The Hong Kong Association of Online Brokers is to urge the city’s financial regulator, the Securities and Futures Commission, to strengthen internet registration procedures in an attempt to thwart fraudulent websites.
The Association, which represents 14 brokers, is proposing that all online brokerages must register under the internet domain name of ‘sec.hk’, making Hong Kong the first jurisdiction to adopt such a measure.
The growth in the number of incidents of fraudsters attempting to trick investors by setting up fake websites is threatening to undermine the Hong Kong public’s confidence in online broking, the association warns.
The Hong Kong Internet Registration Corporation is reportedly working on a similar idea with the Hong Kong Monetary Authority.
According to stock exchange data, the online trading of securities by retail investors has risen from 1.9% of retail trading volume to 8.5% in the last four years.
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