PFSOFT, the developer of the multiasset trading platform Protrader, said it will defend itself in court in response to a recent injunction MetaQuotes Software obtained against the company.
“We disagree on merits with accusations raised by MetaQuotes and we decided to defend our position in court. However, as a gesture of goodwill and in order to protect business of our customers we have decided to satisfy MetaQuotes’ demands”, said Roman Nalivayko, Global Head of Business Development, quoted in a PFSOFT company statement.
As reported by the site Finance Magnates, MetaQuotes, the developer of the popular multiasset trading platforms MetaTrader 4 and 5, used by a significant portion of the forex brokers across the world, has accused PFSOFT of misusing intellectual property which is in use in the ProTrader .Net Station, ProTrader 2, ProTrader 3 and ProTrader Multi-Connect (PTMC). The intellectual property is used in the MetaTrader suite of products such as MetaTrader 4, MQL4 IDE, MQL4 and MetaTrader 5.
Earlier in May MetaQuotes has filed a complaint with a Cypriot court and obtained an injunction ordering PFSOFT to remove certain files, applications, components, libraries and programs that belong to MetaQuotes Software.
In its statement PFSOFT assures that the legal action does not affect its operations, nor its clients’ business and notes that its trading platforms use a proprietary solution for algorithmic trading for many years.
“We view the MetaQuotes’ announcement not as legal but rather PR action, and timing seems not accidental”, Nalivayko said. “Instead of competing around product quality and expertise, MetaQuotes chosen different way that is unacceptable. However, we strongly believe that product quality and support service will eventually win.”
Protrader is a multi-asset trading platform with multi-broker connectivity, available to both retail and institutional traders. It is available in desktop, mobile, and web-based versions. The platform features a wide selection of tools for multi-asset trading. It is used by brokerages, white label and technology providers, local marketplaces, and now by funds and proprietary trading companies.
Poland-based PFSOFT is a provider of professional trading technology and solutions to brokers, banks, and exchanges.
In addition to Protrader, it is also the developer of Protrader Multi-Connect (PTMC), a trading platform for forex and contracts for difference (CFDs). The software company serves clients from across the world, including in North America, Australia, Asia, Great Britain, Poland, and South Africa.