63 Moons Technologies
63 Moons Technologies Limited, known as Financial Technologies Limited until 2016, is an Indian technology company which provides financial platforms and supports the creation of digital marketplaces.
History
The company was founded in 1988 by Jignesh Shah and is headquartered in Mumbai, India. It had its first IPO in 1995. The company introduced its first commodity derivatives trading platform, the Multi Commodity Exchange in 2003. FTIL has divested of its domestic and international ventures.
The company’s name was officially changed to 63 Moons Technologies Limited on 27 May 2016, after receiving approval from the Registrar of Companies following a one-year process.
NSEL case
In July 2013, the National Spot Exchange, owned by 63 Moons Technologies, suspended trading following a government order. Investigations by the Economic Offences Wing and the Enforcement Directorate alleged that trades worth about ₹5,600 crore involving around 13,000 investors were conducted without underlying commodities, supported by forged warehouse receipts and manipulated accounts. A subsequent court order resulted in ED attaching assets belonging to 63 Moons worth ₹888 crore in 2019.
Operations
Exchanges
The company launched many domestic and international ventures. It owned several subsidiaries that included National Bulk Handling Corporation, Multi Commodity Exchange, Dubai Gold & Commodities Exchange, Indian Energy Exchange, MCX Stock Exchange, Singapore Mercantile Exchange and Bourse Africa. In October, 2010, Financial Technologies launched Global Board Of Trade, an international multi–asset exchange in Mauritius. In February 2011, Financial Technologies launched Bahrain Financial Exchange, the first multi–asset exchange in the Middle East and North Africa.
Software
Distributed Order Matching Engines is an order matching systemMATCH; it is an enterprise application integration toolODIN was used for trading in securities and commodities. As of 2020, ODIN accounted for around 70% of the retail broking market share in trading software.STP-Gate, launched in 2017, is a straight-through processing system for the Indian financial markets, which was sold to Synapsewave Innovations in August 2024.
Subsidiaries
Atom Technologies is a digital payment service providers, offering payment collection facilities. FTIL divested a controlling stake to NTT Data Corporation in late 2018.TickerPlant is an analytics platform with streaming of market information of exchanges. It also launched its cryptocurrency super application called CryptoWire.63 SATS is a cybersecurity arm of the company which operates a centralised information security operations center on a decentralized network protocol. The new division founded in 2023-24 is advised by Yigal Unna, Former Director General of the Israeli National [Cyber Security Authority (Israel)|National Cyber Directorate].