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Oanda and QuantConnect for EU

Hi there,

I am looking to trade and code some strategies using QuantConnect and Oanda.

It seems my task is doomed from the start in the way that living in EU and due to EU regulations I cannot trade through 3rd party apps.

My account manager from Oanda told me that I cannot use Quantconnect with Oanda in EU.

My hope is that maybe he is mistaken.

Can any of you confirm is it possible trading using algos through QuantConnect/Lean with Oanda Europe ?

Thanks,

Regards,

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The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory services by QuantConnect. In addition, the material offers no opinion with respect to the suitability of any security or specific investment. QuantConnect makes no guarantees as to the accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances. All investments involve risk, including loss of principal. You should consult with an investment professional before making any investment decisions.


I refer to live accounts and not demo. I forgot to add.

Thank you

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You may be able to download LEAN and use the open source plugins to get

data etc. Do the EU laws allow self hosting (e.g. MT4?)
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The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory services by QuantConnect. In addition, the material offers no opinion with respect to the suitability of any security or specific investment. QuantConnect makes no guarantees as to the accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances. All investments involve risk, including loss of principal. You should consult with an investment professional before making any investment decisions.


Hi Jared,

They allow self hosting MT4. as I can subscribe to  a VPS and have an MT4(forked and provided by Oanda) running there. I did this a few years ago (when there was no MiFid) anyway.

The dirrective is called MiFID II - this is the one that is put in place that forbids 3rd party apps to be used.

I think if I deploy the algo on quantconnect server won't work but I believe if I fork Lean and I go from there I shoul dbe OK as Oanda is offering a basic API. - unless they decide that EU account cannot use the API.

Have to research more about this.

Regards,

https://www.investopedia.com/terms/m/mifid.asphttps://www.investopedia.com/terms/m/mifid-ii.asp

 

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Anyway, I think I should just write a super dummy C# algo forking Lean and see what will happen :)

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hm interesting. is this the problem? ->

The implications for introducing brokers (IBs) and affiliates relates to MIFID II requirements for ‘tied agents’. As such, the regulation’s definition of a tied agent is a firm that has responsibility to one MIFID conforming investment firm, for whom it acts on behalf as it promotes investment services, provides the service of either receiving and transmitting trading orders, placing financial instruments or providing investment advice.

Many of the limitations for IBs are written into this description for tied agents. A tied agent can’t provide investment services on behalf of more than one MIFID regulated investment firm.

Furthermore, if an IB or affiliate doesn’t want to fall under the scope of MIFID, than they can keep their role of introducing clients to investment firms, but they can no longer facilitate transactions and can’t be involved in the receiving and transmitting of orders.

But it gets even more tangled than this. Article 24(9) of MIFID II states that investment firms breach their responsibilities when they pay or are paid a fee or commission, or are provided with any non-monetary benefit, in connection to the provision of an investment service, from a third party who is not a client.

The only exception is where the third party enhances the quality of service to the client and does not impair the investment firm’s regulatory compliance to act honestly and fairly.

 

Where that leaves affiliates and IBs is largely still unsure. All that is guaranteed is that there is a new inning to be played out, that many won’t be able to see through to the end. This will not be due to a lack of will, as much as resources and the ability to meet stringent demands.

 

 

https://www.financemagnates.com/institutional-forex/bloggers/mifid-ii-implications-ibs-affiliates-fx-industry/

 

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Yup.

Even with TradingView (pro membership) I can login on Oanda live accounts but only to view the market. They (Oanda) do not allow anymore opening/modifiying/closing trades using TradingView.

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Hi guys !

Good news !

I just deployed a dummy scheleton algo on live account with Oanda EU using QuantConnect.

It works with EU accounts  ! The algo was deployed and was running nicely even entering market order on the event occured( 1h time slice resolution).

Funny fact is that I then tried to liquidate the position which it did create a counter order( in the other direction).

However, because my account is a V20 account, opening a counter order does not close practically the first order so because of this I endup wiht two orders in the market. One that I sold using the dummy code and one buy order through Liquidate.

 

Also interesting was that I could not deploy the algo in the first try getting an error like:

"During the algorithm initialization, the following exception has occurred: Error getting open orders from brokerage: An existing TAKE_PROFIT working order was found and is currently unsupported. Please manually cancel the order before restarting the algorithm.An existing TAKE_PROFIT working order was found and is currently unsupported. Please manually cancel the order before restarting the algorithm."

...and that because I had orders in the market already. I had to close all orders to be able to deploy but at least I know it is working.

Guess is time to start to code now for real :)

Regards,

 

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There are a handful of us in the EU trading with Oanda through QuantConnect without a problem.

Liquidating should create an opposing order, but the end result should be a closing of the position.

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The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory services by QuantConnect. In addition, the material offers no opinion with respect to the suitability of any security or specific investment. QuantConnect makes no guarantees as to the accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances. All investments involve risk, including loss of principal. You should consult with an investment professional before making any investment decisions.


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