MCX is in a complicated relationship with 63 Moons
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How Shrimp Almost Bankrupted Him
The multi-commodity exchange or the MCX has a virtual monopoly commanding over 90% market share. The number of active unique clients have soared from 3.5 million in 2020 to over 10.5 million today. Average trading volume of these commodity trading options contracts has soared from just 2,300 crore rupees to 52,600 crore rupees during this period too. So the stock price must be soaring, right? Well, not quite. And that's partly because of a software roadblock.MCX relies on a third party company called 63 Moons Technologies to run the show. It pays 63 Moons of fixed fee and even a percentage share of revenues for the tech. Nearly 30
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