KNF has suspended the operations of HFT Brokers

HFT Brokers, a year ago the brightest star on the forex market in the Polish Forex industry, today a brokerage house suspended by the Polish Financial Supervision Authority. Looking at the pace of the development of events, it can be safely said that it was a shooting star. The KNF decided yesterday (14.03.2017/XNUMX/XNUMX) to suspend the operation of this brokerage house for a period of one month. Suspension of operations includes offering financial instruments. The regulator will decide on the future in April.

The communication of the Polish Financial Supervision Authority reads:

"On March 14, 2017, the Polish Financial Supervision Authority (KNF) unanimously suspended brokerage activities by HFT Brokers Dom Maklerski SA in the scope of offering financial instruments for a period of one month from the date of the decision."

As it appears from the information posted on the regulator's website, administrative proceedings are underway to determine whether the conditions defined in Art. 167 sec. 1 point 1 of the Act on Trading in Financial Instruments. There is a suspicion of violation of the provisions of the said Act or other acts that apply to the activity of investment companies and EU directives.

Official communication from the Polish Financial Supervision Authority

HFT Brokers' problems lasted for a year

The company's troubles started last year, and the nail was in the coffin introduction of new KNF guidelines 30 September 2016. Not much later, the company announced the end of the Forex (read the article) explaining the decision with the drastically increasing costs of conducting such activity (and more precisely, maintaining high financial security for clients' transactions). The company decided to remain present on the market by providing asset management services and bond sales. From the very beginning, HFT Brokers stood out in the Forex industry with low transaction costs and high quality of services. He was one of the newest players on the Polish market, investing heavily in development, and he quickly wanted to become a leader in the industry. There was probably not enough time to grow to a suitable size and survive this crisis.