Reason for this visit

The international foreign exchange market in Hong Kong has been developing since the 1970s. Due to the removal of foreign exchange control in Hong Kong in 1973, there has been a large inflow of international capital, and an increasing number of financial institutions operating foreign exchange business have mushroomed. The foreign exchange market has become more and more active, developing into an international foreign exchange market. The Hong Kong foreign exchange market is an invisible market with no fixed trading venue. Traders conduct foreign exchange transactions through various modern communication facilities and computer networks. Hong Kong's geographical location and time zone conditions are similar to those of Singapore, making it very convenient to trade with other international foreign exchange markets. Participants in the Hong Kong foreign exchange market are mainly commercial banks and financial companies. There are three types of foreign exchange brokers in this market: local brokers, whose business is limited to Hong Kong; international brokers, who expanded their business to the Hong Kong foreign exchange market after the 1970s; international brokers that developed in Hong Kong, whose business has expanded to foreign exchange markets abroad. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in Hong Kong, the survey team is going to pay on-site visits to them.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker Innovax as planned according to its registered regulatory address that Unit A-C, 20/F, Neich Tower, 128 Gloucester Road, Wan Chai, Hong Kong.

The survey personnel came to the destination on March 4, 2023, where a common office building was situated in a renowned traditional business area of Wan Chai, with convenient MTR and various public transportations. There were also plenty of shops, restaurants, and stores nearby surrounded by a clean environment with huge crowds of people. 

After entering the building, the investigation team found that Unit A-C on the 20/F was occupied by “Innovax Securities Limited” and “Innovax Asset Management Limited” from the company directory in the lobby of Neich Tower.

The survey team arrived at room A-C on the 20th floor, and clearly spotted the company name and logo of forex broker Innovax.

Whereupon, it is confirmed that Innovax has a physical presence here.

Conclusion

The investigators went to Hong Kong to visit forex broker Innovax as scheduled, and found the company’s name and logo at its registered regulatory address, which suggests that the broker has a physical business office. Unfortunately, the survey personnel were not able to enter the company for an internal visit, so the specific scale of its business is unknown. Investors are advised to make a sensible choice based on a comprehensive consideration.

Disclaimer

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