Reason for this visit

The Canadian foreign exchange market is very unique. Canada has a unified financial supervisory authority covering all financial industries, that is the Canadian Securities Administration (CSA). On the other hand, however, under the CSA is the Investment Industry Regulatory Organization of Canada (IIROC), which was established in 2008 and is the regulator primarily responsible for the retail foreign exchange market. IIROC is further divided into three regions and ten provinces independently, and each province and region has its own regulatory environment. Given the country’s sovereignty and its multiple laws and regulations, the foreign exchange market in Canada is rather complex compared with other countries. In order to help investors or practitioners have a more comprehensive understanding of the foreign exchange dealers in Canada, the survey team is going to the country for on-site visits.

On-site visit

This time the survey team went to Canada to visit the foreign exchange dealer SCEID as planned, and the survey address was 3280 BLOOR STREET WEST SUITE 1140 11TH FLOOR CENTRE TOWER TORONTO, ON, CANADA M8X2X3.

The survey personnel came to the destination of the current survey according to the above address. The destination is on Bloor Street, a major east-west residential and commercial thoroughfare in Toronto, Ontario, Canada. The streets are lined with large office buildings, mainly home to insurance companies. The region has long been the centre of Canada's insurance industry. The destination is a high-end commercial building with a reception desk and a water sign in the lobby, but the investigators did not find any information about the trader on the water sign.

The survey personnel reached the 11th floor. Room 1140 is a small shared office. Unfortunately, the survey personnel did not find any information of the dealer SCEID, so it was confirmed that the dealer SCEID did not have an office here.

Conclusion

The investigators went to Canada to visit the foreign exchange dealer SCEID as planned, but did not find the dealer's office at its publicly displayed business address. The dealer may have just registered a company at this address without a real business venue. Please choose this dealer carefully.

Disclaimer

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