Why brokers are up in arms against MCX over the April crude oil contract

They say the exchange muscled its way in to force negative pricing on the contract without tweaking its software to protect traders, the way Nymex has done

Over the past two days, broker members of MCX, India’s largest exchange for commodity derivatives, are up in arms against the manner in which the April crude oil contract was settled by the bourse. They have valid reasons to present their side of the story against an exchange that has used its financial muscle to have its way.

What is the core issue?

MCX crude oil is the most liquid contract and generates the highest volumes on the exchange. The contract was launched 15 years ago and was based on US shale oil price indicator WTI (West Rexas intermediate), which