Multi Commodity Exchange (MCX) has sought application from software companies to provide new trading and clearing software as the contract with existing 63 moons (formerly Financial Technologies) comes to an end in September 2022.
In the Request for Proposal issued on Saturday, MCX said bidders should provide an earnest money deposit of ₹ 1.50 crore in the form of demand draft favouring MCX and the last date for submission of bids and financial proposal are October 23 and November 20.
EMD is required to protect MCX against the risk of bidder’s conduct, it said.
All the software service providers including 63 moons can place their bid for the project.
The exchange seeks competitive proposals for supply, installation, implementation, training, support and maintenance of commodity derivatives platform having key functionalities including order management, comprehensive matching engine, trade lifecycle management, market statistics, interfaces, risk and collateral management, clearing, settlement and delivery management.
While 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 in order to achieve MCX vision of to becoming a Universal Exchange, said the exchange
MCX is determined to adopt platforms and systems that provide standard open interfaces and services that are compliant with regulatory framework and global best practices.
The commodity exchange expects the new software to support business expansion and meet international exchange standards in terms of business features, robust system, high performance and security.
Bidders have to submit their techno-commercial and financial proposal in response to the RFP. The criteria and the actual process of evaluation are independent of any previous evaluation process and subsequent selection of the successful bidder will be entirely at MCX’s discretion, it said.
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