One of the leading trading software development companies in the foreign exchange industry, MetaQuotes Software, has issued a company announcement detailing its expansion into what is still considered an exotic market for trading related products. MetaQuotes unveiled that it has deployed its MetaTrader 5 platform to the Pakistan Mercantile Exchange (PMEX).
The CEO of MetaQuotes Software, Renat Fatkhullin, stated in the company’s announcement, ”Integration of MetaTrader 5 with PMEX is a complete technological solution that fully covers the needs of the exchange members. It does not only allow brokers to trade on Pakistan Mercantile Exchange via MetaTrader 5 but also provides the entire cycle of operational client accounting.”
“The MetaTrader 5 brokers that will use our new Gateway will have no need for additional plugins and back-office applications. MetaTrader 5 Gateway to PMEX contains all the required functionality,” he explained.
New Market with a New Subsidiary
Financial institutions and market participants trading on the exchange are already able to use MetaTrader 5 for trading on PMEX. The move comes in conjunction with an announcement by MetaQuotes that it will be opening an office in the country’s second largest city, Lahosa.
Metaquotes could be in for an expansion into other institutions on the local trading landscape, as it also detailed the goals of its new subsidiary in Pakistan, MetaPK. The firm will be delivering technical customer support to its clients and will be promoting the use of the whole arsenal of MetaQuotes products.
“The company believes in the development of the Pakistani financial industry, and is headed to quickly become a leading provider of the best online trading solutions,” says Hamad Shah, Head of METAPK. Adding, “Already, several major member brokers of the Pakistani exchange have expressed their interest to offer MetaTrader 5.”
The Pakistan Mercantile Exchange Celebrates Its 10 Year Anniversary in 2015
The PMEX was established in 2005 and is the first and only commodity futures exchange in Pakistan. It is under the oversight of the Securities and Exchange Commission of Pakistan (SECP). The exchange started operating on the local market back in May 2007.
With the deployment and activation of the MetaTrader 5 Gateway on the exchange, all of its members will be able to provide their clients trading in gold, silver and oil futures, as well as some other assets.
The Managing Director of PMEX, Ejaz Ali Shah, stated in the announcement, “This is yet another milestone in PMEX’s brief history. Market participants now have a choice of an additional trading platform over and above PMEX’s in house trading front end – NEXT, which will provide additional flexibility to the clients in terms of trading capabilities.”