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XTB fined $2.7 million by Poland’s financial regulator

 

The Polish Financial Supervision Authority (KNF) punished X-Trade Brokers (XTB) with a PLN 9.9 million ($2.7 million) fine for asymmetric price slippage on Tuesday. Publicly listed forex and CFDs brokerage XTB has prevented customers from taking advantage of price movements while allowing them to suffer from the negative effects of slippage.

 

According to KFN, the broker committed those irregularities in the execution of client orders in a time period stretching from January 2014 to the end of May 2015.

 

A few hours after the announcement of the heavy penalty, XTB stated that it fully disagrees with the KFN’s allegations of abusive price slippage, and that it will appeal against the $2.7 million fine. Furthermore, the broker said that KNF issued its guidelines on slippage in May 2016, while the alleged infringements took place earlier.

 

Slippage refers to the difference between the price at which an order is placed and the one at which it is actually executed. As such, it forms a part of overall transaction costs. ‘Asymmetric price slippage’ is a practice that could be described as “ripping off clients”. It basically allows brokerage companies acting as Market Makers to pass on execution losses in full to clients.

 

XTB or X-Trade Brokers is a leading forex broker in Central and Eastern Europe, providing online trading in over 1500 instruments, including forex, indices, shares, commodities, cryptocurrencies and ETFs on two trading platforms - its in-house xStation and the popular MetaTrader 4. It has offices in more than 15 countries in Europe, South America and Asia.

 

Behind the XTB brand is XTB Limited, a UK-based, FCA-regulated subsidiary of the XTB Group. Its other subsidiaries are regulated by Poland’s financial supervision commission (KNF).

 

TAGS: XTB  KFN  Poland  slippage  regulation 

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