Tuesday, June 1, 2010

Venezuela seizes control of 3 more brokerage firms

Venezuela's government has seized control of three more brokerage firms amid a crackdown on currency trading ordered by President Hugo Chavez.
The National Securities Commission says the brokerages BBO Casa de Bolsa, Strategos Sociedad de Corretaje and Innova Capital violated regulations for the trading of government bonds.
Tuesday's takeovers bring the number of brokerages that have been brought under government control to 36.
Chavez accuses brokerages of "speculative" trading that has boosted inflation and eroded the value of Venezuela's currency.
Lawmakers approved measures last month giving exclusive control of the bond market to the Central Bank.
Over 100 brokerages operate in Venezuela.

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