Speaking to CNBC-TV18, Praveena Rai, Managing Director at MCX, said, “We have had a number of interactions with our stakeholders. Our most important stakeholders are our members and participants. What I heard from them is that we have to be ready for 10x, and all of us within MCX agreed that this is our new goalpost. We have ballparked the numbers at around 10 billion orders a day, and that is what we are preparing for now.”
The company is currently growing at about 40% in operating revenue and nearly 50% in earnings before interest, taxes, depreciation, and amortisation (EBITDA). This performance, she stressed, is supported by both headline numbers and a strong foundation of technology, compliance, and macro trends that continue to support commodity trading in India.
Energy remains a strong segment, bullion has performed even better than expected, and metals are seeing increased activity with the potential to double volumes in some areas. Even the smaller agri-segment continues to play its part.
A key development this year has been the launch of electricity futures. Rai explained that electricity is becoming an important commodity globally, and the Indian market is ready for a product that supports hedging across producers, consumers, and the wider value chain.
With India’s renewable energy capacity expanding faster than planned, the demand for such a product is only expected to rise. Early signs are encouraging, with average daily turnover at about ₹40–50 crore within just three months of launch. She said it will take time for financial players and corporates to fully understand and adopt it, but MCX expects the contract to gain meaningful traction over the next two to three years.
Rai also addressed the trading glitch experienced on October 28, acknowledging that it was a difficult episode for the exchange and its participants.
She said MCX took immediate action by conducting a root-cause analysis and then bringing in a third-party assessment to validate the findings. The exchange is now putting the platform through stress tests using real volumes to identify any other potential issues.
An expert panel is also reviewing MCX’s scalability and resilience to ensure the system remains fit for purpose as the exchange grows.
For the entire discussion, watch the accompanying video
