Technical snag halts trading at NCDEX
A technical snag disrupted trading on India’s second-largest commodity trading platform, the National Commodity & Derivatives Exchange (NCDEX), for two hours, leaving traders in a fix.
Dozens of traders were unable to trade as the exchanges had introduced an upgraded version of trading software TradeX, with additional features. The exchange, in a circular dated December 14, had announced the launch of the new software from on Monday after full-fledged mock trading yesterday.
The mock trading was successfully completed and the new version of TradeX was made compulsory for all members from on Monday. The new TradeX version 3.1.1 was made available for all members connected through VSAT, leased line, MPLS and internet. All users were asked to download the new version.
“The mock trading went on smoothly on Sunday. Consequen-tly, we introduced the indigenously advanced version of TradeX with additional features. We started receiving calls from traders immediately after opening the session that they were unable to log in for trading. Around 11.20 am we shut the terminal for two hours,” said M K Ananda Kumar, chief, corporate services. “Immediately after that we tried rectifying the problem and the trading was restored at 1.20 pm,” he added.
The advanced trading technology TradeX (v 3.1.1 Build 2) offers many features including a facility for corporate managers to selectively allow/restrict the trade modification facility to a particular user under him, to reset the user id of any user under him and a restriction facility on all users.
“NCDEX regrets this unfortunate and rare disruption to our normal market operations and the inconvenience caused to customers. Technical and market operation teams took action immediately, focusing on restoring the market to full operational performance as rapidly as possible. We are still investigating the cause to ensure the problems do not recur,” said Kumar.
He, however, denied any pay-in and pay-out shortage due to the technical snag.
The overall turnover in the morning session declined 37 per cent to Rs 6,063 crore as compared to Rs 9,599 crore in the same session on Friday. Trades were high in guar seed, soyoil, chana, soybean and guar gum categories.