Bulgaria’s Financial Supervision Commission (FSC) has revoked the licence of investment brokerage Varnenski Investitsionen Posrednik – 7 (VIP-7), the FSC said.

This is the latest company to exit the market after earlier this month Bulfin Invest and Sofia Invest Brokerage were stripped of their licences. The latest development brings the number of investment brokerages that have dropped off the market since the crisis started to eight.

In end-2008, there were slightly over 60 market players. According to unofficial reports, three more small brokerages are in the midst of being stripped of their licences.