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 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 KGI Asia as planned according to its regulatory address that Suites 3502-3 & 05A, Langham Place, 8 Argyle Street, Mongkok, Kowloon.

The investigators came to 8 Argyle Street in Mongkok of Kowloon, Hong Kong for an on-site visit to the brokers office, and located the Langham Place, a modern commercial building, in the heart of the district. As one of the renowned shopping, catering, and entertainment centers in Hong Kong, Mongkok boasts ample business resources and convenient transportation, including multiple bus lines and Mass Transit Railway stations like Mongkok Station, providing easy travel options for residents and tourists. Additionally, it is extremely convenient to reach the attractions and shopping malls in the immediate vicinity by taking a cab or walking in this prosperous area.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which prominently displayed that unit 3502-5A on the 35th floor was occupied by “KGI Asia Limited” and “KGI Futures (Hong Kong) Limited.” With a bustling shopping mall on the ground floor, people could access the mixed-use development encompassing retail and businesses from the mall.

The inspection team then took the elevator to the 35th floor and discovered KGI Asias office, where multiple staff members in suites were processing data in front of computers at their desks.

However, people were not permitted to enter the office without an appointment in advance; therefore, it was not possible to assess the companys operational scale and work environment.

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 KGI Asia as scheduled, and found the company at its regulatory address. This denotes that the broker has a physical business office at the place. Unfortunately, it is not feasible to determine the exact scale of the brokers company due to the inability to enter the office. Accordingly, investors are advised to make an informed decision following a comprehensive consideration.

Disclaimer

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