Discussing the article: "How We Built the Most Powerful Machine Learning-Powered Trading Platform: The Evolution of MQL and MetaTrader Through Archives, Forums, and Releases" - page 2

[Zhan Jin Yin]

It really does leave a lasting impression; for someone like me who used to work late into the night so often, those memories come flooding back, as if they were flashing before my eyes.

[Igor Zakharev]

I’ve remembered that story since around 2004 – I watched it unfold from the sidelines. Back then, there was only MT4, whilst MT5 was later promised as something sensational (that’s what the rumours were saying at the time). Back then, it seemed that MT4 was quite sufficient (many people didn’t understand why MT5 was needed at all :) ) and that this was the pinnacle of progress; since then, things have really taken off. Well, over the last year and a half, a whole new era has dawned.

[Ryan L Johnson]

For years, I've often wondered why MT5 doesn't natively support markets/exchanges outside of OTC markets.

Actually it does, but it's far from free:

[Miguel Angel Vico Alba]

Ryan L Johnson #:

For years, I've often wondered why MT5 doesn't natively support markets/exchanges outside of OTC markets.

Actually it does, but it's far from free:

Ryan, that is a bit like saying Bloomberg supports global markets, but it is not free. Of course it is not.

MT5 natively supports exchange traded markets. What costs money is the institutional infrastructure around it, plus exchange access, market data, clearing and brokerage.

So saying "it is not free" does not really tell us much. The real question is whether the cost is competitive for what it provides.

[Ryan L Johnson]

Miguel Angel Vico Alba #:
MT5 natively supports exchange traded markets.

That depends on what the meaning of the word, natively, means in this context. MT5 requires a gateway to connect to a centralized exchange. Based on my experience, no gateway is included with the retail edition of MT5, and my CME Futures broker-dealer in the U.S. maintains its own exchange-MT5 gateway (according to that broker-dealer, anyway). In contrast thereto, the hedge fund edition of MT5 does indeed appear to include such gateways.

Miguel Angel Vico Alba #:
What costs money is the institutional infrastructure around it, plus exchange access, market data, clearing and brokerage.

Based on my experience, Metaquotes is not a broker-dealer nor exchange data provider. When I trade CME Futures in MT5 with a registered futures broker-dealer, MT5 is free, I pay a registered third-party data provider, both exchange and broker-dealer commissions are paid to the broker-dealer, and my broker-dealer happens to be a clearing broker. Furthermore, it would be illegal for Metaquotes to charge such fees as an unregistered FCM/data provider (in the U.S., anyway). Perhaps MT5 For Hedge Funds is only available outside of the U.S.?

Miguel Angel Vico Alba #:
The real question is whether the cost is competitive for what it provides.

What would it cost to include a single gateway with the retail edition of MT5 for a single user?

(To the extent that the MT5 AI Assistant can write an API to connect to a futures broker-dealer's server, I acknowledge that the lack of a gateway isn't quite the hurdle that it used to be).

[Renat Fatkhullin]

Ryan L Johnson #:
In my experience, MetaQuotes is neither a broker-dealer nor a provider of exchange data. When I trade CME futures on MT5 through a registered futures broker-dealer, MT5 is provided free of charge; I pay a registered third-party data provider; commissions from both the exchange and the broker-dealer are paid to the broker-dealer; and my broker-dealer, incidentally, is a clearing broker. Furthermore, it would be unlawful for MetaQuotes, as an unregistered FCM/data provider, to charge such commissions (at least in the US). Is it possible that MT5 for hedge funds is only available outside the US?

We have been an official and licensed provider of NASDAQ exchange data for two years now:

• Subscribe to real-time Nasdaq data
  
  
  
  
• https://www.metatrader.com/en/markets/stocks
  
  
• https://www.metatrader.com/mcp – available to agents, including as part of the standard terminal package:
  
  
  
  

[Maxim Kuznetsov]

Renat Fatkhullin #:

We have been an official and licensed provider of NASDAQ market data for two years now:

Does NASDAQ know about this? :-)

The point is that it’s not the done thing to back up your own claims with links to yourself, as that’s rather ridiculous.

[Renat Fatkhullin]

Maxim Kuznetsov #:

Does NASDAQ know about this? :-)

The point is that it’s not the done thing to back up your own claims with links to yourself, as it’s rather ridiculous.

It’s written clearly and plainly: an official and licensed NASDAQ data provider.

We can only operate officially and under licence.

The licence was issued by NASDAQ itself; we have a direct cross-connect to NASDAQ at Equinix NY4.

[Miguel Angel Vico Alba]

Ryan L Johnson #:

In my experience, MetaQuotes is neither a broker-dealer nor a provider of exchange data. When I trade CME futures on MT5 via a registered futures broker-dealer, MT5 is provided free of charge; I pay a registered third-party data provider, whilst commissions from both the exchange and the broker-dealer are paid to the broker-dealer; incidentally, my broker-dealer is a clearing broker. Furthermore, it would be unlawful for MetaQuotes, as an unregistered FCM/data provider, to charge such commissions (at least in the US). Is it possible that MT5 for hedge funds is only available outside the US?

There are a number of issues being conflated here: the fact that a particular broker on the CME uses a third-party data provider and routes commissions through an FCM merely describes that broker’s own operating model. FCM status relates to the acceptance of futures orders and client funds, whilst the distribution of Nasdaq data is governed by separate agreements and approval from Nasdaq itself.

Therefore, the fact that MetaQuotes does not hold FCM status in no way implies that the company cannot legally distribute and sell access to Nasdaq data. It is simply a different type of activity requiring a different type of authorisation.

[Miguel Angel Vico Alba]

Renat Fatkhullin #:

The licence was issued by NASDAQ itself; we have a direct cross-connect to NASDAQ at Equinix NY4.

Soon we’ll have to prove that MetaTrader 5 belongs to MetaQuotes... 😅💪