Jignesh Shah Catapulted MCX to Become World’s 2nd Largest Commodity Exchange

The Spark of Genius: Jignesh Shah’s Vision

Jignesh Shah, a visionary and an innovator, who invented the word fin-tech before it became popular by setting up an IP-driven technology company named Financial Technologies India Ltd., now known as 63 moons technologies Ltd., in 1995 for providing pathbreaking fin-tech solutions to the broking industry and institutional players. Shah's relentless will and visionary foresight in 2003 were realised in the form of the Multi Commodity Exchange (Jignesh Shah MCX), a commodity exchange meant to bring order and openness to India's tumultuous commodity markets.

Jignesh Shah MCX’s Ascent

A Technological Marvel

Under Jignesh Shah’s leadership, MCX became a standout in technology, owing to Shah’s technological prowess and his previous endeavours in fin-tech. Launched in November 2003, MCX quickly changed the game in India’s commodity market. Near in the future after its inception, Jignesh Shah MCX was trading over ₹1,00,000 crore daily in daily volumes. Shah’s smart Public-Private Partnership (PPP) approach helped MCX grow fast at an unprecedented pace.

His focus on real-time data, shared through techenabled platforms, made sure traders had the right information to make decisions, boosting Jignesh Shah MCX’s standing as a global leader.

Global Ambition

Jignesh Shah’s International Legacy

Jignesh Shah took his legacy to an international level, setting up electronic trading networks in places like Africa, the Middle East, and Southeast Asia, like Bourse Africa, Dubai Gold and Commodities Exchange (DGCX), Bahrain Financial Exchange (BFX), and Singapore Mercantile Exchange (SMX), helping to connect global markets. MCX’s gold futures became a key standard worldwide, competing with COMEX, and its tech made an impact on exchanges in Bahrain and Mauritius.

His skill in dealing with tricky global agreements while keeping technology at the forefront earned him many praises, including the ‘Young Global Leader’ title from the World Economic Forum. Jignesh Shah’s vision not only boosted MCX but also highlighted India’s capabilities in fintech.

Innovation and Resilience

Shah’s Indomitable Spirit

Jignesh Shah’s genius lay in his ability to innovate under pressure. His creation of ODIN, a flagship broking solution with an 80% market share against stiff competition from national and international companies, demonstrated his knack for disruptive technology, a principle he applied to MCX. After relinquishing all his executive positions, Jignesh Shah currently plays the role of coach and mentor at 63 moons and continues to nurture leaders of the future. His philosophy, “Every step we take is copied in 3–6 months,” reflected his relentless pace of innovation, keeping MCX ahead of competitors.