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Based on my own research and experience assessing brokers like GF Securities (Hong Kong), I’ve noticed that detailed information about their spread structure—specifically whether they offer fixed or variable spreads—is not explicitly provided in the available context. Typically, with established securities firms operating under SFC regulation in Hong Kong, spreads are likely variable, reflecting standard industry practice for equity and bond trading, ETFs, and derivatives. The rationale behind this is that variable spreads allow the broker to adjust to changing market conditions, especially in the diverse and dynamic securities markets of the Asia-Pacific region. Drawing from my professional judgment, variable spreads tend to widen during periods of high market volatility or when major news events hit the financial markets. This is a risk management approach that many regulated brokers employ to protect themselves from price fluctuations, particularly because liquidity can quickly dry up, and execution risk increases. For me, trading during such times with brokers that do not clearly communicate their spread policy can expose clients to unexpected costs. GF Securities (Hong Kong) is regulated by the SFC, which does offer a degree of operational oversight. However, the context mentions some concerns about "suspicious scope of business" and "medium potential risk," so anyone considering trading through them should exercise increased caution, clarify all trading conditions directly, and perhaps consider alternative brokers with a fully transparent fee and spread schedule if predictability and cost control are priorities.