MCX stands for Multi Commodity Exchange of India Limited, which is Indias first commodity derivatives exchange that facilitates online trading of commodity futures contracts. It was established in 2003 by the Government of India and is currently based in Mumbai. MCX is Indias largest commodity derivatives exchange, and it offers options trading in gold and futures trading in non-ferrous metals, bullion, energy, and a number of agricultural commodities such as mentha oil, cardamom, crude palm oil, and cotton.

MCX works by providing a platform for buyers and sellers to trade commodities online. Buyers can place bids, and sellers can offer asking prices for various commodities, and the exchange matches these orders based on price and time priority. The exchange facilitates the trading, clearing, and settlement of commodity futures in India. Commodities of all the four major types - bullion, base metals, energy, and agro commodities - can be traded through MCX.

MCX is regulated by the Securities and Exchange Board of India (SEBI) after the merger of Forward Markets Commission (FMC) with SEBI in 2015. The exchange offers a specially prepared study material to all candidates who register for the MCX Certified Commodity Professional (MCCP) test.

In summary, MCX is a commodity derivatives exchange in India that facilitates online trading of commodity futures contracts. It offers options trading in gold and futures trading in non-ferrous metals, bullion, energy, and a number of agricultural commodities. MCX works by providing a platform for buyers and sellers to trade commodities online, and it is regulated by SEBI.