Exchange Suspends 28 Traders
SAO PAULO, Brazil (AP) _ In what the press has dubbed the biggest crackdown on abuse in Brazil’s financial market, the Commodities and Futures Exchange suspended 28 traders suspected of unauthorized practices.
The regulatory agency said through a spokeswoman Friday the traders were suspected of insider trading, profiteering through price manipulation and improperly reporting transactions.
She said the suspensions, effective Thursday, were temporary pending the completion of an investigation.
A statement by the exchange said it ``identified indications of practices incompatible with the market, principally in the execution of operations which give preference to some traders.″
The exchange trades a daily average of $12.5 billion in futures and options on stocks, currency, interest rates and commodities.