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Colombian markets stay cool amid Interbolsa crisis

Monday, November 5, 2012

Colombia’s financial markets are reacting calmly to the takeover of the nation’s biggest brokerage, whose unwise management decisions don’t reflect any system-wide risk, Finance Minister Mauricio Cardenas said.

Cardenas said that financial regulators will appoint a special agent on November 6 to manage Interbolsa SA’s brokerage, which was seized on November 2 after the company said it faced a funding shortage.

“No financial market is exempt from companies that once in a while make mistakes and bad business decisions,” Cardenas said.

Source: Bloomberg