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 brokers.

On-site visit

In this issue, the investigation team went to Canada to visit the forex broker Titan Capital Markets (licensee: TITAN GLOBAL CAPITAL MARKETS LTD.) as planned according to its regulatory address that 229 YONGE STREET, SUITE 600, TORONTO, ON, CANADA M5B1N9.

The survey personnel arrived at the target building at 299 Yonge Street in downtown Toronto on June 12, 2023. The location boasts convenient transportation, in particular near the Queen Station, and busy and clean streets. In addition, theres a giant shopping mall nearby.

After entering the five-story building with security guards, the investigators found from the company directory that there was no any information about company “Titan Capital Markets”. According to the security guards, there was also no Suite 600 in the building.

Through an on-side investigation, it is confirmed that the company doesnt have a physical presence there.

Conclusion

The investigators went to Canada to visit forex broker Titan Capital Markets as scheduled, and didn‘t spot the company at the regulatory address. It indicates that the broker doesn’t have a physical business office there. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

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