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 RIFA as planned according to its regulatory address that 7/F, 28 Hennessy Road, Hong Kong.

The investigators came to 28 Hennessy Road in Wan Chai for an on-site visit to the brokers office, and located the Five Pacific Place in a bustling business district with an endless stream of people. The impressive modern commercial building is easily accessible due to its fabulous location in a core business district. 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 noticed that people were not allowed to access the working area by the elevator without an access card. Thus, it was not possible to reach the 7th floor. However, the directory in the lobby prominently listed “Rifa Securities Limited” as being located on the 7th floor, further suggesting the existence of the broker in the building. Additionally, there was no company logo displayed.

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 RIFA 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.