Reason for this visit

Australia has a profound trading culture and a world-recognized regulatory environment. Currency markets are very popular there. Australia's top currency brokers reportedly have more daily trading volume than cash trades in Australian stocks. There are three trading sessions - Asia Pacific, Europe and the United States. Located in the Asia Pacific region, Australia is the first country to start trading forex and commodities during the day. Although the trading volume is relatively small at the beginning, due to the time difference, the addition of Japanese traders after a few hours can make the trading volume larger. The Europe trading session is the most traded in the global foreign exchange market. Australia is a country with abundant natural resources, rich in oil and coal, precious metals as well as grains. The physical trading of these products in global markets has led to a robust derivatives market, with active participation by both retail and institutional investors. Many exploration and production companies are publicly traded on the securities market, making Australian equities highly liquid and risky. In addition, many commodities are priced in USD, EUR and JPY, which contributes to a highly liquid currency trading environment. The physical delivery nature of Australia's thriving export market supports both spot and forward currency markets. Furthermore, China, which is one of Australia's largest trading partners and the world's second-largest economy, brings huge amounts of Australian natural resources into the country. China's influence as a consumer nation provides investors in the currency market with a natural trading partner. Demand for resources may provide a potential exchange rate basis for its currency. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Australia, the survey team is going to the country for on-site visits.

On-site visit

This time the survey team went to Australia to visit the foreign exchange dealer Rainbow Legend Group as planned. The survey address is ERIC QU, Suite 602, 160 Queen Street MELBOURNE VIC 3000.

The survey personnel came to the destination of the current survey according to the above address. The destination is located on Queen Street, a busy downtown area with a good surrounding environment. With three large shopping malls gathered, the place is the concentration of international high-end brand-name products. The survey personnel did not find the trader's name on the water sign in the building lobby, and therefore went upstairs to look for it.

The investigators found that Suite 602 was used by another company and was not the office of the dealer Rainbow Legend Group. They searched the entire 6th floor and could not find the office of Rainbow Legend Group, so it was confirmed that the trader's office did not exist here.

Conclusion

The survey personnel went to Australia to visit the foreign exchange dealer Rainbow Legend Group as planned, but did not find the dealer's office at its disclosed regulatory address, which is a situation of false supervision. Investors are advised to choose this dealer carefully.

Disclaimer

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