Reason for this visit

The Hong Kong foreign exchange market is an international market developed after the 1970s. Since the removal of foreign exchange control in Hong Kong in 1973, there has been a large inflow of international capital and the number of financial institutions operating foreign exchange business has continued to increase. The foreign exchange market has become more and more active, and it has developed 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 dealers in Hong Kong, the survey team is going there to conduct on-site visits.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange dealer ASA as planned. The survey address is Room 1803-10, China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.

The survey personnel came to the destination of the current survey according to the above address. ASA's office is located in the long-established business district of Sheung Wan, Hong Kong, close to the MTR and various public transports. The surrounding environment is clean and tidy, with a strong flow of people, as well as shops, restaurants, markets, residences and hotels of all walks of life. The destination is an old office building with outdated facilities, but the interior environment is clean. The investigators did not find the trader's name on the water sign in the building, so they went upstairs to visit.

The investigators found on the 18th floor that the unit belonged to “ASA Financial Holdings Limited / ASA Securities Limited” rather than the dealer “ASA”. Therefore, it is confirmed that the dealer ASA does not have an office there.

Conclusion

The survey personnel went to Hong Kong, China to visit the foreign exchange dealer ASA as planned, but did not find the dealer's office at its disclosed regulatory address. The dealer may have just registered a company at this address without a real business venue. Please choose this dealer carefully.

Disclaimer

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