May 22, 2018 / 11:03 AM / a year ago

Brazil's central bank liquidates brokerage due to 'serious violations'

SAO PAULO, May 22 (Reuters) - Brazil’s central bank ordered the liquidation of brokerage Gradual Corretora de Câmbio, Títulos e Valores Mobiliários on Tuesday for “serious violations of legal norms and regulations”.

In a statement, the central bank said “the brokerage’s compromised financial-economic situation, and the existence of losses that subject creditors to abnormal risk” also led the body to effectively shut down the brokerage.

The central bank said it was currently in the process of determining who was at fault for Gradual’s current situation.

It added that the brokerage was of “low relevance” to Brazil’s financial system, making up 0.003 percent of total assets and 0.04 percent of currency exchange transactions in the fourth quarter.

Additional details of the circumstances behind Gradual’s liquidation were not immediately available.

Gradual did not respond to a request for immediate comment. (Reporting by Gram Slattery; editing by Jason Neely)

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