 "63 moons offers trading software Odin at 50% discount as NSE shuts NOW")
63 moon technologies on Tuesday said it will offer trading software Odin at a 50 per cent discounted price to enable smooth transition of trading terminals from the National Stock Exchange's NOW platform.
The move comes a day after the National Stock Exchange (NSE) announced that it would discontinue NOW trading platform from mid-September.
NOW is a Computer to Computer Link (CTCL) facility through which brokers were accessing the exchange's trading platform.
"Odin, which holds approximately 70 per cent of the retail broking market share in trading software, has decided to provide a discount of 50 per cent on its pricing and technological support to enable smooth transition of trading terminals from NSE's NOW," 63 moons said in a release.
In a release on Monday, the exchange said it has decided to discontinue the NOW platform from September 14.?
"Accordingly, members are advised to migrate to alternate trading platforms available in the market by end of day September 13, 2020," it said.
The platform has been operational for 12 years.
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As per the release, over the last few years, exchanges world over have stepped back from providing front-end software and have started publishing APIs for the ecosystem to develop customised solutions that suit each brokerage's needs.
In line with this global trend, the bourse said, it has started publishing simplified APIs (Application Programming Interface) for members/ developers to build appropriate solutions for brokerages.
"We believe the time has now come for the exchange to step back from providing trading front-ends," it added.
NSE, the country's first bourse to implement electronic or screen-based trading, is also the country's largest stock exchange in India in terms of total and average daily turnover of equity shares.