.

— Zerodha (@zerodhaonline) February 13, 2024

What caused the issue  

"The margin file has not been created yet. This file, containing essential details such as client margins and positions, is usually available at around 6-7 am every day... All members are facing the issue," Narinder Wadhwa, President of the Commodity Participants Association of India (CPAI), told Zee Business.

"These are day-end files that are usually uploaded normally. While today's glitch seems to be a major one, MCX has said that it has distributed the files to half of the members... Earlier, there have been 2-3 instances of delays since the software transition," Wadhwa explained.

At 11:10 am, gold and silver near-month futures were frozen at the previous day's levels. 

Images: MCXIndia.com

MCX shares traded with mild gains in early deals on BSE. The stock was last seen trading with a gain of 0.4 per cent at Rs 3,502.5 apiece. 

MCX Q3 results

On Saturday, MCX reported a weak set of financial results for the October-December period.

MCX logged a consolidated net loss of Rs 5.3 crore for the fiscal third quarter, as against a consolidated net loss of Rs 38.8 crore for the corresponding period a year ago, according to a regulatory filing. 

MCX posted an EBITDA loss of Rs 19.7 crore for the quarter ended December 31, 2023, as against an EBITDA profit of Rs 32.7 crore for the year-ago period. 

Its software charges, however, multiplied 2.2 times on a year-on-year basis to Rs 146.3 crore, growing 8.8 per cent sequentially.

The exchange clocked a 98.7 per cent year-on-year rise in average premium turnover.   

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