Wed. Dec 7th, 2022


The Real News Network

Brazil’s XP says trading platform facing problems

1 min read

caXP Inc. headquarters in Sao Paulo

SAO PAULO (Reuters) – Some clients of Brazil’s largest digital broker XP Inc on Wednesday problems experienced problems accessing the company’s platform due to increased use, the company said in a statement.

The company’s spokesman said XP was working to solve the issue. The company has 1.7 million clients and roughly 410 billion reais ($93.44 billion) under custody.

The problems in the broker’s trading platform came on a day that the Brazilian benchmark stock index was down more than 6%, on global concerns about the spread of coronavirus, following a closure for the Carnival holiday.

XP said the number of accesses to its platform in the first three hours on Wednesday was five times higher than in an average day.

Founded in 2001 as an independent financial adviser, XP listed its shares on Nasdaq in December, challenging Brazil’s top five banks. It is currently valued at $20.7 billion.

($1 = 4.3878 reais)

(Reporting by Carolina Mandl; editing by Jonathan Oatis)