MCX – The Multi Commodity Exchange of India Ltd.
(Ongoing)
Profile
The Mumbai-based MCX is a
nationwide electronic multi-commodity futures
exchange that facilitates online trading as well
as clearing and settlement operations in the
futures market. The Exchange started operations in
November 2003 and currently has 70% market share
of the total commodity futures trading volume in
the country. MCX, being among the world’s top ten
commodity derivatives exchanges, ranks among the
top three bullion, energy and copper bourses
globally in terms of contracts traded. The average
daily turnover of MCX is about US$2.2 billion. MCX
currently has over 1,600 members allowed to trade
on its platform and transmute efficiency to the
masses via spread of information.
In addition to being an ISO
9001:2000 company for quality management, it is
the world’s first and only multi-commodity
exchange to have achieved ISO 27001:2005
certification, the global benchmark for
information security management systems.
The exchange strives to
spearhead developments in the commodities futures
segment. Therefore, it has forged eleven strategic
alliances across the world, including with Tokyo
Commodity Exchange, Chicago Climate Exchange,
London Metal Exchange, New York Mercantile
Exchange, New York Board of Trade and Bursa
Malaysia Derivatives, Berhad and ten regional
alliances with the likes of Bombay Bullion
Exchange, Bombay Metal Exchange, India Pepper &
Spice Trade Association and The United Planters
Association of Southern India.
Project
MCX has set up offices in
several locations all over India, where their
staff supervises and monitors the health of online
transactions. The nature of the business is such
that the personnel who have to run the operations
need to be trained in the operation of the
exchange. This is done by a set of trainers who
visit the locations from time to time and impart
the specialized training. The nature of the
training is ‘sensitive’ in that it also embodies a
fair level of information of strategic value.
Occasionally, there are some guest experts who
deliver short lectures on the current trends of
the business.
As India’s leading commodity
exchange, it has been MCX’s constant endeavor to
spread the culture of futures trading among
existing and potential stakeholders in the
commodities ecosystem through a slew of training
programs.
It is also felt that if the
Chairman could address the various locations every
morning, it would help in keeping employee morale
high. Two-way interactivity, where employees at
any of the locations are in a position to seek
clarifications from him, would be a definite
advantage.
Neutron has been assigned the
task of providing MCX with a
Distant Education
Solution that will be used extensively to train
internal staff and market participants of
commodities trading. The information will be
suitably encrypted to avoid security breach.
Solution
The project is currently in the
first phase of implementation. Neutron has
provided MCX with Polycom
Video Conferencing
capabilities between six locations in India
(Mumbai, Hyderabad, Kolkata, Chennai, Ahmedabad,
and Delhi) for internal interaction and training
purposes. This setup allows the Chairman to
address these locations as and when needed, and it
also permits two-way interactivity where employees
at these locations can freely participate in
discussions with the Chairman and others at the
HO.
Training sessions can be
recorded or presented live at the Mumbai Head
Office. A Polycom Streaming Server installed in
the Mumbai office captures the training. It has
been connected through a dedicated IP network and
the streamed output is made available at all other
locations in India.
Catering to mobile executives,
there is a provision for some
Desktop
Conferencing. This will be connected to the
network on an ad hoc basis. By the end of the
project, all the three major communication goals
outlined above will be met.
Neutron’s involvement right
from the drawing board stage has enabled it to
assess the infrastructure and variety of resources
that will need to be deployed for making this a
reality. Backed by unparalleled support, the fully
integrated system would continue to operate
without interruptions until the next paradigm
shift.
Impact
Improved efficiency of
training
Proactive responsiveness for
MCX’s customers
Greater enthusiasm for
employees
Opening a vista for future
interactions
Online consultancy for
traveling executives
Learning at one’s own
convenience
Neutron’s
Distant Education
Solution will go a long way in enhancing the reach
of MCX’s training initiatives among a swath of the
commodity ecosystem’s participants by obviating
the need for moderators and trainers’ physical
presence in locations where participants are
based. This will translate into optimum use of MCX
resources by reducing travel costs and optimizing
executives’ time.
When the volumes grow beyond
current levels, the frequency of training and the
audience will multiply. It is at this juncture
that a self-driven system will enhance the
responsiveness to the stakeholders by offering
them subjectwise training at their own
convenience. Clarifications can be sought from an
online set of consultants who would be available
on the network on shifts.
All considered, the presence of
MCX’s operations is likely to impact a very wide
cross section of society.
MCX – The Multi Commodity Exchange of India Ltd.
(Ongoing)
Profile
