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ODIN Review

ODIN is the leading online trading platform in India. Developed by Financial Technologies in 1998, ODIN trading software has the largest share of a trading platform in India for over 2 decades.

As of Dec 2019, 1000+ clients across 400 cities and over a million active end users. The market share of ODIN is falling drastically since 2013 after the fraud at NSEL was surfaced in 2013.

The parent company 63 moons is still going through the fraud at NSEL. This adversely affected the ODIN platform. In April 2018, the prosecutors attached the intellectual property rights of ODIN to this case. The freeze on ODIN IPR means that the revenue received from the sale of trading technology terminals to brokers would not be accessed to the company.

ODIN, The Brokerage Technology Solutions

The Multi-Exchanges, Multi-Currency Dealing Desk, and Risk Management System ODIN is a technology platform that allows online trading in multiple segments across multiple exchanges. The platform has inbuilt order management and risk management components.

ODIN is popular among traditional stock brokers in India. It works really well in the sub-broker / franchise business model.

ODIN is the abbreviation for the Open Dealer Integrated Network.

ODIN trading software offers a number of tools for trading. These tools are categorized under Exchange Technology Solutions, Brokerage Technology Solutions, and Risk Solutions.

For Brokerage Technology Solutions, ODIN offers online trading, order management, risk management, order routing, and franchise and branch management related software.

ODIN is a trading platform with the facility to trade in cash, derivatives, mutual funds, IPOs, currencies, and commodities. A user can trade in all these segments from one single screen. ODIN offers to trade at BSE, NSE, MCX, and NCDEX.

The product offering for retail customers:

1. ODIN Diet: An Exe based trading application is the flagship trading application for retail investors. It is a lightweight, simple and secure desktop trading application. It enables the customer to trade in any segment at BSE, NSE, MCX, and NCDEX. ODIN Diet is the most popular trading software for trading at MCX. Over 80% of MCX brokers use ODIN Diet. It has seamless integration with other apps like e-IPO, e-Mutual Fund, Back Office, Advance Charting, News, and Analysis.
2. NeT.net (Trading Website): A browser-based trading website. NeT.net is fast, secure, light-weight, reliable and simple trading software of online trading. It has all major features which are part of ODIN Diet trading terminal. The website has all common features including a range of reports, fund management, news integration. In addition, it can be easily integrated into other apps including Online IPO, Mutual Funds, Back Office, charting tools and 3rd party news & analysis tools.
3. ODIN WAVE (Mobile Trading App): A mobile trading app designed for trading-on-the-go. The simple and intuitive app is loaded with features that are critical for an investor to a frequent trader. This app also has a facility for In-App Calling. This enables the customer to connect to the dealer's desk directly from this app. In addition, this app has plug-ins and 3rd party integrations to enhance trading experience.
4. ODIN API: ODIN offers multiple API's to integrate its trading platform with 3rd party tools and services. Brokers can develop their Web Portal, Mobile App, etc. using these APIs. These are over 13 API's available for brokers to use including trading API, Algo API, User Risk Parameter Upload API, etc.

Trading Platform Owner

63 moons technologies limited

63 moons is a trading technology provider for financial exchanges. The company was incorporated in 1995 as Financial Technologies and later rebranded as 63 moons in 2016. The company provides a range of technical and software solutions for online trading.

Mr. Jignesh Shah is the founder and chairman of the 63 moons group. Under Mr. Jignesh Shah, the Group launched the Multi Commodity Exchange of India (MCX), India's first commodity exchange in 2003 and is currently the world's 6th largest commodity futures exchange.

NSEL, a spot commodity exchange, went insolvent in July 2013 after about two dozen counterparties defaulted on payments to 13,000 investors. The outstanding monies owed to the investors amount to Rs 5,300 crore. 63 Moons own 99.99% of NSEL's equity capital. Mr. Jignesh Shah was jailed.

The company sold its holding in MCX, IEX, and other exchanges in the year 2014 after an order from market regulators.

ODIN Product Highlights

ODIN trading software is used by over 1000+ brokers / financial institutes in India. It is a stable, fast and a powerful trading platform for trading at BSE, NSE, and MCX. Here are a few key highlights of the ODIN Diet:

• ODIN is the oldest and most used trading platform. It had over 75% market share in 2015.
• ODIN provides end-to-end solutions for Brokers. It includes Front Office, Middle Office, Back Office Clearing, Settlement, Accounting, and Messaging Solutions.
• The company offers Managed Service for ODIN. This means they take care of hardware, software, exchange connectivity, client connectivity, backups and disaster recovery on behalf of the broker.
• ODIN has integrated OMS and RMS.
• Offer API to brokers. The brokers can develop their own front-end applications using these APIs.
• ODIN Diet trading terminal is the strongest offering by the company. This market dominance product is the best tool available for trading for frequent traders and dealer desks for over 2 decades. 

ODIN had a monopoly in the trading solutions business until 2013. The growth of the product stalled after the owner got caught in 2013 fraud at NSEL. The company's fate is in limbo as the prosecutors are trying to recover over Rs 5000 Cr.

ODIN Key Features

ODIN Diet is a comprehensive trading tool. It offers to trade in equity, currency, and commodity, all under one screen and with one login. You can trade at BSE, NSE, MCX, and NCDEX.

ODIN Diet is built for frequent trader and for dealers who place orders on behalf of customers. Other than the standard trading features, here are some of the key features of the ODIN Trading Platform:

• ODIN offers online trading through it's desktop, web and mobile trading apps.
• ODIN Trading Terminal (ODIN Diet) is the most powerful and popular trading terminal for the desktop.
• ODIN offers access to all asset classes at multiple exchanges.
• ODIN has an integrated OMS and RMS which makes it fast, stable and reliable.
• It has integrated DP and back office.
• ODIN is also offered as managed services. This means the broker doesn't have to bother about maintaining the trading platform. This results in far less downtime.
• Plug-ins are available for advanced users.
• 3rd party plug-ins can be installed on ODIN. This feature is not available on other trading platforms.
• It supports multiple market depth windows
• It allows the user to create custom indicators that are now possible in NSE NOW and Omnesys NEST.

ODIN Feedback by Customers

Most customers like the ODIN Diet trading platform as they are using it for years. It works well and has all the features a trader need.

Few complaints:

• Expensive software as most broker charge a fee to use it. 

Positive words:

• Offered by multiple brokers. This makes it easy to move to another broker.
• Stable and robust trading app.

Products Offered by ODIN

ODIN offers a range of products for trading.

1. CNC (Cash & Carry or Delivery Order)

   For trading Equity in the delivery segment.

2. MIS (Margin Intraday Square Off Order)

   For intraday trading in equity and F&O segments. All MIS trades are squared off automatically at the end of the trading session if not closed by the customer.

3. NRML (Normal or Carry Forward Order)

   Normal orders are used for an overnight position in Equity F&O, Currency F&O, and Commodities F&O. Orders placed under NRML products are not squared off at the end of the day.

4. BO (Bracket Order)

   A Bracket Order is an advance order which allows traders to take an intra-day position and take advantage of extra exposure while being protected through a stop-loss order and a profit booking order.

5. CO (Cover Order or Margin Plus Order)

   A cover order is an advance order in which the buy/sell order is automatically placed along with a stop-loss order in a single click. CO allows trading with higher exposure as it minimizes the risk.

6. BTST (Buy Today Sell Tomorrow Order)

   Also known as PTST (Purchase Today Sell Tomorrow) or ATST (Acquire Today Sell Tomorrow). This order allows the trader to sell shares one day after the buy order, without waiting for shares being credited to the demat account from buy order. In this case, the trader doesn't have to wait for T+2 days to sell. Technically, the BTST order give 2 extra days to the intraday traders. This increases the probability of a better return. In simple words it allows you to sell before getting delivery of the stock to your demat account.

7. MTF (Margin Trade Funding Order)

   MTF orders allow the trader to carry delivery position beyond 7 days, by paying only a small percentage of the security's value known as margin amount.

Order Types Offered by ODIN

1. RL (Regular Lot)

   An order that has no special condition associated with it is a Regular Lot Order. They are also known as NRML or Normal orders.

2. SL (Stop Loss)

   These orders are placed for minimizing/restricting the loss.

3. AON (All or None)

   All or none means that if someone is placing a big quantity order and he doesn't want to get less quantity to be executed, and then he can place an order that either all the quantity should get executed or none.

4. MF (Minimum Fill)

   In the case of minimum fill which means that at least this much of minimum quantity should get executed or none. It is also used for the buyback of shares.

5. ST (Special Trade)

   All the orders having either AON (all or none) or MF (min fill), come under the category of ST.

ODIN User Customization Options

ODIN is highly customizable trading software. Hundreds of settings are available to the user for the personalized experience. Some of these settings include:

1. Create Custom indicators
2. Scrip Alerts and Options Alerts

ODIN Reports

ODIN provides a number of orders and trade reports.

1. Order Book

   Traders can check the status of all orders in the order book. The order book reflects pending, rejected and executed order status for buy/sell orders for the current trading day.

2. Trade Book

   All trades done on a particular day can be viewed in the trade book window. Trade book gives details of the order executed at the exchange along with the execution details such as Traded Quantity and Traded Price.

3. Stock Watch

   It provides the details of the cash segment delivery based holdings available in the pool account.

4. Back Office Reports

   In ODIN, you can access the back office reports directly from the trading application.

ODIN Charges / Fees

ODIN is a third party trading software made available by brokers to customers. The fee for using ODIN varies by the broker.

The brokers pay a hefty licensing fee to offer this trading platform to its customers. Some brokers bear the cost while others pass it over to the customers who use the software for trading.

Brokers using ODIN

Traditional Brokers:

• Religare
• Sushil Finance
• Karvy Commodities
• Kotak Commodities
• RK Global Stock Trading
• Bonanza Portfolio
• LKP Securities
• Nirmal Bang
• Arihant Capital 

Discount Brokers:

• None