MCX, with WikiFX Rating 1.20, Was Sued By Indian Brokers

Some time ago, the incident over crude oil future settlement price made the headline in India. At least four brokers in India have decided to sue the Indian Multi-Commodity Exchange (MCX) because they are dissatisfied with the crude settlement price from the exchange.

Source of data: moneycontrol

Established in 2003, MCX is a state-level electronic exchange corporation, and its shareholders mainly include domestic financial technology companies, national banks and joint banks. It is worth mentioning that MCXs crude oil futures trading volume accounts for over 94% of India's total. So how does such a prestigious exchange endorsed by financial giants end up this way？

It turned out that after the US crude oil futures plunged on April 20, MCX also closed positions at a price of -37.63 US dollars (about -2884 rupees) per barrel. The unprecedented practice in the history of Indian commodity derivatives not only violated the legal regulations and trading rules, but also caused heavy losses of all brokerages and investors by approximately 4.4 billion rupees!

In addition, MCX is already notorious for its terrible user experience. MCX App's download feedback center on Google Play was drowned with criticism. Users expressed their dissatisfaction with the exchange's App design, calling it the “worst App”, and strongly advised against downloading it.

WikiFX App shows that MCX has a poor rating of only 1.20. The institution is currently without valid regulation, please watch out for the risks!

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