XTB factually about asymmetry, delay mechanism and KNF report (UPDATE)

XTB meeting the doubts and questions of traders in connection with "Scandal regarding asymmetric deviation" once again the speaker took the floor. The result is an educational campaign "XTB: Factual"in which the company wants to provide as much information as possible about the facts. Is this enough for traders?

Be sure to read: What is asymmetrical deviation and how does it work?

XTB Tangible - about asymmetry and more

Although the whole matter concerns the period of the company's activity in the years 2014-2016, it has been publicized only recently as a result of the activities of the Trading Jam Foundation, what we wrote about here. The reaction did not have to wait long, which resulted in the publication statement by the Management Board of X-Trade Brokers, and then also by the Polish Financial Supervision Authority. This time XTB goes a step further by creating a dedicated page focusing on the most important aspects of the whole confusion.

On a dedicated page XTB we read:

“Reliability and trust have always been the foundations of our company. It is thanks to them that XTB is the largest Polish forex broker. In the trading environment, there is untrue information about our company and issues related to the asymmetric deviation parameter, the delay mechanism, or the report of the Polish Financial Supervision Authority. Although the matters concern the past - the years 2014-2016 and constitute a closed stage in our company's operations, we want to speak out on this issue and clearly separate the facts from false information and overinterpretation. "

Customers didn't lose asymmetry?

In less than 9-minute film Omar Arnaout (company's head director), Jakub Kubacki (board member in legal affairs) and Filip Kaczmarzyk (board member for trading) try to explain the background behind the confusion, legal aspects and the mechanism of asymmetric deviation itself. A collection of frequently asked questions (FAQs) and their answers has also been attached. What are the questions about? Same asymmetry, parameter delay and the penalty imposed on XTB by the Polish Financial Supervision Authority in the amount of nearly PLN 10 million.

In the published responses, the company clearly states its opinion that customers could not lose the use of the above mechanisms and what was the purpose of their introduction, citing at the same time the statements of independent experts who conducted analysis of XTB transaction systems.

The page reads:

In addition, XTB indicates that asymmetry and parameter delay have not been used since 2016 a year, thanks to the development of technology and focusing on our own offer xStation platform.

An interesting part of the FAQ is also raised the issue of the KNF report and its "Declassification", which according to the broker is one of the myths often duplicated in this case:

"Has the KNF report been classified?
No, the alleged secrecy of the KNF report is another myth repeated many times. The report is not secret, it has not been classified, and no one is trying to hide it. Its openness is regulated by law - in the best way this issue was addressed by Mr. Jacek Barszczewski, director of the department of social communication at the Polish Financial Supervision Authority post on LinkedIn. "

Is this the final of the matter? Certainly not. Currently, cassation proceedings are pending in the Supreme Administrative Court, in which the broker appealed against the penalty imposed by Polish supervision, upheld by judgment of the Provincial Administrative Court in Warsaw. In addition, the conflict with one of the clients, Krzysztof Kramarczyk, who accuses the brokerage house of a loss of PLN 3,5 million as a result of using these mechanisms has not yet been clarified. The ongoing dispute unambiguously suggests that he has a completely different view on the arguments presented by XTB.

Go to page: XTB: Substantially

- UPDATE -

On December 6, 2019, a press conference was held at the XTB headquarters regarding the analysis of the impact of the asymmetrical deviation parameter on the profitability of XTB customers. The conference guests were journalists and dr hab. Sebastian Majewski, prof. Associate. University of Szczecin and dr Roman Asyngier, court expert in the field of "Stock Exchange and Trading in Financial Instruments" employed at the Maria Curie-Skłodowska University in Lublin, who prepared the expert opinion.

A transcript of the conference fragment, with expert explanations, in the video below: