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Screenshot of a breaking news alert e-mail from Q2 2017
Warsaw based retail forex brokerage group X Trade Brokers Dom Maklerski SA (WSE:XTB), which operates the XTB.com brand and the X Open Hub trading platform, has made filings in its home country of Poland that it foresees significantly reduced activity from the Turkish forex market.
XTB’s filings were made after regulators in Turkey decided to crack down on the retail forex sector, introducing maximum leverage of 10x and requiring minimum client deposits of TRY 50,000 (about USD $12,000).
XTB stated that it expects the Capital Markets Board of
Turkey (CMB) action, which comes into effect immediately (as of February 10, 2017), will significantly reduce overall activity in Turkish retail forex trading.
While XTB didn’t state in its filing how important the Turkish FX market was to its overall business, the news does come at a precarious time for the company. XTB did report fairly good results for Q4-2016, but the company recently dismissed its CEO Jakub Maly after the company’s shares sank following the May 2016 IPO of XTB.