Multicharts trading in Europe and new MIFID regulations

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Cypress
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Multicharts trading in Europe and new MIFID regulations

Postby Cypress » 26 Feb 2018

From last December, OANDA's european customers can use Multicharts for charting but not for trading.

Requested about this, the answer was: "according to MiFID II requirement, we are unable to offer any third party platform with your OANDA account if the platform is not regulated. And Multicharts is not regulated in the Europe".

At this point I have two possible questions:

- If that's right, what (and by who) can be done or changed to make possible to europeans trading by Multicharts?.

- If that's not right, with what other brokers is possible at this time automated trading of CFDs, forex or futures through Multicharts in Europe.

Thanks.

mickatrade
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Re: Multicharts trading in Europe and new MIFID regulations

Postby mickatrade » 26 Feb 2018

Hello,
I ve no problem with lmax broker.
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Cypress

wilkinsw
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Re: Multicharts trading in Europe and new MIFID regulations

Postby wilkinsw » 26 Feb 2018

I trade with a Mifid2 regulated firm in London (effectively my broker) and use Multicharts with CQG.

Multicharts have built in boxes that enable the trader to define their Mifid2 algo ID codes (that you would be assigned by your mifid2 regulated broker):
cqg mifid2.PNG
cqg mifid2.PNG (16.17 KiB) Viewed 208 times


For trading EU products (products NOT EU residents per se!), you are going to have to go away and find a broker that is willing to give you a Mifid2 algo ID for each algo you have (and also to assign another ID for manual trades placed in MC, which they can specify in CQG CAST). I don't imagine that'll be easy though! The broker will want you to keep a record of all the stress tests you carried out to make sure your algo isn't going to bring down a european exchange and there will be a lot of trust involved.

Fact is OANDA saying to you
"according to MiFID II requirement, we are unable to offer any third party platform with your OANDA account if the platform is not regulated. And Multicharts is not regulated in the Europe".
Is absolutely baseless crap. What they really mean to say is "we don't want to (and/or can't) help you". My broker helped me, as did CQG and Multicharts.

You might also try finding a broker that will simply internalise your orders as a circumvention. There are lots of bucket shops out their that will give you exposure to the underlying eu products, but not ideal.
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hughesflemingCypress

Cypress
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Re: Multicharts trading in Europe and new MIFID regulations

Postby Cypress » 04 Mar 2018

I don’t think it's a security problem for European product markets. OANDA Europe applies it to all its customers (whatever the products), using third party applications. His own platforms (Desktop, Web and MT4) can make automated trading, I believe.

Besides, OANDA is a market maker of CFDs and forex, and, in my case, only use normal trading strategies with some US CFDs in small quantities, no high frequency algorithmic trading.

If, in addition, other brokers continue trading with Multicharts in Europe, the issue looks more like an excuse to disconnect the trading with other applications through his new V20 trading engine that was been criticized by some traders in several Multicharts forum threads past autumn.

They decided to drop out the old V1 engine (using only V20) with regard to the new MIFID regulations and perhaps in a moment of hurry and stress, shortage of time for the adaptation of software, could be advisable remove this trouble.

But this is only speculation, in fact I can’t understand the sense of the step. I’m sorry because I wasn’t displeased with them.

Thanks for your attention.


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