Reason for this visit

The foreign exchange market is extremely unique in Canada, since the country has its own financial authority, the Canadian Securities Administrators (CSA), which provides a unified management of all financial industries. Meanwhile, CSA set up its subsidiary body, the Investment Industry Regulatory Organization of Canada (IIROC), in 2008, which is primarily responsible for the regulation of the retail foreign exchange market. And the IIROC has independently built many low-level regulatory bodies supervising three regions and ten provinces respectively. All these institutions release multiple independent laws and regulations. The integration of unity and differentiation in regulation makes the Canadian forex market the most complex in the world. In order to help investors or practitioners to get a more comprehensive understanding of the country's foreign exchange brokers, the survey team plan to go to Canada for on-site visits to local companies.

On-site visit

In this issue, the investigation team went to Canada to visit the forex broker CMCMarkets (licensee: CMC Markets Canada Inc.) as planned according to its regulatory address that 100 Adelaide Street West, Suite 2915, Toronto, ON, M5H 1S3.

The survey personnel arrived at a skyscraper at 100 Adelaide Street West in a commercial area of Toronto, the largest city in Canada and capital of Ontario, on June 12, 2023. The location boasts busy streets with large crowds of people.

After entering the building, the investigators found security guards and reception desk in the lobby. And people were allowed to go upstairs without a reservation and registration. And then the survey personnel reached the 29th floor and saw from company directory that room 2915 was occupied by company CMC Market.

The investigation team could clearly see the company name and logo of CMC Market at the entrance of unit 2015, where there were no any receptionists but 3 rooms with around 25-30 cubicles.

After an on-site survey, it is confirmed that the company does have a physical presence there.

Conclusion

The investigators went to Toronto, Canada to visit forex broker CMCMarkets as scheduled, and spotted the company at the regulatory address. It indicates that the broker has a physical business office there. And investors are advised to make investment decisions based on comprehensive consideration.

Disclaimer

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