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2026 Annual Reviewv2026.2

2026 · Evidence audit

HSBC Global FX — institutional liquidity provider

HSBC Global FX operates as a Tier-1 bank liquidity provider. It has a long history, established in 1865, and holds multiple licenses across key jurisdictions. Self-measured liquidity claims should be scrutinized for verification.

HSBC Bank plc · London, UK · last re-checked 2026-09 · evidence score 98/100

01

Licence, read on the register

RegulatorLicence numberJurisdictionTierSource
FCA114216UKtier-1open source ↗
PRAnot verifiedUKtier-1open source ↗
MAS (merchant bank / wholesale)not verifiedSingaporetier-1open source ↗
SEC/FINRA (BrokerCheck, HSBC Securities (USA) Inc.)8-41562UStier-1open source ↗

Tier classification follows the same scale as the retail register: tier-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.

02

What the firm commits to

Claims specific enough to be falsified — and the ones that remain the venue's own measurement.

A

Testable claims

  • HSBC was founded in March 1865 in Hong Kong financing trade between Europe and Asia (hsbc.com who-we-are/our-history)
  • HSBCnet provides FX and MM Trading e-liquidity in the global foreign exchange market with real-time trade/limit/margin monitoring (hsbcnet.com online-services page)
B

Claims we cannot verify from outside

  • Liquidity/volume claims on regional HSBC FX pages (self-measured)
  • HSBCnet FX and MM Trading country-expansion reported by Euromoney citing HSBC — media-sourced, treated as unverified
03

Perimeter and coverage

Asset classesVenuesConnectivityClients acceptedExplicitly refused
FX spot, FX forwards, FX swaps, NDFs, FX options, Money marketsEBS, Reuters, CME FX, CLSFIX, HSBCnet FX and MM Trading platform, HSBC Global eFX APICorporates, Institutional investors, Banks, Asset managers, GovernmentsRetail clients (institutional FX lines)

A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.