The Mexican Exchange (BMV Group), the second largest exchange in Latin America, has implemented a number of initiatives designed to further promote foreign investment in the Mexican financial markets.
The Mexican Exchange now provides worldwide participants with high-speed access through low touch direct market access (DMA), high speed co-location services, and FIX standard protocol for order routing and market data. Dealers, pension funds, qualified investors, institutional investors and other market professionals have all benefited from these operational modifications on the exchange.
“By successfully improving upon our operative rules to better comply with international market standards, BMV is now better equipped to provide global investors with more efficient trading and connectivity to Mexico,” said Luis Téllez, president and chief executive officer (CEO) of BMV Group. “Global market participants can access the Mexican Exchange, as well as benefit from trading our products, in a more seamless and efficient manner than ever before.”
The Mexican Exchange also established important alliances broadening investment opportunities in the Mexican market. The Mexican Derivatives Exchange (MexDer) and the Chicago Mercantile Exchange (CME) established phase one, ‘south-to-north’, of its order routing agreement, giving Mexican investors access to CME Group’s benchmark derivatives contracts, including interest rates, foreign currencies, equity indexes, energy, metals and agricultural commodities. Phase two of the partnership, ‘north-to-south’, now in place provides CME Group customers with access to MexDer benchmark products, including Mexican Stock Exchange Index futures, bond futures and MXN peso/US dollar futures contracts.
In 2012 The Mexican Exchange will announce the launch of a new trading engine, internally developed with state-of-the-art architecture. This multi-market, multi-asset, flexible and scalable trading engine has throughput of more than 200,000 messages per second. The trading engine will be ultra-low latency, executing trades in 100 microseconds roundtrip (improvement over 25 milliseconds on legacy trading system). Full deployment is planned for 2Q12.
Additionally, starting in 2012 The Mexican Exchange will introduce several new initiatives including midpoint hidden order book trading, ideal for institutional investors looking to trade large blocks anonymously with reduced execution risk. Simpler cross order rules will also be implemented; all stocks, global market equity securities and debt instruments will be crossed within the best bid/ask spread with no intervention.
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