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 CL Group as planned according to its regulatory address that Unit B, 16/F, Bank of East Asia Harbour View Center, 56 Gloucester Road, Wanchai, Hong Kong.

The investigators came to 56 Gloucester Road in Wan Chai for an on-site visit to the brokers office. The Bank of East Asia Harbour View Centre, a modern commercial building, was ideally located in a thriving district, offering easy accessibility and attracting a constant flow of people. Furthermore, there is a diverse range of facilities nearby that meet the office requirements of financial companies.

Upon arriving at the building for further investigation, the survey personnel spotted a directory in the lobby that displayed that “CL Group (Holdings) Limited” was located in office B on the 16th floor. And they took the elevator to the target floor and discovered the brokers office, with its company name and logo at the entrance.

However, the inspection team was unable to enter the office of CL Group for an internal visit. As a result, it was impossible to assess the working environment and specific operational scale within the office.

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 CL Group 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 a well-considered decision following much deliberation.

Disclaimer

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