The bigger they are, the harder they fall. It took 22 years to build up InterBolsa to become the largest stock operator in Colombia, controlling 27% of the local stock market (BVC). At its peak it controlled 21% of the trade in company stocks, 22% of the public debt market and 41% of the private debt market. To bring it down, however, took only a few hours. One liquidity crisis was enough for the state’s financial regulator/superintendence (SF) to issue a resolution (1795, 2012) mandating an intervention; seven days later, the SF announced Interbolsa’s liquidation.
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