NSE Now was an advanced online trading platform in the year of 2008 which was directly linked to the Stock Exchange of India. But due to many reasons, it was terminated by 2020. Read further to know more about NSE Now and the reasons for its termination.
NSE NOW Trading Platform Review- An Intro
NSE NOW is a Computer-to-Computer Link (CTCL) service that brokers used to access the exchange’ s trading platform. NSE NOW was discontinued after a 12-year successful run. Previously, exchanges supplied front-end software that was mostly standardized and one-size-fits-all. However, exchanges across the globe have shifted away from offering front-end software and have begun exposing APIs enabling the ecosystem to create customized solutions that meet the needs of each broker.
Launching of NSE NOW Trading platform
The NSE NOW trading platform was successfully started in July 2008 and has remained free to use.
Since the launch of the NSE NOW app 12 years ago, numerous brokers have moved away from it to provide their clients with their own trading platform alternatives. Nonetheless, almost one-third of the NSE ‘s 800+ trading members choose NOW as their trading platform option.
National Stock Exchange of India Ltd. & NSE NOW Trading platform
The National Stock Exchange, or NSE as it is commonly known, was founded in 1994 and is India’s major and one of the world’s largest stock exchanges. The NSE also supervises trading and clearing members, as well as listed corporations, for regulatory compliance. NSE provides a trading Application named NOW, which means NSE on WEB, as part of its technological offerings. DotEx, the company’s subsidiary, created this NSE Now platform.
Key Features of NSE NOW Trading Platform – A Review
Review on Services of NSE NOW Trading platform
Services Review of NSE NOW Trading platform
1. CASH & CARRY (CNC)
When traders desire to take delivery of equity shares, they employ this instrument. Most brokers do not provide leverage with this product.
2. Margin Intra-Day Square or MIS
This product is used for intraday trading in commodities, equity derivatives, equity cash, and currency derivatives. You then continue to square off the specified position on the particular trading day using the MIS product.
3. NRML
This standard product is used for commodity, equity, and currency derivative trading.
Review on Press Statement about NSE NOW Trading platform
In a press statement dated June 8, 2020, “the exchange informed market participants about the termination of the NOW platform with effect from September 14, 2020. However, in response to
member requests to extend the deadline for NOW cessation and in light of the current circumstances created by the spread of COVID-19, the NSE changed the NOW termination date to
December 28, 2020” via a press statement dated July 28, 2020.
Furthermore, the NOW Helpdesk has been advising NOW users of the NOW discontinuance date via
frequent phone calls and emails.
Discontinuation of NSE NOW Trading platform
NOW has been hampered by serious technological difficulties, and complaints about it have piled up at NSE over the years. This year has also seen a number of catastrophic events in which retail broker’s trading has been suspended. The broker’s group even wrote to the NSE, claiming that the technological issues had caused significant losses to its members.
What happened to NSE NOW Customers?
NSE NOW members are urged to transfer to other trading platforms available in the market before the end of the day on September 13, 2020. The platform has been in use for 12 years. According to the release, over the last several years, exchanges across the world have shifted away from offering front-end software and have begun exposing APIs for the ecosystem to create customized solutions that meet the demands of each brokerage.
According to the bourse, in keeping with this worldwide trend, it has begun offering simpler APIs (Application Programming Interface) enabling members/developers to construct relevant solutions for brokerages.
Review on Disadvantages of NSE NOW Trading platform
Review on Best Alternative for NSE NOW Trading platform’s Customers
As the NOW is being phased down, the NSE is giving APIs to its members for them to construct bespoke trading platforms based on the needs of each broker. With the termination of NOW, brokers may either construct their own front-end trading solutions over top of the NSE APIs, or they can go with alternative choices such as ODIN, BSE’s BOW, Omnesys NEST, etc.
In a Nutshell
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