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class="vector-toc-numb">2</span> <span>Bridge software</span> </div> </a> <button aria-controls="toc-Bridge_software-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Bridge software subsection</span> </button> <ul id="toc-Bridge_software-sublist" class="vector-toc-list"> <li id="toc-Main_benefits" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Main_benefits"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Main benefits</span> </div> </a> <ul id="toc-Main_benefits-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Difficulties_of_true_ECN_trading_for_retail_traders" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Difficulties_of_true_ECN_trading_for_retail_traders"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Difficulties of true ECN trading for retail traders</span> </div> </a> <ul id="toc-Difficulties_of_true_ECN_trading_for_retail_traders-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 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class="mbox-text"><div class="mbox-text-span"><div class="multiple-issues-text mw-collapsible"><b>This article has multiple issues.</b> Please help <b><a href="/wiki/Special:EditPage/MT4_ECN_Bridge" title="Special:EditPage/MT4 ECN Bridge">improve it</a></b> or discuss these issues on the <b><a href="/wiki/Talk:MT4_ECN_Bridge" title="Talk:MT4 ECN Bridge">talk page</a></b>. <small><i>(<a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove these messages</a>)</i></small> <div class="mw-collapsible-content"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Promotional plainlinks metadata ambox ambox-content ambox-Advert" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/40px-Ambox_important.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/60px-Ambox_important.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/80px-Ambox_important.svg.png 2x" data-file-width="40" data-file-height="40" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>contains <a href="/wiki/Wikipedia:What_Wikipedia_is_not#Wikipedia_is_not_a_soapbox_or_means_of_promotion" title="Wikipedia:What Wikipedia is not">promotional content</a></b>.<span class="hide-when-compact"> Please help <a class="external text" href="https://en.wikipedia.org/w/index.php?title=MT4_ECN_Bridge&action=edit">improve it</a> by removing <a href="/wiki/Wikipedia:Spam" title="Wikipedia:Spam">promotional language</a> and inappropriate <a href="/wiki/Wikipedia:External_links#Advertising_and_conflicts_of_interest" title="Wikipedia:External links">external links</a>, and by adding encyclopedic text written from a <a href="/wiki/Wikipedia:Neutral_point_of_view" title="Wikipedia:Neutral point of view">neutral point of view</a>.</span> <span class="date-container"><i>(<span class="date">September 2011</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/MT4_ECN_Bridge" title="Special:EditPage/MT4 ECN Bridge">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22MT4+ECN+Bridge%22">"MT4 ECN Bridge"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22MT4+ECN+Bridge%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22MT4+ECN+Bridge%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22MT4+ECN+Bridge%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22MT4+ECN+Bridge%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22MT4+ECN+Bridge%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">June 2010</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Notability plainlinks metadata ambox ambox-content ambox-Notability" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/40px-Ambox_important.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/60px-Ambox_important.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/80px-Ambox_important.svg.png 2x" data-file-width="40" data-file-height="40" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">The topic of this article <strong>may not meet Wikipedia's <a href="/wiki/Wikipedia:Notability" title="Wikipedia:Notability">general notability guideline</a></strong>.<span class="hide-when-compact"> Please help to demonstrate the notability of the topic by citing <a href="/wiki/Wikipedia:Reliable_sources" title="Wikipedia:Reliable sources">reliable secondary sources</a> that are <a href="/wiki/Wikipedia:Independent_sources" title="Wikipedia:Independent sources">independent</a> of the topic and provide significant coverage of it beyond a mere trivial mention. If notability cannot be shown, the article is likely to be <a href="/wiki/Wikipedia:Merging" title="Wikipedia:Merging">merged</a>, <a href="/wiki/Wikipedia:Redirect" title="Wikipedia:Redirect">redirected</a>, or <a href="/wiki/Wikipedia:Deletion_policy" title="Wikipedia:Deletion policy">deleted</a>.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22MT4+ECN+Bridge%22">"MT4 ECN Bridge"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22MT4+ECN+Bridge%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22MT4+ECN+Bridge%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22MT4+ECN+Bridge%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22MT4+ECN+Bridge%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22MT4+ECN+Bridge%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">September 2011</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> </div> </div><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p><b>MT4 ECN Bridge</b> is a technology that allows a user to access the <a href="/wiki/Interbank_foreign_exchange_market" title="Interbank foreign exchange market">interbank foreign exchange market</a> through the <a href="/wiki/MetaTrader_4" title="MetaTrader 4">MetaTrader 4</a> (MT4) <a href="/wiki/Electronic_trading_platform" title="Electronic trading platform">electronic trading platform</a>. MT4 was designed to allow trading between a broker and its clients, so it did not provide for passing orders through to wholesale forex market via <a href="/wiki/Electronic_communication_network" title="Electronic communication network">electronic communication networks</a> (ECNs).<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> In response, a number of third-party software companies developed <a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> bridging software<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> to allow the MT4 server to pass orders placed by clients directly to an ECN and feed trade confirmations back automatically. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=MT4_ECN_Bridge&action=edit&section=1" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Retail <a href="/wiki/Foreign_exchange_brokers" class="mw-redirect" title="Foreign exchange brokers">foreign exchange brokers</a> in general are divided into two categories: </p> <ul><li>Dealing desk brokers or <a href="/wiki/Market_maker" title="Market maker">market makers</a> that execute <a href="/wiki/Order_(exchange)" title="Order (exchange)">orders</a> and keep the position in that broker's inner <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity pool</a>. A DD broker is a specific broker who employs dealers that may either accept or reject orders from retail traders (re-quotes) depending on whether or not the broker is interested in accepting the specific order or not.</li> <li>Non-Dealing Desk (NDD) brokers or <a href="/wiki/Direct_market_access" title="Direct market access">direct market access</a> where the broker simply passes the order to the <a href="/wiki/Interbank_foreign_exchange_market" title="Interbank foreign exchange market">interbank foreign exchange market</a>.</li></ul> <p>The MetaTrader4 trading platform was designed for dealing desk brokers, but the popularity of the trading platform meant that <a href="/wiki/Retail_forex_trading" class="mw-redirect" title="Retail forex trading">retail forex traders</a> as well as brokers wanted to provide a way to trade directly on the interbank foreign exchange market via MT4. </p> <div class="mw-heading mw-heading2"><h2 id="Bridge_software">Bridge software</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=MT4_ECN_Bridge&action=edit&section=2" title="Edit section: Bridge software"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A number of software companies attempted to develop bridging technology that allowed the broker to connect the MT4 server to an ECN. The first practical solution to <b>bridging MT4 and ECN</b> appeared in 2006. There are two main types of bridge technology which effects the way orders are processed: the <a href="/wiki/Straight-through_processing" title="Straight-through processing">STP</a> and <a href="/wiki/Electronic_communication_network" title="Electronic communication network">ECN</a> models. The table below shows the main differences. </p> <table class="wikitable"> <tbody><tr> <th></th> <th>MT4 ECN bridge</th> <th>MT4 STP bridge </th></tr> <tr> <td>Client's orders go directly to the marketplace and are displayed there as they are</td> <td>Yes</td> <td>No </td></tr> <tr> <td>Clients can see and use market depth (Level 2)</td> <td>Yes</td> <td>No </td></tr> <tr> <td>Partial execution is implemented</td> <td>Yes</td> <td>No </td></tr></tbody></table> <p>ECN means direct access to the market where you can trade with other traders. Your orders are actually displayed in the market and are seen by others, who in turn can introduce their own orders and if the prices match, a deal is complete. </p> <div class="mw-heading mw-heading3"><h3 id="Main_benefits">Main benefits</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=MT4_ECN_Bridge&action=edit&section=3" title="Edit section: Main benefits"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>True ECN execution – clients trade with other traders, orders are displayed and seen by others on the market;</li> <li>Tight <a href="/wiki/Bid%E2%80%93offer_spread" class="mw-redirect" title="Bid–offer spread">spreads</a> – there is only a difference between best <a href="/wiki/Bid_price" title="Bid price">bid</a> and <a href="/wiki/Ask_price" title="Ask price">offer</a> prices, if a client places an order with a better price, it changes the <a href="/wiki/Bid%E2%80%93offer_spread" class="mw-redirect" title="Bid–offer spread">spread</a>;</li> <li>Relatively fast execution – orders are typically executed within 0.3 sec on the server side;</li> <li>Possibility of partial execution – in case of insufficient liquidity the order can be partially executed while the rest will be displayed and seen on the marketplace;</li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a> can be provided via a special add-in module to show the depth of the market also known as <i>Level 2</i> – a measure of the size of volume available for transaction purposes for a particular instrument at a particular point of time. The best Offer (ASK) and the best bid are displayed in a table with the size available to buy or sell. Market depth displays orders that are currently in the market. When two orders match (buy and sell orders at the same price), they are filled and disappear from the market depth and the deal is registered in the trade history.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Difficulties_of_true_ECN_trading_for_retail_traders">Difficulties of true ECN trading for retail traders</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=MT4_ECN_Bridge&action=edit&section=4" title="Edit section: Difficulties of true ECN trading for retail traders"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Price volatility</a> can be greater in comparison to quotes of <a href="/wiki/Market_maker" title="Market maker">market makers</a> who may use fluctuations filtering while the NDD model provides direct access to the <a href="/wiki/Interbank_foreign_exchange_market" title="Interbank foreign exchange market">interbank foreign exchange market</a>.</li> <li>Market makers' quotes are not related to the volume, i.e. orders may be filled at the offered price without any relation to the deal volume. While using the ECN the market presents the <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a> that is currently available, i.e. orders will be executed in the volume available at this certain price.</li> <li><a href="/wiki/Bid%E2%80%93offer_spread" class="mw-redirect" title="Bid–offer spread">Bid–offer spread</a> can vary significantly with market conditions reflecting actual interbank market prices which can cause problems with stops. Market Makers will typically hold spreads at a fixed level to avoid confusion for retail traders and avoid stops and limits being hit when prices are unstable.</li> <li>Additional order execution latency is introduced due to the necessity of executing the trade with a liquidity provider.</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=MT4_ECN_Bridge&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Direct_access_trading" class="mw-redirect" title="Direct access trading">Direct access trading</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=MT4_ECN_Bridge&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Jerry W Markham. A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis (2004–2006); From the Subprime Crisis to the Great Recession (2006–2009). – Routledge. – 2007 – <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7656-2431-4" title="Special:BookSources/978-0-7656-2431-4">978-0-7656-2431-4</a>. – p.147.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Michael Gorham, Nidhi Signh. 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