Home >Markets >Stock Markets >NSE NOW shuts shop, ODIN slashes fees by 50% to fill vacuum
ODIN and NOW is a computer-to-computer link from a broker’s terminal to the exchange, while NOW was offered for free, ODIN always charged a fee and is major revenue earner for 63 Moons. (REUTERS)
ODIN and NOW is a computer-to-computer link from a broker’s terminal to the exchange, while NOW was offered for free, ODIN always charged a fee and is major revenue earner for 63 Moons. (REUTERS)

NSE NOW shuts shop, ODIN slashes fees by 50% to fill vacuum

ODIN and NOW is a computer-to-computer link from a broker’s terminal to the exchange, while NOW was offered for free, ODIN always charged a fee and is major revenue earner for 63 Moons

MUMBAI : Even as majority of brokers, trading members are trading from home as partial lockdown continues National Stock Exchange of India ltd (NSE) decided to shut its technology solution NSE NOW, which connected brokers to its trading platform for free on Monday.

ODIN, 63 Moons technologies Ltd's (former FTIL) flagship offering targeted at brokers and traders has decided to cash in on the opportunity. ODIN is hoping to capture the market left by NSE NOW, increase efforts to reach out to trading members as they continue to trade from home and offer 50% discount on its prices.

"The 50% discount on pricing and technological support is to enable smooth transition of trading terminals from NSE’s NOW and to ensure business continuity in this hour of crisis," said Keshav Samath, President & CEO, ODIN. & BTS ( brokerage technology solutions )

ODIN and NOW is a computer-to-computer link from a broker’s terminal to the exchange, while NOW was offered for free, ODIN always charged a fee and is major revenue earner for 63 Moons.

While some online brokerages and institutions have created their exclusive trading software, some brokers catering to the retail segment have been availing the services of NOW for the past 12 years.

Earlier, exchanges provided front-end software which was essentially standardised and one-size-fits-all. But exchanges world over have stepped back from providing front-end software and have started publishing APIs for ecosystem to develop customised solutions that suit each broker’s need," said NSE in a press statement.

Currently this technology solution is being provided by BSE bolt on web (BOW), BSE BEST which are free solutions. Refinitiv formerly Thomson Reuters is the only other commercial player in this segment after ODIN. 70% of the market share of retail broking is currently with ODIN.

ODIN plans to innovate at a furious pace to bring out the next generation cloud based platforms and technologies for the financial markets, Samath.

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