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 increasingly 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 forex broker ADMIS as planned according to its regulatory address that Suite 303, 3/F, Oxford House, Taikoo Place, 979 Kings Road, Hong Kong.

The investigators came to 979 King‘s Road in Quarry Bay of Hong Kong Island for an on-site visit to the broker’s office, and located the Oxford House of Taikoo Place. Taikoo Pace is a renowned commercial building complex comprising grade A office towers, upscale retail stores, and luxury hotels. As an iconic building in the thriving district of East Hong Kong Island, it enjoys convenient transportation owing to its exceptional location, appealing to a constant stream of visitors.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which displayed that unit 303 on the 3rd floor was occupied by “Archer Daniels Midland Asia-Pacific Limited” rather than ADMIS.

The inspection team then took the elevator to the 3rd floor, but still did not discover the company name or logo of ADMIS at the door of office 303.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Hong Kong, China to visit broker ADMIS as scheduled, but did not find the company at its regulatory address. It denotes that the broker does not have a physical business office at the place. Accordingly, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

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