Reason for this visit

The international forex market in Hong Kong has been developing since the 1970s. Due to the removal of forex control in Hong Kong since 1973, there has been a large inflow of international capital, and an increasing number of financial institutions operating forex business have mushroomed. The forex market has become more and more active, developing into an international forex market. Hong Kong forex market is an invisible market without a fixed trading venue. Traders conduct forex transactions through various modern communication facilities and computer networks. Hong Kongs geographical location and time zone conditions are similar to those of Singapore, making it very convenient to trade with other international forex markets. Participants in Hong Kong forex market are mainly commercial banks and financial companies. There are three types of forex brokers in this market: local brokers, whose business is limited to Hong Kong; international brokers who have expanded their business to the Hong Kong forex market since the 1970s; international brokers that grow locally and has expanded their business to forex markets abroad. In an attempt to help investors or practitioners gain a more comprehensive understanding of current status of forex brokers in Hong Kong, WikiFX survey team determines to pay on-site visits to local companies.

On-site visit

In this issue, the survey team went to Hong Kong, China to visit broker MIBD as planned according to its regulatory address that Suite F, 18/F, MG Tower, 133 Hoi Bun Road, Kwun Tong, Kowloon.

The investigators came to the MG Tower at 133 Hoi Bun Road in Kwun Tong of Kowloon for an on-site visit to the brokers office. Its proximity to several bus stops make the building easily accessible. Furthermore, a variety of businesses and amenities are located nearby, such as shopping malls, restaurants, and banks.

Upon arrival at the commercial building for further investigation, the survey personnel spotted a directory in the lobby prominently indicating the name of MIBD.

The inspection team then took the elevator to the 18th floor and clearly discovered the office of MIBD, with its name on the door. However, people were not allowed to enter without an access card or an appointment in advance. Thus, it was not possible to assess the brokers specific operational scale and working environment.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Hong Kong, China to visit broker MIBD as scheduled, and found the company at its regulatory address. It denotes that the broker has a physical business office at the place. Unfortunately, it is not feasible to determine the exact scale of the company due to the inability to enter the office. Accordingly, investors are advised to make an informed decision following a comprehensive consideration.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.