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 IISL as planned according to its regulatory address that Room 2603A, 26/F, One Harbour Square, 181 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong.

The investigators came to 181 Hoi Bun Road in Kwun Tong of Kowloon for an on-site visit to the brokers office, and located the One Harbour Square in the business district. The building is readily accessible via public transport, notably the Hong Kong Light Rail, and benefits from its location in a prosperous area with high pedestrian traffic. Furthermore, a variety of amenities, such as shops, restaurants, banks, and department stores, are located nearby.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which prominently indicated that room 2603A was occupied by IISL.

However, according to the security officer on duty, people were not allowed to go upstairs by the elevator without an access card or an appointment in advance, and IISL was operating in the building. 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 IISL as scheduled, and found the company at its regulatory address. It denotes that the broker has a physical business office at the place. Meanwhile, 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.