TJS wants compensation for traders. XTB responds.

Representative of the Trading Jam Session Foundation, Rafał Zaorski, on behalf of the entire trader community, appealed to me that he wanted to win back the funds to the injured XTB clients. What is going on? The case concerns broker's activity in the years 2014-2015 and unfavorable manner of execution of client orders in this period. The Polish Financial Supervision Authority, as a result of the investigation, decided to impose a fine of 9,9 on XTB of PLN 1 million. The broker already declared that he disagrees with this decision and will fight for its cancellation. However, how results from the company's financial reportthis penalty was paid, but the company's position remained unchanged.

The TJS announcement was addressed to XTB and… to the Polish Financial Supervision Authority, which imposed the fine and enforced its payment. However, nothing returned to the accounts of traders who were to suffer from the detected procedure.

Trading Jam's requests

Below we publish the message of the Trading Jam Session representative (TJS) in its original form.

The Trading Jam Foundation will conduct a large-scale attempt to recover for Traders using XTB services in the period 2014 -2016 money resulting from losses indicated in the secret report of the Polish Financial Supervision Authority, in which the authority found that XTB used unfair asymmetric deviation to the detriment of customers for which it imposed a penalty on XTB in in the amount of PLN 9 million.
Estimates of losses are reported by the media at the level of a million zlotys.

We demand that XTB and KNF disclose / publish the Report and identify the injured parties and pay them compensation.
We consider it disgraceful and against sound logic and broadly understood social interest that the only beneficiary of damage found by the PFSA would be the KNF itself.

It is not the PFSA that suffers and the Individual Investors ...

Because:
We call on the Polish Trąder's Scene to stand shoulder-to-shoulder in defense of the victims.
All discussion groups on facebook. All mailing lists or telegrams.

Let us join in a protest that aims to disclose the PFSA's report so that the actual victims, ie the traders, and not the PFSA, will receive adequate redress.

We call discussion groups, portals, websites, blogs, even trainers to determine and take a position on this matter whether they are for XTB or for the above-mentioned postulates. We give you 2 weeks.
We will consider silence as tacit consent to the current situation and collaboration.

I believe that until the postulates of publicizing the report and paying compensation to the injured parties are fulfilled, any cooperation with the XTB company is disgraceful to the Polish traders environment.

Only common pressure will prevent the case from becoming time-barred.

We call discussion groups .. portals .. trainers cooperating with the above-mentioned entity to clearly take a stand.

We motivate our activities with a higher social interest and TJS is an organization defending the interests of traders and individual investors.

We will try to make sure that every country knows about our action and we will push it to reveal the report ... what we consider to be fair and in line with the social interest.

Our activities are a consequence of the March 4 survey conducted on a group in which we clearly voted that we are fighting 
Link to the survey:
https://www.facebook.com/groups/tradingjam/permalink/2308021829483870/?comment_tracking=%7B%22tn%22%3A%22O%22%7D...

signed:
Rafał Zaorski
Trading Jam Foundation

The official position of X-Trade Brokers

Ladies and Gentlemen,

In connection with the posts regarding X-Trade Brokers DM SA (hereinafter "XTB"), which have recently appeared on one of the Internet forums, we decided to present our position.

In 2018, the Polish Financial Supervision Authority (hereinafter "the Commission") imposed a fine on XTB. The justification for the imposition of a fine by the Commission was provision of brokerage services without taking into account the best interests of the client. We want to make it clear that our position on this issue remains unchanged.

We believe that the fine was imposed on XTB in violation of the law and as a result of making incorrect arrangements. XTB operated within the limits of the law, and justify this thesis we have four independent mathematical and legal expertises, each of which confirms that we did not act to the detriment of the client and none of the applications contained in them allow us to say that we could lead to unfavorable disposal of property by our clients or act against them.

We would also like to emphasize that the Commission imposed a penalty on us in the years 2014-2015 to apply the asymmetric deviation in the implementation of instant transactions, which during its application was a market standard, and introduced the ban on its application only by virtue of Resolution 352 / 2016 of 24 May XXMX, which adopted the "Guidelines for brokerage services on the OTC derivatives market" and obliged brokerage services providers to implement them to 2016 September 30. As XTB, we introduced a symmetrical deviation without coercion from the Commission, a year before the issuance of the Guidelines.

On 29 October 2018, we filed with the Provincial Administrative Court a complaint against the decision of the Commission, in which we clearly define our position. We are waiting for the final decision and we believe that the matter will finally be resolved in our favor.

The report of the Commission, which is connected with the decision of this authority regarding the imposition of a financial penalty on us, is the subject of the ongoing administrative proceedings. As the subject of the examination by the administrative court as to the correctness of its preparation and content, due to the good of the proceedings should remain confidential. Therefore, until a final and final decision is made by the administrative court, the report will not be disseminated.

Anna Drozd

PR Manager X-Trade Brokers DM SA