Bolsa Mexicana de Valores

Bolsa Mexicana de Valores

Corporation listed on Bolsa Mexicana de Valores

Authorities

President of the Board of Directors
Jaime Ruiz Sacristán

CEO
José-Oriol Bosch Par

Chief Compliance Officer
Hugo Arturo Contreras Pliego

Deputy General Directors
TechnologyLuis Andrés Rodríguez Mena

Deposit, Settlement & Custody
Roberto González Barrera

Issuers and Information
José Manuel Allende Zubiri

Markets
José-Oriol Bosch Par

Chief SIF ICAP Officer
Gabriel Rodríguez Bas

Administration & Finance
Ramón Güemez Sarre

Legal Counsel & Enforcement
Clementina Ramirez de Arellano Moreno

Operational Valuation & Market References
Catalina Clavé Almeida

Human Factor
Rosa Laura Crespo Casas

Paseo de la Reforma 255, Colonia Cuauhtémoc
(06500) Mexico DF, Mexico

Phone: (5255) 5342-9000
www.bmv.com.mx 

Main products and markets

  • Shares in industrial, commercial and service companies
  • Shares of foreign companies
  • International Quotation System (SIC)
  • Ordinary Pariticipation Certificates representing Shares
  • Exchange-Traded Funds [ETFs] & ETFs Debt
  • Real Estate Investment Trusts [REITs] (FIBRAS)
  • Development Capital Certificates
  • Debentures from industrial, commercial and service company
  • Subordinated debentures from credit institutions and financial groups
  • Certificates of participation in assets, rights and securities other than stocks
  • Warrants
  • Derivatives
  • Short and Long Term Exchange Certificates of Commercial, Industrial and Service Companies
  • Structured Bonds
  • Federal District Bonds
  • Federal States & Municipalities Bonds
  • Bank Notes
  • Securitizations
  • SAPIB Shares
  • Mortgage trusteeship
  • Energy and Infraestructure Investment trusteeship
  • Stock Investment Trust Certificate (CERPI)
  • Development Banck Debt

Main shareholders

There is a group of shareholders formed by brokerage houses that, through a Control Trust, have significant influence and may have interests that differ or conflict with the interests of the other shareholders. The control trust has 25% of the shares representing the capital stock of the BMV, the block vote of said trust in the Shareholders Assembly can define and approve the names of the 15 members of our Board of Directors. Our dependence on the activities of our members and partners, combined with the control they can exercise with respect to all matters that are submitted to the vote of our Shareholders, allows them to exercise a significant influence on the operation of our business.

Trading hours

Market / Product
Schedule
Opening auctions
8:00 to 8:29:59
’- Continuous market
8:30 to 15:00
Closing transactions
8:00 to 14:40
Step 1 Asingment
15:00
Step 2 Asingment
15:09:59
Trading at average Price of the day (PD)
8:00 to 14:40
Asignment
15:00
Tranding at mid Price
8:30 to 15:00
Block Trasing and for Exception
8:30 to 15:00

Market data

(Additional information at www.fiabnet.org)
Item
2017
2010
2005
2000
Total market capitalization (millions of US$)
417,021
765,989
643,04
125,679
Number of listed companies
148
136
n.d.
177
Stock Index Level
IPC
49,354
38,550.79
17,802.71
5,652.19
IPC Comp MX
403
296,07
n.c.
n.c.
Number of brokerage companies
35
35
29
34
Total value of share trading (Millions of US$)
102,664
120,064
55,935
41,263
Total value of bond trading (Millions of US$)
119
140
206
532
*Includes domestic and foreign companies
Market Capitalization - (US$ Millions)
Total value of Share trading - (US$ Millions)
Total value of Fixed Income trading - (US$ Millions)
Derivatives
2017
2016
Type of contracts
Notional value of contracts traded (millions of US dollars)
Open interest at year end
Number of contracts traded
Notional value of contracts traded (millions of US dollars)
Open interest at year end
Number of contracts traded
Stock Options
42
2.000
300820
40
62581
322308
Stock Index Options
576
292
22685
1345
4814
56413
Exchange Rate Options
919
44983
94134
328
85
32904
Stock Futures
0
0
247
0
2
293
Stock Index Futures
44
300
277720
2
0
8750
ETFs Futures
23418
41.663
1024760
26532
35711
1502576
Bonds Futures
4.289
34.302
708263
12061
57741
1836390
Exchange Rate Futures
87083
865.529
8576719
87732
386895
8084174
Interest Rate Futures
142
86.004
25938
2905
582692
545100
SWAPs of TIIE 28
34878
6.464.102
6670122
35153
5235301
6576021

Market capitalization split by economic sector

 
Sector
2017
2016
%
%
Industrial
13
13
Mining
16
18
Banking, financial and insurance
11
12
Agricultural
32
31
Retail
7
7
IT
18
16
Other
3
3
Total
100
100
2017

Brief history

 » Bolsa Mexicana de Valores

Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV) was founded in 1894. In 1995, it started operating the BMV SENTRA-Debt Securities trading platform (an electronic facility for trading debt securities), and in 1996 it began managing the BMV-SENTRA Capitales platform (for trading capital market instruments).

In 1998, the company Servicios de Integración Financiera (SIF) was constituted as a subsidiary of the Bolsa with the purpose of providing electronic brokerage. Then, in January 1999, all the share negotiation was incorporated into the electronic system. Thus, on January 1, 2002, the Mexican Corporate Market Securities services company, S.A. of C.V. for the hiring, administration and control of personnel of the Exchange and of the other financial institutions of the Stock Exchange Center that joined this process.

The Mexican Stock Exchange concluded with the process of demutualization, becoming a company whose shares are susceptible to trading in the stock market, carrying out on June 13, 2008 the Initial Public Offering of its shares representing its capital stock.

On the other hand is the derivatives market which was created in 1994 as MexDer, Mercado Mexicano de Derivados, S.A. of C.V. being Indeval [1], constituted on August 20, 1987, which would promote the creation of the derivatives clearing house that is called Asigna, Compensación y Liquidación. In 1978, contracts for the future began to be listed, since 1977 hybrid debt instruments by the Federal Government such as petrobonds, promissory notes, treasury bonds, etc., since 1989 the Brady Bonds for the renegotiation of the public sector’s external debt, in the decade From the nineties, OTC (over the counter) forward contracts were negotiated and, from October 1992, the Optional Securities (warrants) on individual shares, baskets and stock indices began to operate on the Mexican Stock Exchange.

On the other hand is Valmer, is a company founded by the Mexican Stock Exchange (BMV) and Algorithmics Incorporated in 2000 and is responsible for valuation of financial instruments, as well as comprehensive services of calculation, information, analysis and risks, related to said prices.

On January 29, 2010, a new organizational structure was approved, which includes all the companies of the Mexican stock exchange group named above, now having five business divisions (markets and information, liquidation and custody, technology, promotion and planning). , and corporate services and government relations).

In November 2016, the BMV started operations with its new Motor FIX, a technologically advanced piece that allows receiving in microseconds the orders registered, modified, canceled and executed by its members for the operation of the different securities that make up the Capital Market, including the titles listed in the International Quotation System. Additionally, in the same year, the first placements of a FIBER E, a CERPI and a Green Bonus were made.

During 2017, the BMV invested in several technology projects, among the most outstanding: improvements to the market surveillance system (SMARTS), the connection of the Exchange, the exchange of the central engine of the Central Securities Counterparty for clearing and settlement (SCO). and the implementation of a system that automates the process of identification, analysis and management of operational risk in a single environment (OpenPages).

In addition to continuing organic growth, BMV is committed to promoting financial markets in Mexico through education. In the last quarter of 2017, Grupo BMV invested in the construction of the Stock Exchange Museum (MUBO).


[1] Services:

1) Securities Loan the Securities Loan Program, through the Electronic Trading System – VALPRE since January 1997 to allow participants to register positions anonymously, establishing the characteristics of the positions; 2) since 1994, the ISINy number assignment has been started since 1996, and the ISIN Numbers Electronic Directory has been launched jointly with the BMV; and 3) establishes a direct connection between the Indeval systems and the direct market participants.

Organization chart

Organization chart

Financial indicators

2018
2017
Net Income (U$S thousands)
54
44
ROE (Net Income/Shareholders’ Equity)
0.21%
0.19%
ROA (Net Income/Assets)
0.18%
0.15%
EBT/Shareholders’ Equity
0.24%
0.22%
EBT/Assets
0.19%
0.18%
 » Bolsa Mexicana de Valores

Clearing, settlement and depositary services

Indeval is the Mexican Central Securities Depository (CSD) for all financial instruments, which manages DALI Securities Settlement System (SSS), whose operational core is a trade settlement engine working on the basis of Trade Research methods.

DALI’s operational core is the only tool enabling transactions to be cleared and settled at Indeval on a final and irrevocable basis, and allowing for different applicable securities settlement DvP models, including real-time gross settlement (RTGS). As for August 10th, 2012, DALI started to administrate the communication with payment SPEI of Banco de México and SIAC-BANXICO for all cash deposits and withdrawals systems domestic currency, to be applied on movements from settlement cycles of SLV, as well as for final settlement on closing day.

Additionally, the settlement engine DALI is based on trade research techniques, it is executed automatically (at present set up to run every two minutes or more often, if there is enough trading volume), and it provides safe and continuous operation, ensuring that transactions shall be settled on a final and irrevocable basis.  This unique clearing and settlement engine includes a linear programming model selecting which pending trades may be settled with the available balances and positions held by DALI direct participants (depositors), thus maximizing the value of transactions to be settled. Thanks to this model, it is possible to settle many transactions which, as a result of insufficent provision of securities and/or cash, would remain pending settlement if they were processed one by one. Up to December 31, 2014, the amount settled was a 13% over 2013.

Securities/Terms Depository/Clearing & Settlement Organization
Domestic securities S. D. Indeval Institución para el Depósito de Valores, S.A. de C.V.
-  T + 3 (debt securities)
Foreign securities
- T + 3 ( equities and ETFs)
- T + 2 (debt securities)
- T + 1 (ETFs debt )

Central counterparty - CCP

 

Bolsa Mexicana de Valores complies with the required CCP mechanism, which is provided by two institutions. On the Capital Market side, the CCP role is played by Contraparte Central de Valores (CCV), whereas Asigna, Compensación y Liquidación performs CCP functions for the Derivatives Market.
Securities/Terms Depository/Clearing & Settlement Organization
- National and International values (SIC) Contraparte Central de Valores S.A. de C.V. – Mercado de Capitales
- From T to T+2 (Normal)
- Daily, monthly and quarterly period up to 15 years (Future of US Dollar) and the future contract of 28 days Interbanking Interest Rate (TIIE 28) in future contracts). Fideicomisos Asigna Compensación y Liquidación – MexDer Derivatives Market
- Monthly period up to 10 years (Future of Euro)
- Quarterly period (March, June, September and December) For 1 year (Future of IPC, Future Option of IPC, Futures and Optines of Individual Stocks, Options of Future pof US Dollar, ETF and IPC)
- Monthy quarterly period up to 10 years (to 91 days of Cetes future contracts).
- Monthly and quarterly period up to 1 year (Swap Future to 28 days)
- Quarterly period up to 1 year (Future Bonds contracts).
- TIE-SWAP contracts from 1×1, 3×1, …. Up to 390×1

Member of the following organizations

  • Federación Iberoamericana de Bolsas (FIAB) – 1973
  • World Federation of Exchanges (WFE) – 1975
  • Consejo Mexicano para La Investigación y Desarrollo de Normas de Información Financiera ( CINIF) – 2010
  • Fundación para la Promoción de los Estudios Financieros ( FUNDEF) – 2010

Agreements with other Exchanges

  • Bolsa Nacional de Valores, S.A. (Costa Rica) – May 24, 1991 - Technical Assistance Agreement.
  • Bolsa de Valores de Santo Domingo, Inc.(*) – November 28, 1991 - Technical Assistance &  Information Sharing Agreement.
  • Bolsa de Valores de El Salvador, S.A. de C.V. – September 5, 2003 -Technical Assistance &  Information Sharing Agreement.
  • Bolsa de Comercio de Santiago – November 28, 2014 – Integration Agreement
  • Bolsa de Valores de Colombia, S.A. – November 28, 2014 – Integration Agreement
  • Bolsa de Valores de Lima S.A. – November 28, 2014 - Integration Agreement

(*) In 1997 Bolsa de Valores de Santo Domingo Inc. changed its name for Bolsa de Valores de la República Dominicana Inc.

Edited by FIAB Secretariat. The information referred to member exchanges and markets compiled in this Handbook has been provided to FIAB by these entities and is updated up to April 18, 2017. Every effort has been made to ensure that the information in this edition is accurate at the time of its publication. FIAB Secretariat cannot accept responsibility for errors or omissions.