The new trading software program will go surfing from July 20, bringing the bourse at par with international exchanges, as CME Group has already adopted this customary in April, MCX stated in a press release.
There was a necessity for change in software program after the crude oil prices on NYMEX, the platform owned by the CME Group, sunk to first zero after which in negative territory on expiry of the contract on April 19.
This has severely hit Indian merchants as they may not shut their lengthy (shopping for) positions due to COVID-19-led early closure of home markets at 1700 IST as a substitute of regular closing of 23.30 IST, MCX stated.
Also, Indian trading softwares then was not enabled to settle for negative prices of any commodities in absence of any such priority on the planet until then, it added.
After complaints of Indian merchants, Securities and Exchange Board of India had requested the bourse to allow trading programs to settle for negative bid and ask quotes and permit commerce at zero worth of not solely crude oil however different commodities as nicely, the trade stated.
The last mock trading will likely be performed on July 18, MCX stated in a round, including it can inform market contributors by a separate communication earlier than going stay with the brand new system from July 20.