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, WikiFX survey team is going to pay on-site visits to the local companies.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker BRIGHT (licensee: Bright Smart Futures & Commodities Company Limited) as planned according to its registered regulatory address that 10/F, Wing On House, 71 Des Voeux Road Central, Hong Kong.

The survey personnel came to Wing On House, a common commercial building, in a primary commercial area of Central on July 22, 2023. On the ground floor lie Bank of China, Public Bank, Cultural Homes, and other shops. The location can be accessible easily via MTR and various other public transportations, within 3 minutes walk of Exit A of Central Station. There are also plenty of shops, restaurants, banks, and department stores in a clean and tidy surrounding environment, attracting huge crowds of people.

After entering the building, the investigators found from the ads released by BRIGHT in the lobby that the company was located on the 10th and 23rd floor. According to the administrator working there, people werent allowed to access the working area upstairs without a staff card or reservation. Meanwhile, taking photos was explicitly prohibited.

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

Conclusion

The investigators went to Hong Kong to visit forex broker BRIGHT as scheduled, and saw the companys name at its regulatory address. It indicates that the broker has a physical business office at the place. Meanwhile, 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.