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MCX trading halted for 45 minutes as technical glitch hits system

LiveMint logoLiveMint 04-09-2017 Jayshree P. Upadhyay

Mumbai: Trading on the Multi Commodity Exchange Ltd or MCX halted for more than 45 minutes on Monday after a technical glitch hit the trading system.

“Trading stopped on MCX platform for over 45 minutes. The market regulator has been informed of the technical glitch,” an MCX spokesperson said, confirming the incident without going into specifics.

This was the second trading halt to hit Indian markets in the past two months. On 10 July, trading had halted at the National Stock Exchange of India Ltd or NSE for three hours following a technical glitch.

“MCX observed a problem with its trading system around 6:36pm today (4th September 2017). After assessing all the hardware, software & network aspects, it was decided to restart the trading system,” said the bourse in a press statement. “Members were then allowed to re-login at 7:15pm. Between 7:25 to 7:35pm, Members were allowed to cancel their pending orders in the system, in a special session. Thereafter LIVE / Normal trading resumed at 7:36pm.”

“The matter is being examined for identifying the root cause which led to the issue,” said MCX.

Although no official reason has been given, one of the reasons behind the technical glitch could be migration to a new trading system.

“The technical glitch could be due to the exchange upgrading and migrating today to a new trading system. MCX has already submitted an interim report to Sebi following the trading halt,” said the a person with direct knowledge of the matter, requesting anonymity.

In the case of the NSE trading halt, members had the option of trading on BSE. In commodities trading however, many commodities are solely or mostly traded only on MCX.

Sebi is undertaking a comprehensive review of technology and systems at all market institutions including stock exchanges to safeguard the marketplace from cyber threats and technical glitches, the regulator said in a statement on 28 July after a meeting held in the backdrop of the technical glitch at NSE.

MCX observed a problem with its Trading system around 6:36pm today (4th September 2017). After assessing all the hardware, software & network aspects, it was decided to restart the trading system. Members were then allowed to re-login at 7:15pm. Between 7:25 to 7:35pm, Members were allowed to cancel their pending orders in the system, in a special session. Thereafter LIVE / Normal trading resumed at 7:36pm.

The matter is being examined for identifying the root cause which led to the issue.

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