Congressman Paulo Ramos wants to suspend the stock market. Photo: AG.CAM.
Representatives in Brazil’s lower house are set to vote on a bill that would suspend trading on the stock market for four months. According to the author of the proposal, left-wing Congressman Paulo Ramos, the bill would preserve the health of investment bankers and other stock market professionals.
Other countries have adopted similar measures, but for much shorter periods. On March 16, the Filipino stock exchange became the first to close, before being reopened two days later. In the European Union, some member-states opted for the suspension of short-selling, a practice that can lead to abrupt market moves when there is panic selling.In March, the São Paulo stock exchange crashed twice in the space of a week due to the Covid-19 outbreak.
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