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 to have a more comprehensive understanding of foreign exchange brokers in Hong Kong, the survey team is going to pay on-site visits to local companies.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker BV FOREX (licensee: Future Growth Asset Management Limited) as planned according to its regulatory address that 17/F, Fung House, 19-20 Connaught Road Central, Hong Kong.

The survey personnel came to the destination in a primary business area of Central on May 6, 2023, where an upscale building is situated, with convenient transportation including MTR and others. Watsons is on the ground floor, and on the opposite side of the road lie a well-known exchange square and a bus terminal. There are also plenty of shops, restaurants, and department stores nearby surrounded by a clean environment with huge crowds of people.

After arriving at the building, the investigators found from the company directory that the 17/F was occupied by Prosperous Future Holdings Limited. And there was no any information about broker BV FOREX. At meantime, the survey team failed to reach to the target floor and even to enter the building for stringent security reasons, despite showing their intention. According to the administrator working here, there was no a company called BV FOREX in the building.

Therefore, it is confirmed that the company doesn’t have a physical presence here.

Conclusion

The investigators went to Hong Kong to visit forex broker BV FOREX as scheduled, and didn’t find the company at its regulatory address, which indicates that it doesn’t have a physical business office here. Therefore, 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.