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 forex broker DBS Markets as planned according to its regulatory address that 66/F, The Center, 99 Queens Road Central, Central, Hong Kong.

The seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker DBS Markets in The Center at 99 Queens Road Central, Central.

This on-site investigation focuses on verifying the registered address of DBS Markets on the 66th floor of The Center in Hong Kong‘s Central district. Following the provided information, the investigators successfully arrived at The Center, a landmark skyscraper in Hong Kong’s core business area. As one of the tallest buildings in Hong Kong, The Center boasts a magnificent exterior and imposing presence, fully embodying its status as a premier commercial landmark. The surrounding streets are bustling with pedestrian traffic, featuring an intensely vibrant business atmosphere and a highly commercialized environment.

To ensure the smooth completion of this inspection, the team promptly entered The Center‘s interior. After accessing the building, they approached the reception desk on the 2nd floor of the lobby and stated their purpose: to visit DBS Markets on the 66th floor. In compliance with the building’s management regulations, the survey team completed the visitor registration process, including identity verification. Once registered, they were granted access and took the elevator directly to the 66th floor.

Upon arrival, the investigators immediately began searching for traces of DBS Markets. However, neither the elevator lobby nor the public directory on the 66th floor displayed the name “DBS Markets.” A thorough scan of the public areas and directional signage on the floor revealed no company logos or markings bearing the name “DBS Markets.” The team then attempted to locate the office unit corresponding to the registered address based on the floor layout. Yet, within the 66th-floor premises, they found no office space labeled with DBS Markets name or signage. All observed office unit names were inconsistent with the target company.

Through the on-site investigation, it is confirmed that the broker does not maintain a physical presence at the above address.

Conclusion

The survey team went to Hong Kong, China to visit forex broker DBS Markets as scheduled but did not find the company at its regulatory address. It indicates that the broker does not have a physical office at the place. Accordingly, investors are advised to make a well-considered decision following much deliberation.

Disclaimer

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