Last month, HFT brokers shut down its operations in the Polish market. Today, another Polish Forex broker leaves the domestic foreign exchange market. Why did Forex Broker DM BZ WBK cease operations? What is happening in the Polish Forex market?
10 November, AtoZForex – Today, Bank Zachodni WBK which is one of the biggest Polish retail banks has informed its clients that its brokerage section has decided to cease its Forex and CFDs operations. DM BZ WBK, which is the brokerage division of WBK bank, announced through a note to its clients stating the decision taken to cease its brokerage services.
Until when can clients still use DM BZ WBK services?
DM BZ WBK had launched their first FX product line in 2012 through offering an MT4 platform to retail clients based on ECN technology. Also, DM BZ WBK has informed its traders that they can open CFD’s transaction on Forex, indices and commodities instruments only until the end of the year.
In the announcement of DM BZ WBK, it has been stated that its clients will be able to close their account only until January 2017, if they didn’t manage to close all open positions it will be closed automatically at the available prices. And then all funds will be transferred to the client’s account.
What is the reason for ceasing operations?
The reason behind this decision, deals with the firm’s plan to focus more on other attractive business pipelines. Today’s move highlights how the foreign exchange Polish brokers are examining ways to incorporate increased the regulator’s demands without leaving the whole footprint in the domestic market.
The ceasing of DM BZ WBK operations is not related to any regulatory matter, but still, it’s interesting how sudden they took such a decision. The company explained their decision by connecting the decision to plans to empower its brokerage services provided to the regulated market. DM BZ WBK will bank on its business on the Warsaw Stock Exchange. Where the turnover of retail customers’ shares was recently on the uptick, also on foreign markets.
According to the company’s statement, foreign markets offer greater investment opportunities. Aside the release of DM BZ WBK cease operations announcement, on Wednesday, revised plans were gone public including the company providing its clients enhanced access to trade ETFs. ETF’s are instruments that reflect underlying instruments’ behavior, which includes indices, currency, and commodity.
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