This document provides summaries and analyses of certain rules of the relevant central counterparty (CCP) in a standardized format to facilitate comparison across a range of CCPs and CCP Services. It is not a complete or comprehensive statement of the rights and obligations of a CM or its Clients under such rules and applicable law and does not constitute legal advice. A complete and comprehensive understanding of such matters requires a review of the rules and other relevant CCP documentation and specific legal advice from counsel. The answers that follow are based on a review and analysis of the documents specified below and are current as of the date specified above. We have also included, where strictly necessary, high-level discussions of background law. However, the below does not purport, and should not be considered, to be an analysis of all relevant legal requirements applicable to the CCP or its CMs. We expect that the rules of the CCP may change in response to regulatory and other requirements, and these responses will be periodically updated to the extent they are impacted by any subsequent rule changes.
Contents(hide)
| 0. Overview | |
| 0.0 Date Finalised and Effective Date | Date Finalised: November 07, 2018Date of Most Recent Update: December 31, 2025 |
| 0.1 Products Cleared | Based on the CCP’s website and Rules, the CCP clears the following products (the “Service“), each subject to detailed trade characteristics eligibility criteria:futures contracts;option contracts; andswap contracts.All responses apply to all product classes/types, unless otherwise specified. |
| 0.2 Other products and clearing services of the CCP | The Service is the only service offered by the CCP. |
| 0.3 Regulators & Key Statutes/Regulations | Regulators:Based on the CCP’s website and the ESMA register:• National Banking and Securities Commission (CNBV).• Bank of Mexico (Banxico).• Ministry of Finance and Public Credit (SHCP)Key statutes and regulations:The CCP is subject to the Mandatory Rules issued by the SHCP, effective as of December 31, 1996, most recent amendment June 8, 2020.The CCP is also subject to the Prudential Regulations issued by SHCP on December 31, 2015. |
| 0.4 US/EU registration Status | US registration status:Registration with the CFTC as a foreign board of trade is pending. EU authorisation/recognition status:Not Authorised under EMIR |
| 0.5 QCCP status | Designated as a QCCP by ESMA (although note that the CCP will not necessarily be regarded as a QCCP by regulators in other jurisdictions) |
| 0.6 Documents Reviewed | 1. Internal Rules 12. Manual 24. the Breaches Administration Manual 45. PFMI Annex A 56. PFMI Annex B 67. CCP Website 78. Operational Rules 89. Trust Agreement 9Each of the documents listed in 1 to 9 above are together referred to as the “Rules”.Hide note1 Internal Regulations of Asina (Reglamento Interior de Asigna), November 15, 2024; http://www.asigna.com.mx/wb3/wb/ASG/ASG_repositorio/_vtp/ASG/11ad_2024/_rid/124/_mto/3/20241115ASIGNAReglamento_Interior.pdf?repfop=view&reptp=11ad_2024&repfiddoc=21860&repinline=true2 Policies and Procedures Manual (Manual Políticas y Procedimientos), February 26, 2024; http://www.asigna.com.mx/wb3/wb/ASG/ASG_repositorio/_vtp/ASG/11af_2024/_rid/124/_mto/3/20240226ASIGNAManual_Operativo.pdf?repfop=view&reptp=11af_2024&repfiddoc=21631&repinline=true4 Breaches Administration Manual (Manual de Administración de Incumplimientos), Version 1.3; September 2016; http://www.asigna.com.mx/wb3/wb/ASG/ASG_repositorio/_vtp/ASG/ASG_845_regulacion/_rid/124/_mto/3/MAI22.zip5 Principles for Financial Market Infrastructures, Annex A , August 2025; http://www.asigna.com.mx/wb3/wb/ASG/ASG_repositorio/_vtp/ASG/1c67_principios/_rid/124/_mto/3/Anexo_A_1H_2024_ASIGNA_Espanol.pdf?repfop=view&reptp=1c67_principios&repfiddoc=22905&repinline=true6 Principles for Financial Market Infrastructures, Annex B , February 2021; http://www.asigna.com.mx/wb3/wb/ASG/ASG_repositorio/_vtp/ASG/1c67_principios/_rid/124/_mto/3/Anexo_B.pdf?repfop=view&reptp=1c67_principios&repfiddoc=16575&repinline=true7 Asigna Website; http://www.asigna.com.mx/8 Rules to which Participants in the Market of Listed Derivative Contracts shall be subject (Reglas a las que habrán de sujetarse los Participantes del Mercado de Contratos de Derivados), December 31, 1996, as amended; http://www.asigna.com .mx/wb3/wb/ASG/ASG _repositorio/_vtp/ASG/ ASG_a36_reglas/_rid/1 24/_mto/3/Reglas_a_la s_que_habran_de_suje tarse_los_participantes _del_Mercado_de_Con tratos_de_Derivados.p df?repfop=view&reptp =ASG_a36_reglas&rep fiddoc=16125&repinlin e=true9 Asigna, Clearing and Settlement Trust Agreement , February 21, 2013 |
| 0.7 Reviewing Law Firms | Primary Reviewer: Milbank LLPSecondary Reviewer: Linklaters LLPMexico law advice: Creel, García-Cuéllar, Aiza y Enríquez, S.C. |
| 1. Governing law | |
| 1.1 What is the governing law of the Rules? | Mexican law.Hide noteIntroduction, PFMI Annex A |
| 1.2 What is the governing law of the Contracts? | Mexican law.Hide notePrinciple 1 (Legal basis), PFMI Annex A |
| 2. Language(s) of the Rules | |
| 2.1 In which language are the Rules written? | Spanish and English. |
| 2.2 If the Rules are in more than one language, which one governs? | Spanish.Hide noteCover page, Internal Regulations. |
| 3. Branches or operations in other jurisdictions | |
| 3.1 In what jurisdiction(s) other than its home jurisdiction does the CCP have branches or operations? | None. |
| 3.2 If the CCP has branches or operates in multiple jurisdictions, please describe any CCP Rules pertaining to conflict of laws or choice of law. | N/A |
| 4. Legal opinions | |
| 4.1 Are any legal opinions or any other form of legal comfort in relation to any of the following publicly available? | Enforceability of the Rules (including settlement finality issues)No.Close-out netting in the event of a CM default (including in the context of or outside of insolvency)No.Close-out netting in the event of a CCP default (including in the context of or outside of insolvency)No.Bankruptcy remoteness of initial marginNo.IAS 32 issuesNo.Characterisation and enforceability of variation marginNo.Other (please specify)No. |
| 4.2 If not publicly available, are legal opinions or other form of legal comfort available if CMs take certain steps (e.g., sign a confidentiality agreement)? | Available via FIAFIA has obtained a number of different types of legal opinions for regulatory capital purposes that market participants are subject to. Generally, access to the legal opinions is through FIA’s online repository, which is password protected and open to paying documentation members subscribed to those particular opinions. Further information can be found on the FIA Documentation Services website (here). The full list of opinions is available here and here. Please note that the FIA/ISDA netting opinions for US FCMs are available free of charge here. For more information, please contact Mitja Siraj at FIA.There are no other legal opinions or forms of legal comfort available. |
| 5. CM legal opinions | |
| 5.1 Is a CM required to deliver opinions regarding the enforceability of the Rules against the CM in the CM’s jurisdiction? | No such requirement specified in the Rules. |
| 6. CMs incorporated in different jurisdictions to the CCP | |
| 6.1 Are CMs not incorporated in the jurisdiction of the CCP permitted? | No. |
| 6.2 If so, is such a CM subject to any licensing or registration requirements in the jurisdiction of the CCP as a result of its status as a CM of the CCP? | N/A |
| 7. Forum selection and submission to jurisdiction | |
| 7.1 Describe any CCP rules pertaining to forum selection and submission to jurisdiction. | Not addressed in the Rules. |
| 8. Dispute resolution | |
| 8.1 Describe the dispute resolution provisions in the Rules, if any. | Not addressed in the Rules. |
| 9. CCP disclaimers | |
| 9.1 Describe any disclaimers of the CCP’s liability set out in the Rules. | Disclaimers1The below are disclaimers of the CCP’s liability set out in the Rules.General disclaimerYes. The CCP disclaims general use of the CCP’s systems.Failure to supply dataNo.Suspension of serviceNo.System failure2 Yes. The CCP is not liable to any CM for any failure in the systems of the CCP owing to normal use. Force majeure3Yes. The CCP is not liable to any CM for any unforeseeable or inevitable cause leading to a modification by the CCP of the hours or procedures set forth in the Rules and/or in the Manual for discharging the obligations of both the CCP itself as well as of CMs.Consequential lossNo.Negligence4Yes. The CCP is not liable to any CM for any system failure to due to negligent, imprudent or intentional acts by members of the technical committee, members of the subcommittees, or executives of the CCP, as well as by accredited personnel, officers, auditors and employees engaged by CMs.Agents/custodians/third partiesNo.Market emergencyNo.Bespoke compressionNo.Foreign trading venuesNo.Statute of limitationsNo.Physical deliveriesNo.OtherNo.Qualification of disclaimersNo.Hide note1 Rule 1306.00 I, (Final Provisions Members), Internal Rules2 Rule 1306.00 IV, (Final Provisions), Internal Rules3 Rule 1306.00 III, (Final Provisions), Internal Rules4 Rule 1306.00 II, (Final Provisions Members), Internal Rules |
| 10. CM recovery and resolution | |
| 10.1 Do the Rules contain provisions in respect of recovery and resolution procedures for CMs? | No. |
| 11 CM categories and membership requirements | |
| 11.1 Are there different categories of membership? | Yes. The categories include:Proprietary Clearing MemberA CM that only clears and settles transactions entered into by that CM and members of the CM’s corporate group.Third-Party Clearing MemberA CM that clears and settles transactions only for non-CM clients.Integral Clearing MemberA CM that clears and settles transactions for that CM, members of that CM’s corporate group, and non-CM clients.Hide noteRule 100.00, (Application Scope and Definitions), Internal Rules |
| 11.2 What are the key requirements to become a member for each category of membership? Please include any operational, financial, or legal requirements. | All CMsExchange membership1 A trustee must obtain approval from MexDer, Mercado Mexicano de Derivados, S.A. de C.V., to act as a CM.Authorised/licensed in home jurisdiction or in the jurisdiction of the CCP 2The Authorities (the Ministry of Finance and Public Credit, the National Banking and Securities Commission, and Banco de México) may veto the approval of a CM application granted by the CCP within 90 (ninety) calendar days of its submission to them.Financial requirementsMinimum equity requirements3Applicants must have a minimum equity of at least the equivalent amount in Mexican pesos, cash or securities, to the amount established in the Rules, which amount shall be overseen by the CCP and valued daily by the respective CM.The CCP is empowered to require increases in the Minimum Equity of CMs, in accordance with such methodology as the CCP itself may establish to this effect, subject to approval by Banco de México. Currently, the minimum equity requirements are as follows:Proprietary CMs: the greater of (i) the equivalent in national currency to 2.5 million investment units or (ii) a different amount as determined by the CCP, in accordance with a formula approved by the Central Bank (see below);Third Party CMs: the greater of (i) the equivalent in national currency to 5 million investment units or (ii) a different amount as determined by the CCP, in accordance with a formula approved by the Central Bank (see below);Integral CMs: the greater of (i) the equivalent in national currency to 5 million investment units or (ii) a different amount as determined by the CCP, in accordance with a formula approved by the Central Bank (see below).The above referenced formula is calculated by obtaining the contribution of each CM to the clearing fund based on the average of the ratios between 50% of the minimum equity of the CCP and the total of the default fund over a sample of 182 days. This methodology is used to ensure that CMs have the resources necessary to reconstitute 50% of the minimum equity of the CCP, which may be used in the event of a default. See item 109.1. Applications for membership may be denied if the applicant has financial difficulties or lacks sufficient financial backing.Credit rating requirements4Applicants must obtain a credit rating according to the standards established by the Admission and Risk Management Subcommittee and by the Technical Committee. That credit rating must be maintained for so long as the CM continues to act as a CM. The current credit rating requirements are as follows:FitchS&PMoody’sHRVerum TR1(mex)TR2+(mex)ExcelenteSuperior al estandarTQ1.mxTQ1-.mxTQ2+.mxTQ2.mxHR SF1HR SF1-HR SF2+HR SF2+SF1/MSF2+/MSF2/MAcceptedTR2-(mex) TQ2-.mxHR SF2-SF2-/MAccepted upon consideration of the Risk CommitteeTR3+(mex) TR3(mex) TR3-(mex) TR4+(mex) TR4(mex) TR4-(mex) TR5(mex)Estandar Inferior al estandar DebilTQ3+.mxTQ3.mxTQ3-.mxTQ4+.mxTQ4.mxTQ4-.mxTQ5.mxHR SF3+ HR SF3 HR SF3- HR SF4 HR SF5SF3+/M SF3/M SF3-/M SF4+/M SF4/M SF4-/M SF5/MNot accepted Financial reporting requirements5The parties that will contribute to the CM’s Minimum Equity must provide their annual financial information for the three years prior to application, and monthly financial information for the three months prior to application.Technical and operational requirements6CMs must have access to one of Banco de México’s interbank payment systems and the SPEI (Sistema de Pagos Electrónicos Interbancarios or “Interbank Electronic Payments System”). Additionally, CMs must have systems that are adequate for the CM to transact and to communicate and receive communications from the CCP and CMs must maintain equipment and operating facilities for backup use by the CCP, as specified by the CCP. Relatedly, CMs must have a contingency plan specifying the mechanisms to be used to deal with systems and communications failures as well as to prevent any interruption of operations pursuant to the standards established by the CCP. CMs must have an account management system that is capable of generating and recording transaction data, among other things. CMs carrying out Transactions for the account of Clients must have an account management system that will allow the recording of Transaction confirmations and assignments in each Client’s individual record. In addition, said system must allow the transfer of open Contracts between their Clients.CMs must comply with the provisions established by the CCP to carry out the CCP’s contingency plans, and must participate in such run-throughs as the CCP may specify. CMs must perform, at least once a year, exercises for the implementation of their individualized default funds, document these exercises and preserve evidence of the results of such exercises. Applications for membership may be denied if the applicant does not demonstrate the technical capacity to abide by rules and regulations issued by the CCP and the applicable regulatory authorities.Applicants must submit:- A draft of the general operating plan.- A draft of the operating, risk management and liquidity policy and procedures manual.- A detailed report on the accounts management system.- A detailed report on the risk control system, which should include, among other things, assure that the CM can calculate initial margin and assess the risk for a Client, assess position risks in line with the CCPs rules and by simulating extreme scenarios for all accounts, generate risk limit status reports, configure alerts in order to identify breaches of the CCP’s trading limits or risk control parameters, and value hedge positions as directed by the CCP. A “detailed report” on the risk control systemOrganizational requirements7Mexican law requires that all Mexican CCPs must be constituted as trusts. Additionally, all CMs must be trusts. No other kind of legal entity may act as a CM. Prior to becoming CMs, prospective CMs must become trustors of the CCP trust. The prospective CM/trustor may elect to share in the minimum equity of the CCP. The minimum equity of the CCP is a fund that the trustors of the assets and CMs with an interest therein must maintain in the CCP trust. This is separate from and in addition to the minimum equity that all CMs must contribute upon becoming CMs (see above). Trustors who elect to share in the minimum equity of the CCP must make a conditional deposit in an amount specified by the Technical Committee upon application to become a trustor, which will be applied towards their minimum equity contribution to the CCP. The requirements for becoming a trustor primarily consist of the submission of basic identity and trust formation documentation, including an adhesion agreement. The Technical Committee is responsible for approving or denying applications to become trustors. It may deny the approval of a trustor when:there are causes for which the prospective trustor could be denied membership in the CCP;the prospective trustor faces financial problems or lacks adequate financial backing;the prospective trustor has not shown that it has the technical capacity to adhere to the Rules of the CCP regarding clearing and settlement; or the approval of the trustor may affect the reputation of the CCP. Trustors have 12 months after they become trustors of the CCP trust to become approved as CMs, otherwise the provisions set forth in the Asigna Trust will apply. Key management and market knowledge requirements8CMs must have at least 2 (two) accredited account managers and 2 (two) accredited risk managers. With the exception of the Chief Executive Officer, the CCP shall at all times keep individuals holding top-tier and second-tier management positions in the CCP duly certified as account managers or risk managers, in accordance with the regulations of the Exchange. Before the CM can begin performing its duties, it must provide the CCP with documents from the Certifying Institution and the Exchange that demonstrate the official accreditation of the required risk managers and account managers.Risk requirements9CMs must use the same risk management model applied by other CMs and Brokers, which uses the same margining model as the CCP. Should the CM use a different margining model, a detailed description of that model must be provided to the CCP. The risk control system used must implement the methodology defined in the risk management model.Suitability requirements10The Technical Committee may deny membership to an applicant if the approval of the applicant could affect the name and reputation of the CCP.OtherN/A. Proprietary CMs11Development banks that perform fiduciary activities may not apply to be Proprietary CMs.Proprietary CMs may only enter into, clear and settle Derivatives Contracts when the underlying asset is an asset which they are otherwise authorized to trade.Third Party CMs12Third-Party CMs shall be able to manage Global Accounts pursuant to such approval as the CCP may grant.Third-Party CMs must include in their application a) an agreement that they will use with clients to enter into Derivatives Contracts, which complies with the requirements established in the provisions in, and 2) a detailed report on the system for receiving orders and assigning Transactions.Integral CMs13Integral CMs must meet the requirements of both Proprietary CMs and Third Party CMs, as indicated above. Hide note1 Rule 200.00, (Trustors and Clearing Members of the Clearing House), Internal Rules2 Rule 211.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 105.00, (Admission of Trustors and Approval of Clearing Members and Brokers that Manage Global Accounts), Manual3 CCP Website, Clearing Members; Rule 403.00, (Minimum heritage of the Clearing Members and minimum equity of the global account managers), Internal Rules4 Rule 206.00 XI, (Trustors and Clearing Members of the Clearing House), Internal Rules; CCP responses of August 19, 20175 Rule 206.00 III-VI, (Trustors and Clearing Members of the Clearing House), Internal Rules6 Rule 206.00 XIV, (Approval of the Clearing Members), Internal Rules; Rule 220.00 III, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 221.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 315.00, (Registration and Clearing of Transactions), Internal Rules; Rule 103.02 (Admission of Trustors and Approval of Clearing Members and Brokers that Manage Global Accounts:), Manual; Rule 206.00 XIII, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 227.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 215.00 III, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 206.00 IX, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 206.00 X, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 206.00 XII, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 206.00-27, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 103.02, Chapter One, Part One (General Provisions), Manual; Rule 221.00(XXXVIII), (Trustors and Clearing Members of the Clearing House), Internal Rules; CCP responses of August 19, 20177 Rule 204.00, (Trustors and Clearing Members of the Clearing House), Internal Rules for trustors with no share in the Minimum Equity of the CCP) and Rule 203.00, (Trustors and Clearing Members of the Clearing House), Internal Rules for trustors with a share in the Minimum Equity of the CCP. 102.00 Sections A., B., and C in PP; Rule 200.00 (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 205.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; CCP responses of August 19, 20178 Rule 217.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 216.00, (Trustors and Clearing Members of the Clearing House), Internal Rules9 Rule 103.02 II, (Admission of Trustors and Approval of Clearing Members and Brokers that Manage Global Accounts), Manual10 Rule 215.00, (Trustors and Clearing Members of the Clearing House), Internal Rules11 Rule 201.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 216.02, (Trustors and Clearing Members of the Clearing House), Internal Rules12 Rule 202.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 207.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 201.00, (Trustors and Clearing Members of the Clearing House), Internal Rules13 Rule 202.00, (Trustors and Clearing Members of the Clearing House), Internal Rules |
| 11.3 What documents must CMs sign or agree to in order to be a CM? | A CM must submit:a power of attorney authorizing the use of the CCP’s systems to allocate the accounts authorized in the DALÍ in order to make securities available to the CCP to satisfy initial margin requirements.An application to open an account in the DALÍ to be allocated by the CCP’s system for the segregation of securities authorized to establish Contributions in securities.provide the CCP with a certification issued by an officer of the CM bearing the signatures of the representatives having the sufficient power and authority to execute negotiable instruments and contracts, agreements and other documents binding upon said CMs.a board resolution (for a legal entity acting as a CM’s trustor) or a written statement signed by hand (in the case of a natural person acting as a CM’s trustor) setting forth their willingness to share in the CCP’s Minimum Equity. Said statement must set forth the willingness to submit to all rules, regulations and other provisions issued by the Authorities, the CCP and the Exchange.4CMs that wish to manage Global Accounts must grant an irrevocable power of attorney to the CCP so that the CCP can transfer open Contracts to another Global Accounts Manager if necessary.Hide noteRule 216.00 (Approval of Clearing Members), Internal Rules; Rule 221.00 (Rights and Obligations of the Clearing Members), Internal Rules; Rule 222.01 (Rights and Obligations of the Clearing Members), Internal Rules; Part One, Rule 102.00 (General Provisions), Manual |
| 11.4 Are exceptions made to these standard requirements and what is the governance process for such exceptions? | Not addressed in the Rules. |
| 12. CM evaluation requirements | |
| 12.1 Are CMs required to demonstrate/share how they evaluate and monitor their house and Client related exposure and positions? | Generally, no such requirements are specified in the Rules. If applicable, CMs must keep information concerning each Client account so as to be able to review and determine at any time: (i) the compatibility of the Transactions with the investment objectives and Transaction types for which the account was approved; (ii) the size and frequency of the Transactions; (iii) the account activity in respect of fees; (iv) the account’s losses and gains; and (v) undue concentration in any Series and/or Class.Hide noteRule 222.00 XII, (Trustors and Clearing Members of the Clearing House), Internal Rules |
| 13. Use of third-parties to meet membership requirements | |
| 13.1 Can the CM meet any of the membership requirements by using a third-party? | Not addressed in the Rules. |
| 13.2 If so, please provide the specifics of who can serve as a third-party (including any approval right of the CCP). | N/A |
| 13.3 Is the third party required to provide any guarantee or be subject to diligence by the CCP? | N/A |
| 14. CM minimum rating requirements | |
| 14.1 Are CMs subject to a minimum rating requirement? | No such requirement specified in the Rules. |
| 14.2 If so, what is it? | N/A |
| 15. CM information requirements | |
| 15.1 What information (financial and non-financial) do CMs have to provide to the CCP routinely? | Compliance with membership requirements- CMs must give immediate written notice to the CCP should they be unable to discharge any of the obligations assumed upon the terms of the Trust Agreement, the Regulations, the Operating Manual, the Rules or the Provisions.- CMs must duly inform the Chief Executive Officer of their office location(s) and telephone numbers, as well as of any changes thereto. – CMs must notify the Chief Executive Officer of the initiation of any bankruptcy proceedings in respect of the trustor contributing a CM’s minimum equity; of the shareholders holding five per cent or more of said trustor’s capital stock; of the trustee; of the members of the Technical Committee and/or directors of a CM; as well as of any criminal proceedings against any of the aforementioned natural or legal persons. – CMs must notify the Chief Executive Officer if the meeting of the trustors decides to terminate the CM trust and must notify the Exchange and the CCP if any resolutions are adopted that would affect the CCP. – CMs must notify the CCP of any request by the Authorities intended to make changes in the CM’s organizational structure, remove committee members, directors or employees or any change affecting its operations. – CMs must submit to the CCP a copy of any commission agency and services agreement entered into with a Broker – CMs must give written notice to the CNBV if CMs intend to transact as a Global Account. In addition, CMs must give written notice of the closing of a Global Account. Copies of these notices must be forwarded to the CCP.- A CM must inform the CCP of its Clients’ hedged positions, as well as of their positions in other markets associated with the same Underlying Asset as that of the corresponding hedged position.- CMs must inform the CCP within 2 (two) Business Days of any contractual penalties/liquidated damages withheld from the CM’s clients by the CM.See also items 16 and 17.Hide note1 Rule 216.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 221.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 102.00, (Admission of Trustors and Approval of Clearing Members and Brokers that Manage Global Accounts), Manual; Rule 222.01, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 222.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 230.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 202.00, (Precautionary Measures and Declarations of Emergency Situations), Internal Rules |
| 16. Additional CM information requirements | |
| 16.1 What additional information (financial and non-financial) can the CCP require CMs to provide? | The CCP can require the applicant for membership to provide any additional information and clarifications it may deem pertinent in connection with any application. The CM must evidence to the CCP such money and securities deposit accounts as the CCP may request. See also items 15 and 17.Hide noteRule 221.00, (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 221.00(VIII), (Trustors and Clearing Members of the Clearing House), Internal Rules |
| 17. CCP rights to monitor CMs | |
| 17.1 What other rights does the CCP have to monitor the financial health of CMs and their compliance with the CM membership requirements (e.g., to visit a CM’s premises)? | The CMs must, at least once a year, submit to an internal audit by personnel unrelated to their operations, in order to verify compliance with the rules and regulations of the CCP and the Exchange, as well as compliance with internal operating and control policies and procedures.Additionally, the CCP may conduct audits at any time through its Compliance Officer or such auditors as chosen by the Auditing Subcommittee, pursuant to the requirements of the Auditing Subcommittee (see item 28) and the Internal Rules. The Technical Committee, with the approval of the Auditing Subcommittee, authorizes the general audit plan executed.Written notice must be provided to a CM before any audit of it can be conducted at the behest of the CCP. Audited CMs must then facilitate the audit by providing the auditors and/or the Compliance Officer with unlimited access to the information processed in the CM’s name, directly or indirectly, by any external financial services vendor in respect of: (i) the account management system; (ii) the risk control system; (iii) the transfer of funds for settlement; (iv) the securities contributed to the CCP; and (v) other services and systems in connection with their operations. CMs have 2 business days to provide the information requested.A general report signed by the auditor must be prepared in respect of every audit and submitted to the CCP within the timeframe it has stipulated for completion of the audit. The results of the audit are shared with the CM that was audited, the CCP and the CNBV.The CCP’s Compliance Officer also requires CMs that are not audited in a particular year to complete a questionnaire that verifies that the CM in questions meets its obligations under the Rules of the CCP.Hide noteRule 222.00(XXVII), (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 1008.00, Part Two, Section One (General Provisions), Internal Rules; Internal Rules: Rule 1019 and 1025. |
| 18. CCP rights to enforce CM requirements | |
| 18.1 Is the CCP entitled to take any steps if a CM does not comply with the CM membership requirements, is downgraded or is subject to a material change regarding its status or financial health? | Yes. The CCP may terminate the membership of a CM for the breach by the CM of the CM’s obligations as set forth under the Rules, including rules related to any membership requirements. Additionally, the CCP may terminate the membership of a CM if the CM loses authorization to participate in the Exchange or any other securities exchange, or otherwise loses legal authorization to act as a CM.See also item 78.1.Hide noteRule 800.00-805.00 and the Disciplinary Section, (Precautionary Measures and Declarations of Emergency Situations), Internal Rules; Rule 1112.00 I, IX, X, XI, XII (Disciplinary Measures), Internal Rules; Rule 1112.00 VI, VII, VIII, XIII, XIV (Disciplinary Measures), Internal Rules |
| 19. Cross guarantees and cross default in respect of CMs | |
| 19.1 If affiliated companies are CMs of the CCP, are cross-guarantees required? | If a defaulting CM is a Third Party CM and it has an affiliate that is a Proprietary CM, then the Proprietary CM’s financial resources will be applied to remedy the losses derived from the default upon exhaustion of the defaulting Third Party CM’s resources. The Proprietary CM’s resources will be applied to the default before the default fund or any supplementary fund are utilized.See item 109.1.Hide noteRule 902.00 (Safety Net and Enforcement Commissioners), Internal Rules |
| 19.2 Are there cross-default provisions relating to the default of an affiliate? | No.Hide noteRule 603.00, (Clearing Fund), Internal Rules |
| 20. Parent guarantees for CMs | |
| 20.1 Are parent guarantees mandated for CMs in specific circumstances? | No. |
| 20.2 If so, what are the circumstances? | N/A |
| 21. CM market data obligations | |
| 21.1 What types of market data are CMs required to provide to the CCP? | CMs are obligated to provide data requested by the CCP to fully identify the holder of each derivative transaction.Hide noteRule 1405.00, (Information Repository Service), Internal Rules |
| 21.2 Is the CM’s obligation to provide market data mandatory or optional? | The CM’s obligation to provide market data is mandatory for CMs using the Information Repository Service. Hide noteRule 1414.00, (Information Repository Service), Internal Rules |
| 21.3 Can the obligation to submit market data (and to take on any penalty trades in connection with such submission) be outsourced to an affiliate of the CM or a third-party? | Rule 1414.00, (Information Repository Service), Internal RulesHide noteRule 1414.00, (Information Repository Service), Internal Rules |
| 21.4 What does the CCP use the market data for? | The CCP uses market data to:keep information available to relevant authorities;disseminate aggregate information to the public and derivatives contract market; andprovide information services to CMs.Hide noteIntroduction, (Information Repository Service), Internal Regulations |
| 21.5 What restrictions are imposed on a CM’s ability to disclose market data received from the CCP? | There are no restrictions on a CM’s ability to disclose market data received from the CCP, however see item 22.1 for confidentiality arrangements in place between the CCP and the CM. |
| 21.6 Are there penalties for failure to provide such market data or for providing insufficient or off-market data? | Not addressed in the Rules, but if relevant regulatory authorities notify the CCP that information made available through the Information Repository Service is incomplete, inconsistent, and/or erroneous (due to the CCP’s failure), then the CCP is obligated to remedy such flaws. Hide noteRule 1405.00, (Information Repository Service), Internal Rules |
| 21.7 What rights and obligations does the CCP have regarding disclosure of market data received from CMs? | The CCP may use such information for identifying to relevant authorities the participants who are holders of applicable transactions, however the CCP must establish mechanisms necessary to ensure that the market data remains confidential.The CCP is responsible for backing-up the information stored in the Information Repository System, including any market data. Hide noteRule 1400.00; 1408.00-1409.00, (Information Repository Service), Internal Rules |
| 22. CCP rights to disclosure | |
| 22.1 What rights and obligations does the CCP have regarding disclosure of other information in relation to a CM, an affiliate of a CM or a Client received from CMs? | The CCP has rights to disclose information concerning a CM and its Contracts to:• any regulator;• any person where the CCP is legally required to do so;• a trade or data repository in the ordinary course of business.All information owned by or in possession of the CM and communicated to the CCP is subject to the CCP’s confidentiality rules.Hide note Rule 208.00 and 213.00, (Information Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 1134.00 (Disciplinary Measures) Internal Rules; Rule 1301.00 (Final Provisions), Internal Rules; Rule 1401.00, 1404 and 1408.00 (Information Repository Service), Internal Rules |
| 23. CM indemnities | |
| 23.1 Do CMs (or their affiliates) provide an indemnity in favour of the CCP or any other party (including for any direct or indirect loss as a result of a default of another CM other than default fund contributions or assessments)? | The Rules do not require the CMs to indemnify the CCP for any direct or indirect loss as a consequence of a default by a CMHide noteRule 604.00, (Clearing Fund), Internal Rules |
| 23.2 If so, what is the scope of such indemnity? | N/A |
| 24. Product coverage of the Service | |
| 24.1 Does the Service cover all products cleared through the legal entity or are other products cleared through other services in the same legal entity? | The Service covers all products cleared through the legal entity. |
| 25. Non-default losses | |
| 25.1 Does the CCP have the right to pass on to CMs non-CM-default losses? | In emergency situations, the CCP may use all or part of the contributions to the default fund.Hide noteRule 607.00, (Clearing Fund), Internal Rules |
| 25.2 If so, please describe how such losses are allocated and when an amount so allocated to a CM must be paid to the CCP. | The CCP will allocate losses pro rata among CM’s.Hide noteRule 604.00, (Clearing Fund), Internal Rule |
| 26. CM’s liability for non-default losses | |
| 26.1 Is there a cap on a CM’s liability for non-CM-default losses? | Not addressed in the Rules. |
| 26.2 If so, please describe the cap. | N/A |
| 27. Governing committees without CM representation | |
| 27.1 Are there governing committees on which CMs are not represented overseeing the management of the CCP? | No. |
| 27.2 If so, what are they? | N/A |
| 28. Risk committee | |
| 28.1 Are CMs represented on a risk committee? | Yes. The CCP’s main governance committee is the Technical Committee, which is comprised of independent and interested members appointed by the CMs of the CCP in proportion to the equity they hold in the CCP. The members of the Admission and Risk Management Subcommittee are appointed by the Technical Committee. Though the majority of the Subcommittee members must be independent, the non-independent members are proposed by the CMs.Hide noteEighteenth (On Settling Partners), Operational Rules; Chapter Two (Organizational Structure), Trust Agreement |
| 28.2 What is the composition of the risk committee? | The Admission and Risk Subcommittee is comprised of between three and nine Proprietary CMs. The remaining members of the committee (who must constitute a majority) will be comprised of independent members. Subcommittee members are appointed by the Technical Committee.Hide noteChapter Three (Technical Committee), Trust Agreement; Chapter Nine (Admission and Risk Management Subcommittee), Trust Agreement |
| 28.3 What is the role of the risk committee? | The Admission and Risk Management Subcommittee assists the Technical Committee in the exercise of its power and authority in respect of technical issues, the admission of trustors, the approval of CMs and for determining the risk management parameters with respect to investing and hedging, among other things.Hide noteChapter Two (Organizational Structure), Trust Agreement |
| 28.4 By what voting threshold does the risk committee make decisions (e.g., a majority ballot of committee members)? | Not addressed in the Rules. |
| 28.5 Is the CCP required by the Rules to implement the decisions/recommendation of a risk committee? | The CCP shall make certain decisions based upon discussions with and the recommendations of the Admission and Risk Management Subcommittee.Hide noteRule 216.05; Rule 221.00; Rule 222.00; Rule 225.00 (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 238.00 (Brokers that Manage Global Accounts), Internal Rules; Rule 329.00 and Rule 335.00 (Registration and Clearing of Transactions), Rule 508, et. al (Margin Fund), Internal Rules |
| 28.6 If not, do the Rules require the CCP to report the decision/recommendation of the risk committee to regulators and to provide an explanation to the member committees with respect to why the CCP did not implement a decision/recommendation? | Not addressed in the Rules. |
| 28.7 How often does the risk committee convene during the year? Quarterly, bi-annually, annually? | Not addressed in the Rules. |
| 29. Default committee | |
| 29.1 Are CMs represented on a default committee? | Although the Rules do not require that CMs be represented on the Disciplinary Measures and Arbitration Subcommittee, the members of the Disciplinary Measures and Arbitration Subcommittee are appointed by the Technical Committee.Hide noteChapter Eleven (Disciplinary Measures and Arbitration Subcommittee), Trust Agreement |
| 29.2 What is the composition of the default committee? | The composition of the Disciplinary Measures and Arbitration Subcommittee is determined by the Technical Committee.Hide noteChapter Eleven (Disciplinary Measures and Arbitration Subcommittee), Trust Agreement |
| 29.3 What is the role of the default committee? | The Disciplinary Measures and Arbitration Subcommittee assists the Technical Committee with respect to disciplinary matters.Hide noteChapter Eleven (Disciplinary Measures and Arbitration Subcommittee), Trust Agreement |
| 29.4 By what voting threshold does the default committee make decisions (e.g., a majority ballot of committee members)? | Not addressed in the Rules. |
| 29.5 Is the CCP required by the Rules to implement the decisions/recommendation of the default committee? | Not addressed in the Rules. |
| 29.6 If not, do the Rules require the CCP to report the decision/recommendation of the default committee to regulators and to provide an explanation to the member committees with respect to why the CCP did not implement a decision/recommendation? | Not addressed in the Rules. |
| 29.7 How often does the default committee convene during the year? Quarterly, bi-annually, annually? | Not addressed in the Rules. |
| 29.8 Are CM employees required to serve on any default committees or in any other capacity in connection with the management of the unwind of a defaulting CM? | Not addressed in the Rules. |
| 29.9 If so, how are they chosen? | Not addressed in the Rules. |
| 29.10 What are the consequences if a CM refuses to serve on a default committee? | Not addressed in the Rules. |
| 29.11 Can a CM representative on the default committee still act for the CM or will there be a delay before such CM representative can return to act for CM? | Any member of the Disciplinary Measures and Arbitration Subcommittee that is conflicted is required to recuse itself from any related deliberation or decision.Hide noteChapter Eleven (Disciplinary Measures and Arbitration Subcommittee), Trust Agreement |
| 29.12 What legal documentation, if any, must a CM or CM representative enter into in connection with participating on any default committee? | Not addressed in the Rules. |
| 29.13 What obligations does a CM or CM representative incur by entering into any such documentation or by serving on such committee (including in relation to confidentiality and material non-public information)? | Not addressed in the Rules. |
| 30. Other committees | |
| 30.1 Are there any other committees on which CMs are represented? | Although the Rules do not require that CMs be represented on any of the other subcommittees (although the members of the subcommittees are appointed by the Technical Committee). |
| 30.2 If so, please provide equivalent responses for such committee(s) to those in items 28.2–28.7. | N/A |
| 31. Transaction submission and Contract registration | |
| 31.1 Please describe how a Transaction is submitted and registered as a Contract (including timing, criteria for accepting Contracts for clearing, the resubmission of Transactions, and any differences for bunched orders (i.e. whether pre-allocated or unallocated)). | Submission of Transactions for clearingThe originating Trade Source submits the Transaction to the applicable CMs for assignation and confirmation, and upon confirmation the Transaction would be automatically submitted to the CCP.Communication of Transaction detailsA Transaction must be submitted for clearing via a Trade Source.The Trade Source will send details of a Transaction to the CCP once it has been bilaterally agreed by two executing parties and will confirm which CM(s) has been elected to register the Transaction.Hide noteRule 400.00 (Registration of Operations), Manual |
| 32. Method by which the CCP assumes contractual relationship | |
| 32.1 How is the credit of the CCP substituted for the credit of the trading counterparty (e.g., novation, guarantee, or other)? | In terms of the Rules, the CPP’s purpose is to act as counterparty to all transactions entered into in the Exchange. In the event of default the coverage process through the default fund is triggered.Hide noteRules 900.00 – 988.00 (Default Fund and Execution Commissioners), Internal Rules; VIII. (Exercise of Default Management), Breaches Administration Manual. |
| 32.2 If by novation, is the concept of novation recognised under relevant law? | N/A |
| 32.3 How does novation or the guarantee occur (trade by trade, batch, etc.)? | N/A |
| 33. CCP discretion to reject Transactions | |
| 33.1 Does the CCP have discretion to reject Transactions submitted for clearing? | Yes.Hide noteRule 1056.00, Part Four (Risk Evaluation), Internal Rules |
| 33.2 If so, under what circumstances? | The CCP’s systems will reject a transaction if: – the transaction references a nonexistent account, class or series;- the identification codes of the parties executing a trade have not been properly input in the Exchange’s trading system; or- the transaction belongs to a suspended or expelled Broker, Recognized Foreign Market Participant, or CMThe CCP will reject swap contracts if the level of exposure of the CM (to be established based on methodologies prepared by the Admissions and Risk Management Subcommittee and integrated in the Breaches Administration Manual) is exceeded; if the CM has yet to settle outstanding intraday margin calls, or if the member is in an Arrears Period (i.e., a period of time granted to CMs to meet its obligations after the end of the settlement period but before the obligations are deemed to be in default).Please refer to items 39 and 41 for further details on the CCP’s ability to impose trading limits.Hide noteRule 400.00 Chapter Four, Part One (Minimum Equity of the Clearing House), Manual; Rule 1056.00, Part Four (Risk Evaluation), and Rule 911.00 Internal Rules |
| 34. CCP obligations following failure to register a Transaction | |
| 34.1 If the CCP fails to register a Transaction, is the CCP under an obligation to notify the relevant CM? | The CCP is not required to notify the CM. However, if at any time the CCP does not register a Transaction presented for registration it will send a notification of the rejection of the registration to the originating Trade Source.Hide noteRule 400.00 (Registration of Operations), Manual |
| 35. CCP rights against CMs for incorrectly registered Contracts | |
| 35.1 What rights can the CCP exercise against CMs in respect of incorrectly registered Contracts? | Not addressed in the Rules. |
| 36. CCP discretion to avoid Contracts | |
| 36.1 Does the CCP have the discretion to avoid Contracts if it considers such Contracts to be void, voidable, unenforceable or otherwise incorrectly registered (as a result of fraud, illegality, market abuse or otherwise)? | No.Hide noteCCP responses of August 19, 2017 |
| 36.2 If a Contract is avoided, are CMs required (either by CCP rules or due to local law in the jurisdiction of the CCP) to enter into replacement Contracts? | N/A |
| 36.3 If Contracts are avoided, can the CCP enter into replacement Contracts on its own account with all costs and losses in establishing such Contracts to be borne by the relevant CM? | N/A |
| 37. Assumption of liability for Transactions/Contracts | |
| 37.1 How are liabilities for Transactions/Contracts allocated during a trade lifecycle (i.e., prior to and post the CCP accepting Transactions, with respect to a CM and another CM and/or to the CCP)? | Upon registration of a Contract in the name of a CM, the CCP and the CM will assume liability for the performance of their obligations arising under the Contract from the time of registration.Upon registration with the CCP of a Contract on behalf of a Client, the CCP shall assume liability solely through the CM acting for such Client for the performance of the Client’s obligations arising under the Contract from the time of registration.See item 31, under “Consequences of registration/discharge of Transaction”.Hide noteRule 400.00 (Registration of Operations), ManualRule 400.00 (Registration of Operations), Internal Rules |
| 38. Delayed allocation of Transactions | |
| 38.1 Do the Rules contemplate the possibility that certain Transactions, e.g., bunched orders, may not be immediately allocated to the relevant end Clients? | Not addressed in the Rules. |
| 38.2 If so, how are such Transactions and the related collateral handled in the event of a CM default prior to allocation (including changes in value of the collateral)? | N/A |
| 39. Trading limits | |
| 39.1 Can the CCP impose trading limits in respect of house business? | Yes.Hide noteChapter Three, Manual; CCPWebsite: http://www.asigna.com.mx/wb3/wb/ASG?externa=ASG_posiciones_limites |
| 39.2 If so, what types of limits may be imposed? | The trading limits imposed by the CCP include limits with respect to net positions regarding specific underlying assets, series and types of Contracts.Hide noteChapter Three, Manual; CCPWebsite: http://www.asigna.com.mx/wb3/wb/ASG?externa=ASG_posiciones_limites |
| 39.3 What is the governance process for imposing and/or changing those limits? | Not addressed in the Rules. |
| 39.4 How are such limits communicated to the CM? | Not addressed in the Rules. |
| 39.5 Is there a notice period before new limits become effective? | Not addressed in the Rules. |
| 39.6 Is there a shorter (or zero) notice period in special or emergency circumstances, and what are the notice period and circumstances? | Not addressed in the Rules. |
| 40. Limitations on the ability of a CM to enter into a new Contract | |
| 40.1 Is there any other reason why the CCP can limit the ability of a CM to enter into a new Contract? | See item 33.2 for information on the CCP’s ability to reject trades.Generally, when the financial or operative condition of a CM so requires, the CCP has broad discretion to prohibit the CM from increasing such CM’s number of open Contracts.The CCP or the Exchange may set a maximum number of open Contracts for the market as a whole as part of a preventative measure or in an emergency situation.In addition to its discretionary power to limit CMs from entering into new contracts the CCP will impose a ban on opening new positions by a CM:if it reduces its equity or capital to a level below the requirements established for engaging in transactions on the Exchange;if it fails to close a defaulting Client’s open Contracts and therefore cannot access the funds contributed by such Client in order to cover the default;if it exceeds or does not reduce the number of open Contracts to the Position Limits determined in accordance with the General Contract Conditions and/or General Conditions to Clear and Settle Derivatives Contracts concluded outside of the Exchange;for any other reason the CCP deems necessary.Additionally, if there are instability conditions in the trading of an Underlying Asset, or when one or more CMs considerably increase their open Contracts, the CCP may require a CM to decrease the open Contracts that they keep in their Accounts.See item 33.2 for additional information on the CCP’s ability to reject trades.See item 82.2 for the meaning of emergency conditions.Hide noteRule 1056.00, Part Four (Risk Evaluation), Internal Rules; Rule 400.00 (Minimum Equity and Minimum Capital), Internal Rules; Rule 803 (Precautionary Measures and Declaration of Emergency Situations), Internal Rules; Rule 720.00 (Settlement of Transactions), Internal Rules; Rule 305.04 (General Contract Conditions and General Conditions to Clear and Settle Derivative Contracts Concluded outside of the Exchange), Manual; Rule 509.00 (Margin Fund), Internal Rules |
| 41. Consequences of breach of trading limits | |
| 41.1 How are existing Contracts treated if any trading limits are breached? | The CCP will request that they be closed until the established maximum limit is reached. The CCP will set a deadline and, if necessary, declare a default if the actions specified fail to be performed.In the event of failure to comply with the Limit Positions (i.e., a maximum number of open Contracts of the same series and/or class), the CCP shall notify the Exchange to act in accordance with the provisions in its regulations.1Should a Client’s open positions exceed the established Limit Position, the CCP shall notify the respective CM, Broker, Recognized Foreign Market Participant or Global Account Broker-Manager in order to close the number of open Contracts exceeding such limit.Should such Client hold an open account with more than one CM and/or Global Account Broker-Manager and is breaching the limit of open Contracts per Client, the CCP shall notify all CMs and/or the Global Account Broker-Manager with which the Client is carrying out Transactions and shall request that they close a specified number of Contracts.The method the CCP shall use to determine the number of Client Contracts each CM, Broker, Recognized Foreign Market Participant and/or Global Account Broker-Manager must close shall be the pro rata method. The CCP shall inform CMs, Brokers, Recognized Foreign Market Participants and/or Global Account Broker-Managers of the timeframe each shall have to comply with the obligation.2Hide note1 Rule 1051.00 (Risk Evaluation), Internal Rules2 Rule 1052.00 (Risk Evaluation), Internal Rules |
| 41.2 How are new Transactions treated if any trading limits are breached? | The CCP may refuse to register Contracts.Hide noteRule 802.00 I(a) (Precautionary Measures), Internal Rules |
| 42. Physical deliveries | |
| 42.1 If the CCP can match CMs for delivery and receipt of underlying assets, under what circumstances can it do so? | N/A |
| 42.2 Are the legal obligations for delivery expressed in the rules, procedures or any related agreement? | N/A |
| 43. Compression services | |
| 43.1 Does the CCP offer compression services? | No. |
| 43.2 If so, describe the services provided and the requirements or restrictions set out in the Rules. | N/A |
| 44. Types of margin | |
| 44.1 What types of margin (e.g., initial margin, payment margin, variation margin) does the CCP require? | The CCP requires:initial margin; andvariation margin.Hide noteRule 101.00 (General Provisions), Internal Rules |
| 44.2 For each type of margin, provide a brief description of the risks the margin covers. | Initial MarginInitial margin is used to provide cover for the risk arising from movements in the mark to market value of Contracts, and it must be maintained at all times.The Rules require a minimum amount of margin to be maintained by each CM at all times. The minimum amount of margin is determined by the CCP in accordance with a margin calculation methodology based on “expected shortfall” historical simulation.Variation MarginVariation margin is required to cover current exposures resulting from actual changes in market prices.Hide noteCCP Website; Rule 506.00 (Margin Fund), Internal Rules; CCP responses of August 19, 2017 |
| 44.3 For each type of margin, how often does the CCP make margin calls and what is the timing for CMs to meet margin calls? | This answer covers end-of-day initial margin. See item 44.4 for intra-day margin calls.Calculation of margin deficiency1The CCP will calculate the initial margin deficiency of each CM by 7 a.m. on the next Business Day after each trading day. Securities deposited with the CCP as initial margin will be credited as part of the calculation of a margin deficiency. Securities held by CMs as excess initial margin will not be taken into account when calculating margin deficiencies.Margin calls2Margin calls are made daily.Satisfaction of margin calls3Margin calls must be satisfied in eligible collateral between 8:30 a.m. and 11:30 a.m.Hide note 1 Rule 506.00 (Margin Fund), Internal Rules; Rule 701.00 (Settlement of Transactions), Internal Rules; Rule 712 (Settlement of Transactions), Internal Rules , Rule 716.00 (Reports and Payment Procedures), Internal Rules2 Rule 506.00 (Margin Fund), Internal Rules; Rule 709.00 (Settlement of Transactions), Internal Rules 3 Rule 705.00 (Settlement of Transactions), Internal Rules; Rule 717.00, Chapter Seven, Part Four (Reports and Payment Procedures), Internal Rules; Rule 602.00 (Daily Settlement), Manual |
| 44.4 Can the CCP require CMs to post intra-day margin? | Yes.Margin calls1The CCP, through its risk management system, reviews the amount of margin that would be required in respect of a CM’s portfolio throughout the day. If as a result of such review the CCP determines that a CM’s margin requirement is equal to or greater than 50% of its margin requirement at the beginning of the day, the CCP will notify the CM. If its margin requirement exceeds 75% of the margin requirement at the beginning of the day, the CCP will make an intraday margin call. Satisfaction of margin calls2CMs must settle intra-day margin calls in cash via irrevocable transfers of funds through Banco de México’s SPEI system to the CCP. If a CM is unable to use this system, such CM must transfer funds via checking account deposits to the accounts opened for such purpose at the credit institution acting as a trustee of the CCP, within a maximum of 60 (sixty) minutes. If it is not possible to make the payments through such system, such transfers may be made through an “Accountholder Services System” managed by Banco de México (SIAC-BANXICO), in accordance with the procedures and during the hours established by the CCP.Hide note1 Rule 713.00; 713.01 (Settlement of Transactions), Internal Rules; Rule 603.00 (Settlement of Transactions), Manual; CCP responses of August 19, 20172 Rule 605.00 (Settlement of Transactions), Manual; Rule 606.00 (Settlement of Transactions), Manual |
| 44.5 Is there an unmargined intra-day/overnight amount permitted in relation to new Contracts? | No. See item 33.2. Hide noteRule 1056.00, Part Four (Risk Evaluation), Internal Rules |
| 44.6 Can the CCP provide margin credit so that a CM does not have to transfer funds to meet a margin call? | Not addressed in the Rules. |
| 45. Suspension of new Contracts pending intra-day margin payments | |
| 45.1 Can the CCP suspend clearing of new Contracts pending payment of an intra-day margin call? | The Rules do not address this point specifically. However, if a CM fails to meet a margin call, the CCP can consider the CM to be in default and may result in the expulsion of the CM.Hide noteRule 510.00 (Margin Fund), Internal Rules; Rule 714.00 (Settlement of Transactions), Internal Rules |
| 45.2 If so, how would this be notified to the CM? | The Rules do not address this point specifically. However, the CCP will notify a CM of an intra-day margin call through the clearing and settlement system.Hide noteRule 713.01 (Settlement of Transactions), Internal Rules |
| 45.3 What steps would the CM have to take to reinstate clearing of new Contracts? | Not addressed in the Rules. |
| 46. Collateral requirements upon Contract registration | |
| 46.1 Does the CCP require a CM to post collateral at the time it registers a Contract? | Yes. Hide noteRule 501.00 (Margin Fund), Internal Rules |
| 47. Daily collateralisation of Contracts | |
| 47.1 Does the CCP require all Contracts to be fully collateralised on a daily basis? | Yes.Hide noteChapter Five (Margin Fund), Internal Rules |
| 48. Credit limits on uncollateralised exposures | |
| 48.1 Can the CCP impose credit limits on specific CMs’ uncollateralised exposures? | N/A |
| 49. Excess collateral | |
| 49.1 Does the CCP permit CMs to post excess collateral, and how is excess collateral protected at the CCP? | Not addressed in the Rules. |
| 49.2 If a CM is not permitted to post excess collateral to the CCP, how does the CCP treat any excess collateral at the CCP (e.g., excess margin resulting from a change in the marked-to-market value of the Contracts)? | N/A |
| 49.3 Is excess collateral automatically returned to the CM, or can a CM request its return at any time? | The CM has to request that the CCP returns excess collateral in the form of securities. Excess collateral in the form of cash is returned automatically.Hide noteRules 506.00 and 510.00 (Margin Fund), Internal Rules |
| 50. Settlement finality for margin | |
| 50.1 When is collateral deemed received from a CM or paid to a CM (settlement finality for margin)? | Not addressed in the Rules. |
| 51. Cross-service margining | |
| 51.1 Does the CCP permit cross-service margining? | N/A |
| 51.2 If so, please describe. | N/A |
| 52. Variation margin haircutting | |
| 52.1 Does the CCP have the right to haircut variation margin or to do something with a similar effect? | No. However, it should be noted that the CCP may amend the Rules and take such measures as it deems necessary in emergency conditions. See item 82.2 for the meaning of emergency conditions. |
| 52.2 If so, in what circumstances (other than in an end-of-waterfall scenario) is it permitted to exercise this right? | N/A |
| 53. CCP rights to amend margin methodology/call for additional collateral | |
| 53.1 Can the CCP amend the methodology for determining the margin requirement and/or call for additional margin at any time? | Yes. The CCP can vary its methodology for determining margin requirements and its valuation procedures. The Risk Management department will submit, for the Admission and Risk Management Subcommittee’s consideration, the methodology for determining the margin requirements. The Admission and Risk Management Subcommittee will analyse the methodology and propose it to the Technical Committee which, if warranted, will submit it to Banco de México for approval.The CCP is required to submit to Banco de México for approval all such new techniques, adjustment parameters, policies or procedures to determine the margin requirements as the Admission and Risk Management Subcommittee proposes and deems advisable, upon prior approval by the Technical Committee.Hide noteRule 715.00 (Methodology for Calculating Initial Margins), Manual |
| 54. Basis for margin calls | |
| 54.1 Is margin for Contracts called for on a gross/trade by trade basis or on a net portfolio basis? | With certain exceptions, the CCP generally calculates margin based on the net portfolio of a CM. See item 44.1. Hide noteRule 700.00 (Margin Fund), Manual |
| 55. Netting and set-off | |
| 55.1 Do the Rules provide for the netting and set-off of obligations in the ordinary course (including, for example, netting of variation margin, netting of variation margin and initial margin and netting of any margin and other payments)? | Yes.Hide noteRule 304.00-308.00 (Registration and Clearing of Transactions), Internal Rules |
| 55.2 If so, please describe. | The Rules provide for netting of margin in the ordinary course. In addition, the CCP has the power to establish emergency proceedings under which such activities shall be performed regarding derivatives Contracts. See item 86.1 for additional details.Hide noteRule 304.00-308.00 (Registration and Clearing of Transactions), Internal Rules; Rules 765 and 766 (Extraordinary Proceeding), Internal Rules |
| 56. CM provision of cash collateral | |
| 56.1 How is cash collateral in respect of house business provided to the CCP (by way of title transfer or by way of security interest)? | Cash collateral is required to be provided by way of title transfer. Hide noteRule 518.00, Chapter 5, Part Two (Contributions in Securities), Internal Regulations |
| 57. CM provision of non-cash collateral | |
| 57.1 How is non-cash collateral in respect of house business provided to the CCP (by way of title transfer or by way of security interest)? | Non-cash collateral is required to be provided by way of title transfer by depositing the non-cash collateral in the CCP’s securities account.Hide noteRule 518.00, Chapter 5, Part Two (Contributions in Securities), Internal Regulations; Rule 707.00 (Management of Margins in Securities), Manual |
| 58. Eligible collateral, haircuts and concentration limits | |
| 58.1 What constitutes eligible collateral? | Currently, the following broad types of collateral can be used to cover initial margin requirements at the CCP:• cash; and• certain securities.Hide noteRules 500.00 and 517.00 (Margin Fund), Internal Rules |
| 58.2 Are haircuts applied to any form of eligible collateral? | Yes. Haircuts are applied to securities posted as collateral. Details can be found at the following weblink on the CCP’s website: http://www.asigna.com.mx/wb3/wb/ASG?externa=ASG_cuadro_de_descuentos |
| 58.3 What are the concentration limits or other restrictions in respect of different types of eligible collateral? | Not addressed in the Rules. |
| 58.4 Can the CCP require a minimum portion of collateral to comprise cash? | Not addressed in the Rules. |
| 58.5 How, when and with what notice period can the CCP change the list of assets that constitute eligible collateral, the concentration limits, and any minimum cash requirement? | See item 53 regarding the CCP’s rights to amend its methodology for determining margin requirements and valuation of collateral. |
| 59. Substitution of collateral | |
| 59.1 Can the CCP require substitution of eligible collateral at any time and what are the timelines for such substitutions? | Not addressed in the Rules.However, the CCP has rights to amend its methodology for determining margin requirements and valuation of collateral (see item 53). |
| 59.2 What requirements, if any, must be satisfied to permit the CCP to require a substitution? | N/A |
| 59.3 Do the timelines depend on whether the CCP or CM initiates a substitution? | N/A |
| 60. Non-eligible collateral | |
| 60.1 Does the CCP offer a service under which a CM can post as collateral types of assets that would not otherwise constitute eligible collateral? | No. |
| 60.2 If so, please describe. | N/A |
| 61. CCP rights to apply collateral rules to individual CMs | |
| 61.1 Must the CCP apply the rules addressed in items 59-60 universally or does it have the ability to apply such amendments to individual CMs? | The Rules do not contemplate different treatment for different CMs. |
| 62. Collateral pricing sources | |
| 62.1 What sources are used for pricing collateral? | The value of the collateral is determined by the CCP.** Note: We are seeking guidance from the CCP as to how collateral is valued. |
| 63. CCP mitigation of wrong-way risk | |
| 63.1 Please describe how, if at all, the CCP mitigates wrong-way risk (i.e., are CMs prohibited from posting their own debt and equity securities, debt or equity of companies closely linked to them, or debt or equity securities linked to the jurisdiction in which they are organised?). | The Rules do not expressly address wrong-way risk, but the CCP only includes cash, letters of credit and certain securities (determined by the risk committee) in its list of eligible collateral. See item 58.1 for further details. |
| 64. Interest on cash collateral | |
| 64.1 Is interest payable to the CM in respect of cash collateral transferred to the CCP as margin? If so, can there be negative interest rates so that interest is due from the CM? | Yes. The CCP pays interest (equal to the return on the investments made by the CCP) on cash collateral balances.Hide noteRule 225.00 XI (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 506.00 VIII (Margin Fund), Internal Rules |
| 65. Returns on non-cash collateral | |
| 65.1 Are returns earned on non-cash collateral posted by way of margin passed on to CMs? | Yes Hide noteRule 522.00 (Margin Fund), Internal Rules; CCP responses of August 19, 2017 |
| 66. Variation margin (daily settlement versus mark to market and two way posting) | |
| 66.1 Is collateral posted in respect of variation margin provided as daily settlement or mark-to-market collateral? | Variation margin is provided as daily settlement.Hide noteChapter Five (Margin Fund), Internal Rules; CCP Comment |
| 66.2 Does the CCP pay any margin to the CM? If so, please describe. | As noted in item 44.3, the CCP calculates the aggregate margin that needs to be maintained each day of operations. To the extent that excess collateral is posted, the CM may request that the CCP return such excess collateral. |
| 67. CM house accounts | |
| 67.1 What house accounts can a CM hold with the CCP (e.g., Contract/collateral/other)? | A CM may request that the CCP open one or more proprietary accounts. A CM may also request that the CCP open one or more separate accounts for Client transactions.Hide noteRule 100.00 (General Provisions), Internal Rules; Rule 304.00 I (Registration and Clearing of Transactions), Internal Rules |
| 68. Segregation requirements | |
| 68.1 Describe the segregation requirements applicable to Contracts and the related collateral credited to each type of account. | All collateral received by the CCP is managed and segregated at account level in its systems. The CCP segregates positions and collateral of Clients from the positions and collateral of CMs, registering the trading in third party accounts and proprietary accounts respectively. The CCP can identify the positions and corresponding margins of the CMs’ Clients. The Rules establish that the CMs must have a structure of accounts that allows them to achieve segregation and portability.Hide notePrinciple 6 (Margin), PFMI Annex A; Key consideration 2, PFMI Annex B; CCP responses of August 19, 2017 |
| 68.2 Is the CCP obligated to segregate collateral received through margin calls in respect of CMs from its own assets or the margins of other CMs? | Yes.Hide notePrinciple 5 (Collateral), PFMI Annex B |
| 69. CM affiliate Contracts | |
| 69.1 Are Contracts held by a CM for its affiliates treated as house or Client Contracts? | Not addressed in the Rules. |
| 69.2 Are Contracts held by a CM for its affiliates segregated from the house Contracts of the CM? | Not addressed in the Rules. |
| 70. Allocation of collateral | |
| 70.1 How is collateral allocated to the relevant account? | Collateral is allocated to an account by crediting it to the account as described in more detail in item 68.1. |
| 71. CM withdrawal process | |
| 71.1 Should a CM wish to withdraw from the CCP (i.e., terminate its CM status) or from the Service in the ordinary course, what specific steps would need to be followed and what conditions would need to be met? | (Please click for a graphic depiction of the default liability of a withdrawing CM.)The withdrawing CM is required to deliver to the Technical Committee a notice of voluntary withdrawal including a strategy for closing or transferring open Contracts and other information required by the Rules. Third Party CMs and Integral CMs are also required to include (i) a statement indicating that they have already notified their Clients of the termination of their respective adhesion agreements (or, if the notice of voluntary withdrawal is delivered prior to such notification, the notice of voluntary withdrawal needs to include the form that the applicable CM will use to notify its Clients of such termination) and (ii) a copy of the notice delivered by the applicable CM to the brokers of the Exchange with which they have signed an brokerage agreement for the conclusion of transactions in the Exchange.Hide noteRules 1322.00-1325.00 (Voluntary Withdrawal of a Clearing Member) Internal Rules |
| 71.2 If a CM gives notice of its intention to withdraw, what date will be the Withdrawal Notice Date? | The Withdrawal Notice Date will be the date the CM gives notice to the CCP. |
| 71.3 Is there a minimum notice period for CM withdrawal? | No. However, Third Party CMs and Integral CMs have to give each Client a period of at least 10 Business Days for such Client to instruct the applicable CM whether to close or transfer the open positions.Hide noteRule 1329.00 (Voluntary Withdrawal of a Clearing Member), Internal Rules |
| 71.4 Is membership withdrawal contingent upon the approval of the CCP? | No.Hide noteRule 1325.00 (Voluntary Withdrawal of a Clearing Member), Internal Rules; Rule 1039.00 (General Rules for the Procedure of Voluntary Withdrawal of Clearing Members), Manual |
| 71.5 Is the ability/procedure for a CM to withdraw restricted or different if there has been a default by another CM? | The procedure for a CM to withdraw is not different if there has been a default by another CM, but the withdrawal will not be effective during a period of 30 business days after a default by any CM.Hide noteRules 1322.00-1325.00 (Voluntary Withdrawal of a Clearing Member), Internal Rules |
| 72. Conditions imposed on withdrawing CM | |
| 72.1 Can the CCP impose any conditions on the withdrawing CM after Withdrawal Notice Date until the Withdrawal Effective Date? | Yes. CMs are required to submit daily reports related to the implementation of the withdrawal strategy for closing or transferring open Contracts. With respect to Third CMs and Integral CMs, such report has to be consistent with the instructions received by their Clients with respect to their respective open Contracts and has to be implemented in a period not to exceed 2 calendar months.The CCP may also request that the withdrawing CM provide (i) the measures to be adopted to define the volume of closing transactions to be carried out, (ii) the controls to be applied for the definition of prices in order not to affect their adequate formation or their Clients in the closing of positions, and (iii) any other information that the CCP deems necessary.Hide noteRules 1030.00-1034.00 (General Rules for the Procedure of Voluntary Withdrawal of Clearing Members), Manual |
| 73. Liability End Date | |
| 73.1 What date will be the CM’s Liability End Date? | The CM’s Liability End Date will be the Withdrawal Effective Date. Until then, the CM is required to maintain contributions in the amount of its pre-operating contributions to the default fund and, if applicable, to the CCP’s Minimum Equity fund, both of which may be drawn upon in the event of a CM default.Hide noteRule 1039.00 (General Rules for the Procedure of Voluntary Withdrawal of Clearing Members), Manual; Rule 1328.00 (Voluntary Withdrawal of a Clearing Member), Internal Rules |
| 74. Withdrawal Effective Date | |
| 74.1 What date will be the CM’s Withdrawal Effective Date (e.g., upon notice to the CCP of such CM’s withdrawal, upon termination of all Contracts, or otherwise)? | The CM’s withdrawal will be effective when determined by the CCP or 5 Business Days after the CM has transferred and/or closed all its open Contracts, so long as the CM (i) complies with all its obligations to the CCP, the Exchange and any trading platforms (if applicable), (ii) has paid in full all services fees and tariffs applied by the CCP and/or the Exchange, any costs and expenses determined by any disciplinary procedure, and any other liabilities it may owe to any of them, (iii) certifies that there is no arbitral or judicial proceedings between the CM and any Client and/or participant of the derivatives contracts’ market, and (iv) complies with all its obligations to any participant of the market arising from derivatives ContractsHide noteRule 1039.00 (General Rules for the Procedure of Voluntary Withdrawal of Clearing Members), Manual |
| 75. Obligations and liabilities of withdrawing CMs during withdraw process | |
| 75.1 In general terms, what are the obligations and liabilities of withdrawing CMs during the period between the Withdrawal Notice Date and the Withdrawal Effective Date? | In general, a withdrawing CM continues to have the rights and obligations of a CM until the Withdrawal Effective Date, including the obligation to make contributions to the default fund and the obligation to pay all fees, fines or other charges imposed on the CM by the CCP, due to Contracts cleared or other obligations entered into or incurred prior to termination of such membership.See item 72 for additional details.Hide noteCCP responses of August 19, 2017 |
| 75.2 What is the scope of the CM’s liability to the default fund following the Withdrawal Notice Date but on or before the Liability End Date? | Until the Liability End Date, the CM must maintain contributions in the amount of its pre-operating contributions to the Clearing Fund and, if applicable, to the CCP’s Minimum Equity fund, both of which may be drawn upon in the event of a CM default.Hide noteRule 1328.00 (Voluntary Withdrawal of a Clearing Member), Internal Rules |
| 75.3 Can the CCP increase the size of the withdrawing CM’s default fund contribution requirement after its Withdrawal Notice Date? | Not addressed in the Rules. |
| 75.4 What is the scope of the CM’s liability to the default fund following the Liability End Date but before the Withdrawal Effective Date? | N/A. |
| 75.5 Does the CM remain liable in any way following the Withdrawal Effective Date? | No.Hide noteRule 1315.00 I(d), II(d), III(f) (Voluntary Withdrawal of a Clearing Member or Global Account Broker-Manager), Internal Rules |
| 76. Return of unused default fund contributions | |
| 76.1 When would unused default fund contributions of the CM be returned? | Once the CM has satisfied all its obligations deriving from its activities as a CMHide noteRule 612.00 (Clearing Fund), Internal Rules |
| 77. Extension of deadline for the return of unused default fund contributions | |
| 77.1 Is there an ability to extend the normal deadline by which default fund contributions of the CM must be returned? | Not addressed in the Rules. |
| 78. Non-default suspension/termination of CM membership | |
| 78.1 In what circumstances can the CCP suspend or terminate the membership of a CM other than if the CM defaults? | Breach of agreement1The CCP may terminate the membership of a CM for the breach by the CM of the CM’s obligations as set forth under the Rules.The CCP may terminate the membership of a CM for the misuse or misappropriation of client funds or the failure to gain necessary authorization from clients to trade on clients’ behalf.Loss of legal authorization2The CCP may terminate the membership of a CM if the CM loses authorization to participate in the Exchange or any other securities exchange, or otherwise loses legal authorization to act as a CM.Other3The CCP may terminate the membership of a CM if the CM disseminates information with the aim of affecting the prices of underlying assets cleared and settled through the Clearing House. The CCP may terminate the membership of a CM if he trustee and/or trustor or any trustor having a share in the equity of the CM declares bankruptcy.Hide note1 Rule 1112.00 I, II, III IX, X, XI, XII (Disciplinary Measures), Internal Rules2 Rule 1112.00 VI, VII, VIII, XIII, XIV (Disciplinary Measures), Internal Rules3 Rule 1112.00 IV, V, XIV (Disciplinary Measures), Internal Rules |
| 78.2 How, if at all, would the responses to items 72-77 differ in such circumstances? | Not addressed in the Rules. |
| 79. Rule change process | |
| 79.1 What process must the CCP follow in order to change any of its rules (or bylaws, if applicable) under normal circumstances (i.e. excluding the exercise of any emergency powers)? | The CCP has been organized pursuant to a trust agreement. Under the Operational Rules, the trust agreement may only be amended if approved by the Ministry of Finance and Public Credit (“Secretaría de Hacienda y Crédito Público” or the “Ministry”). Further, as the Operational Rules are issued by the Ministry of Finance and Public Credit, the National Banking and Securities Commission and the Central Bank in their role as Financial Authorities, they may only be amended by those three entities acting together. Any proposed amendment to the Operational Rules will be shared with the CCP, the Exchange and the CMs so that they may provide comments. After taking comments from the CCP, Exchange and CMs, the revised draft amendment will be posted on the website of the Federal Regulatory Improvement Commission for public comment. Once the public comment process has been completed, the amended Operating Rules will be published in the Official Federal Gazette, at which point the amendments will be enacted. The Internal Regulations may only be amended with the prior approval of the Ministry and must also be approved by a majority vote of the Admission and Risk Subcommittee. The Manual may be amended at the CCP’s discretion.Hide noteRule Seventeenth (Of the Clearing Houses), Operational Rules |
| 79.2 Must the CCP provide notice to (or otherwise consult with) CMs prior to the rule change becoming effective under normal circumstances? | Public notice is provided prior to any changes to the Operational Rules.Hide noteRule Seventeenth (Of the Clearing Houses), Operational Rules |
| 79.3 If so, what is the length of the notice period? | Not addressed in the Rules. |
| 79.4 Can rule changes be made to take effect retrospectively? | Not addressed in the Rules. |
| 80. CM rights in respect of rule changes | |
| 80.1 Describe any rights of CMs (including ballot rights) to approve, object to, and/or prevent the implementation of a particular change to the Rules under normal circumstances. | The CMs have rights to comment on any proposed amendment to the Operational Rules. See item 79.1 above.Hide noteNational Law for the Elimination of Bureaucratic Procedures (Ley Nacional para Eliminar Trámites Burocráticos) (published on July 16, 2025), art. 39. |
| 81. Regulatory approval of rule changes | |
| 81.1 Do Rules changes need to be approved by one or more of the regulators under normal circumstances? | Yes. See item 79.1 for details. |
| 81.2 Are different types of changes (e.g., changes under normal circumstances and changes in emergency situations) subject to different regulatory approval processes? | Not addressed in the Rules. |
| 82. Emergency rule change process | |
| 82.1 Does the CCP have any special rulemaking powers in the event of an emergency (including a market emergency)? | Yes. The CCP can exercise emergency rulemaking powers upon its declaration of an “emergency”. Hide noteRule 806.00 (Precautionary Measures and Declaration of Emergency Situations), Internal Rules |
| 82.2 Can the CCP invoke emergency rulemaking powers solely by reason of a CM default? | Yes. The CCP can exercise emergency rulemaking powers in the event of a CM default. Hide noteRule 800.00 (Precautionary Measures and Declaration of Emergency Situations), Internal Rules |
| 82.3 Are there any internal procedural checks to such emergency rulemaking powers? | No. |
| 83. Definition of “emergency” | |
| 83.1 What constitutes an “emergency”? | The below will constitute an “emergency” under the Rules:Market FluctuationThe number of open Contracts and/or the fluctuation of the losses, gains and/or variation margin of derivatives Contracts, as warranted by prevailing market and/or financial system conditions.Asset VolatilityThere is an unexpected increase in the volatility of one or more of the underlying assets, or a change occurs in any of the variables such affecting market valuation of derivatives Contracts, which might pose systemic risk.Economic ConditionsEconomic events occur affecting the (1) liquidity and solvency of the CMs and/or (2) the financial system generally.Technological FailureTechnological failures affecting the provision of services interrupt services provided by the CCP’s trading platform or a foreign platform.Hide noteRule 807.00 (Precautionary Measures and Declaration of Emergency Situations), Internal Rules |
| 84. Procedural checks on emergency rule changes | |
| 84.1 Describe any notification or consultation obligation on the CCP and/or any notice period before any action can become effective in an emergency situation rule change. | A determination made as a result of an emergency situation would be effective on the relevant date or dates specified by the CCP. The Rules do not require a minimum notice period.Hide noteRule 808.00 (Precautionary Measures and Declaration of Emergency Situations), Internal Rules |
| 84.2 Describe any rights of CMs (including ballot rights) to approve, object to and/or prevent the implementation of a particular action in an emergency situation. | The Rules do not specify any such rights of the CMs. |
| 84.3 Can the CCP override any of these consultation rights, notice periods, ballot or other rights of CMs in an emergency? | N/A |
| 85. Additional procedural checks on emergency rule changes | |
| 85.1 Are there any other procedural checks to such emergency rulemaking powers? | No. |
| 86. Additional CCP rights to waive/suspend Rules | |
| 86.1 Does the CCP have any other rights outside of any emergency powers to waive or suspend the Rules? | The CCP’s rights to alter the Rules may be broad enough to include waivers or suspensions. See item 79.1 for additional detailsIn addition, specifically for the clearing and settlement process, the CCP has the power to establish new procedures under which such activities shall be performed regarding a specific derivatives Contract, which is called an extraordinary proceeding, should the CCP find itself legally or materially precluded to continue carrying out the clearing and settlement process due to acts or events that affect the operation with the underlying asset or as a consequence of an authority’s determination that restricts the use of an underlying asset. An extraordinary proceeding shall provide inter alia the term for its application, operative processes details, the form of settlement, applicable methodologies and the corresponding fees. The Administration Subcommittee and the Admission and Risk Management Subcommittee are in charge of approving the operating processes and applicable methodologies, in accordance with their areas of competence. The foregoing is without prejudice to the obligation of the CCP to submit such proposed methodologies and fees to the relevant authorities for approval if the applicable regulations so require.Any extraordinary proceeding must (1) be made public via the CCP’s bulletin at least 3 business days before it enters into force, with the possibility of being made public the same day in force majeure or fortuitous cases and (2) be provided to the relevant authorities by the same deadlines as specified in prong (1).Hide noteRules 765 and 766 (Extraordinary Proceeding), Internal Rules |
| 87. Invoicing Back | |
| 87.1 Does the CCP have the ability to (i) close out a CM’s Contract or (ii) liquidate Contracts on opposite sides of the market in emergency (but not default) conditions through Invoicing Back Contracts with CMs or third party-CMs for the purposes of liquidation of Contracts? | The CCP does not have any explicit powers to close out a CM’s Contract or liquidate Contracts on opposite sides of the market in non-default emergency conditions through Invoicing Back Contracts with CMs or third party-CMs for the purposes of liquidation of Contracts. |
| 87.2 If so, by what mechanism is the pricing determined? | N/A |
| 87.3 What is the timing for Invoicing Back? | N/A |
| 87.4 For Invoicing Back, is Client business treated separately from house business? | N/A |
| 88. Forced Allocation | |
| 88.1 Does the CCP have the right to force-allocate Client and house Contracts to third-party CMs in emergency (but not default) conditions? | According to the CCP, the CCP has the ability to require that a defaulting CM transfer open Contracts that belong to a Client (who is complying with the default process) to another CM. Hide noteCCP responses of August 19, 2017 |
| 88.2 If so, by what mechanism are the pricing, size of allocations, and CM recipients determined? | N/A |
| 88.3 What is the timing for Forced Allocation? | N/A |
| 88.4 For Forced Allocation, is Client business treated separately from house business? | N/A |
| 89. Amendments to Contract specifications | |
| 89.1 Can the CCP make amendments to Contract specifications? | The CCP does not have any explicit powers to make amendments to Contract specifications. |
| 89.2 Can amendments to Contract specifications be made on a retroactive basis? | N/A |
| 89.3 Describe any rights of CMs (including ballot rights) to approve, object to and/or prevent the implementation of a particular change to the Contract specifications. | N/A |
| 90. Events of default | |
| 90.1 What constitutes an “event of default” by a CM? Please list all possible options that may constitute an event of default (including any grace periods) and note where the CCP has discretion to determine these | Events of defaultThe below will constitute an “event of default” by a CM under the Rules.Breach of Rulebook/agreement; suspension of transfer, termination and other rights under co-operating clearing house rulesNo.Breach of exchange/clearing house membership terms and/or rulesNo. Suspension of membership/authorisation and/or other action by a regulatory bodyNo. Failure to pay the CCPYes. The CCP will consider a CM in default for failing to deliver amounts necessary to cover any settlement amount or for failing to replenish default fund contributions when required. Failure to pay/perform under any agreementNo. Insolvency-related eventsNo. Automatic Early Termination EventsNo. Occurrence of an event of defaultA default may occur if a CM fails to meet or if it appears to the CCP to be unable to meet its obligations in respect of one or more Contracts.Hide noteRule 914.00 (Safety Net and Enforcement Commissioners), Internal Rules |
| 91. Process for declaration of CM default | |
| 91.1 What is the process for declaring a default (including whether the CCP has to consult with its board, its risk committee and/or its local regulators)? | Document PR-ASG-003 of the Breaches Administration Manual includes detailed procedures involving several of the CCP’s officers and departments.Hide noteBreaches Administration Manual PR-ASG-003 |
| 91.2 Is the CCP required to inform, and/or get consent from, a local regulator prior to determining that there has been an event of default by a CM? | Document PR-ASG-003 of the Breaches Administration Manual includes detailed procedures involving several of the CCP’s officers and departments.Hide noteBreaches Administration Manual PR-ASG-003 |
| 92. CCP communication procedures in respect of CM default | |
| 92.1 Upon the occurrence of default, what are the CCP’s procedures for communication relating to the default (specifically, does the CCP communicate the occurrence of a default and/or the suspension of membership to CMs, Clients and/or other CCPs, in addition to regulators)? | The CCP notifies the regulators, the derivatives exchange, other CCPs and the other CMs, pursuant to a process detailed in the Breaches Administration Manual.Hide noteBreaches Administration Manual PR-ASG-003 |
| 93. CCP determination of CM or Client default | |
| 93.1 How does the CCP determine whether a default is associated with a Client account or house account? | The Rules do not require the CCP to determine whether a default is associated with a Client account or house account, as a default by a CM affects all its accounts. |
| 94. CCP rights in respect of collateral upon a CM default | |
| 94.1 Upon a CM default, what rights does the CCP have with respect to collateral? | Because the CCP receives both cash and non-cash collateral on a title transfer basis, the CCP may apply or dispose of collateral upon a CM default. Hide notePrinciple 13 (Participant-default rules and procedures), PFMI Annex A; Breaches Administration Manual; CCP responses of August 19, 2017 |
| 94.2 Does the CCP have to take any steps to enforce its rights in relation to collateral? | There are no formalities required. Hide noteBreaches Administration Manual |
| 94.3 Does the CCP ordinarily liquidate all non-cash collateral to cash? | Yes. Hide noteBreaches Administration Manual |
| 95. Settlement of payment obligations following a CM default | |
| 95.1 How do CCP Rules enable it to settle payment obligations on time following any individual or combined default among its CMs? | See CM Default – Default Process (items 100-108). |
| 96. Netting and set-off following a CM default | |
| 96.1 Do the Rules provide for the netting and set-off of obligations, including obligations to return collateral, upon the default of a CM? | Yes. The Rules provide for the netting of amounts due to the CCP from CMs and to CMs from the CCP to produce a single net sum. Rule 303.00 of the Internal Rules explicitly refers to netting and makes a reference to specific articles of the Mexican Federal Civil Code, which address the netting of amounts due.Hide noteRule 303.00 (Registration and Clearing of Transactions), Internal Rules; CCP responses of August 19, 2017 |
| 96.2 Is a net amount calculated per account? | Yes. |
| 97. Calculation of termination amount | |
| 97.1 How is the termination amount calculated (describe the methodology for determining the termination amount, including timing; specify each termination amount that could be calculated and each service that would be included in the calculation of each termination amount, and note any distinctions between Client and house accounts)? | The CCP will calculate a net amount payable between the defaulting CM and the CCP with respect to each type of account.Hide noteRule 303.00 (Registration and Clearing of Transactions), Internal Rules |
| 98. Net termination amounts for multiple services | |
| 98.1 If the CCP offers more than one service, does the net termination amount include amounts due to/from the CCP in respect of other services? | N/A, since the CCP only offers one service. |
| 99. Payment of termination amounts and return excess collateral/remaining default contributions to defaulting CMs | |
| 99.1 When is the CCP required to pay any termination amount, return surplus collateral and any remaining default contribution to the defaulting CM? | After a CM’s obligations have been entirely settled, the CCP will return any remaining default contribution to the CM. The Rules do not specify the time at which the CCP is required to pay any termination amount.Hide noteRule 925.00 (Registration and Clearing of Transactions), Internal Rules |
| 100. Default process | |
| 100.1 What are the CCP’s specific default procedures? | Not addressed in the Rules.** Note: We are seeking guidance from the CCP as to the default processes. |
| 100.2 Is the CCP required or permitted to hedge Contracts? | Not addressed in the Rules. |
| 100.3 Are non-defaulting CMs required to enter into hedging Contracts with the CCP? | Not addressed in the Rules. |
| 100.4 If so, what are the consequences for refusal to enter into such hedging Contracts? | N/A |
| 100.5 Does the CCP have to consult any committees (e.g., a risk committee or a default committee) in making decisions and managing a default process? | In the event of a default the CCP appoints an Enforcement Commissioner (from a register of Enforcement Commissioners maintained by the CCP) to act when a CM is placed in receivership due to a default. The specific roles and responsibilities during the default process are outlined in the Breaches Administration Manual.Hide noteBreaches Administration Manual; CCP responses of August 19, 2017 |
| 101. Publication of CCP default process | |
| 101.1 How, if at all, are these procedures and their outcome publicised? | Not addressed in the Rules.** Note: We are seeking guidance from the CCP as to whether the default process and/or outcome is publicized. |
| 102. Auction mechanism | |
| 102.1 Does the CCP use an auction mechanism to liquidate the portfolio of the defaulting member? | Not addressed in the Rules. Note: The Central Bank is currently reviewing an auction close-out mechanism proposal that contemplates the implementation of a market-level auction of breached positions as well as an auction of breached positions among the CCP and CMs. The CCP does not have the final version of the auction mechanism yet.Hide noteRule 665.00 (Events of Breach of Obligations Associated to Swap Contracts), Manual; CCP responses of August 19, 2017 |
| 102.2 Are non-defaulting CMs required to participate? | Not addressed in the Rules. |
| 102.3 If so, to what extent? | N/A |
| 102.4 If a CM refuses to participate, what are the consequences for not bidding? | N/A |
| 102.5 Are Clients allowed to participate? | N/A |
| 102.6 If so, what are a CM’s obligations with respect to a bid submitted by a Client? | N/A |
| 102.7 Is there a minimum bid size? | N/A |
| 102.8 Does the CCP allow CMs to submit bids for part only of an auction portfolio? | N/A |
| 102.9 On what basis does the CCP decide the size and composition of the auction portfolio? | N/A |
| 102.10 Are the house and Client Contracts kept in separate auction portfolios? | N/A |
| 102.11 How would the auction be structured/conducted in respect of multiple auction portfolios? | N/A |
| 102.12 What is the consequence if two or more bidders submit the same price for an auction portfolio (e.g., is the auction portfolio allocated on a pro-rata basis, and/or is timeline of price submission used to determine the allocation)? | N/A |
| 102.13 Does the CCP retain the power to set minimum bid price thresholds? | N/A |
| 102.14 If so, how is this determined and is the minimum bid communicated to auction participants? | N/A |
| 102.15 Can the CCP reject specific bids or reject the auction entirely? | N/A |
| 102.16 If so, under what conditions? | N/A |
| 102.17 How are “off market” or “non-competitive” bids defined and what are the consequences of submitting “off market” bids? | N/A |
| 102.18 How does the CCP deal with a scenario where it does not receive any bids in the auction? | N/A |
| 102.19 How does the CCP determine to whom Contracts are allocated pursuant to the auction and for what price? | N/A |
| 102.20 Does the CCP have any obligation to accept a majority percentage of the bids? | N/A |
| 103. Utilisation of default process | |
| 103.1 Is the CCP required to utilise the specified default process? | Not addressed in the Rules.** Note: We are seeking guidance from the CCP as to whether there is a requirement to utilise the same default process. |
| 104. Outsourcing of the CCP’s CM default process | |
| 104.1 Is the CCP permitted to outsource aspects of the default process? | Not addressed in the Rules. |
| 104.2 If so, under what circumstances? | N/A |
| 104.3 If the CCP is permitted to outsource aspects of the default process, is the CCP’s ability to outsource limited to certain obligations? | N/A |
| 104.4 To whom may the CCP outsource aspects of the default process and what decision-making rights would be outsourced? | N/A |
| 104.5 Is any indemnification provided to the CCP if the outsourcing results in a loss? | N/A |
| 104.6 Will the CCP remain liable for the performance of its obligations regardless of whether such obligations are outsourced or delegated? | N/A |
| 105. Outsourcing of CM obligations | |
| 105.1 Is the CM permitted to outsource any of its obligations to an affiliate or a third-party? | Not addressed in the Rules. |
| 105.2 If so, under what circumstances? | N/A |
| 105.3 Is the CM’s ability to outsource limited to certain obligations? | N/A |
| 105.4 Is any indemnification provided to the CCP by the CM if the outsourcing results in a loss? | N/A |
| 105.5 Will the CM remain liable for the performance of its obligations regardless of whether such obligations are outsourced or delegated? | N/A |
| 106. Forced Allocation | |
| 106.1 Does the CCP have the right to forcibly allocate Client and house Contracts to non-defaulting CMs? | The CCP may forcibly allocate transactions to non-defaulting CMs at its own discretion.Hide notePrinciple 13 (Participant-default rules and procedures), PFMI Annex A; CCP responses of August 19, 2017 |
| 106.2 If so, by what mechanism are pricing, size of allocations and CM recipients determined? | N/A |
| 106.3 What is the timing for Forced Allocation? | N/A |
| 106.4 Is Client business treated separately from house business? | N/A |
| 107. Invoicing Back | |
| 107.1 Does the CCP have the ability to liquidate Contracts on opposite sides of the market through Invoicing Back Contracts with non-defaulting members for purposes of liquidating Contracts or hedging market risks of the defaulting member? | The Rules do not permit the CCP to liquidate Contracts on opposite sides of the market through invoicing back transactions with non-defaulting CMs for the purpose of liquidating Contracts or hedging market risks of defaulted CMs. |
| 107.2 If so, how are the prices for such Contracts determined? | N/A |
| 107.3 What is the timing for Invoicing Back? | N/A |
| 107.4 Is Client business treated separately from house business? | N/A |
| 108. Fire drills | |
| 108.1 Does the CCP conduct mock default “fire drills” to test the resiliency, response time and efficiency of its default management protocols? | Not addressed in the Rules.** Note: We are seeking guidance from the CCP as to whether “fire drills” are conducted. |
| 108.2 If so, what is the frequency of these fire drills? | Not addressed in the Rules. |
| 108.3 Are the results of the fire drills shared with CMs? | Not addressed in the Rules. |
| 109. CCP loss allocation structure/waterfall | |
| 109.1 Please describe the loss allocation structure that the CCP has in place. For each item in the waterfall, please indicate whether utilised resources are repayable if the CCP subsequently recovers losses. | The CCP has the following loss allocation/waterfall structure:first, application of the collateral transferred by the defaulting CM;second, excess minimum equity of the defaulting CM;third, the default fund contribution of the defaulting CM;fourth; the entirety of the defaulting CM’s equity;fifth, if the defaulting CM is a Third Party CM, but belongs to the same financial group as a Proprietary CM, the financial resources of such Proprietary CM (in the order set forth in clauses first through fourth above);sixth, any amounts held by the CCP in a separate fund funded with any fines paid by the CMs to the CCP pursuant to the Rules;seventh, 50% of the CCP’s assets;eighth, if the defaulting CM has contributed Variable Resources (i.e., certain additional default fund contributions that may be required) to the default fund, the Variable Resources contributed by non-defaulting CMs to the default fund;ninth, the contributions to the default fund of non-defaulting CMs (other than the Variable Resources of non-defaulting CMs);tenth, replenishment contributions requested by the CCP to restore the default fund;eleventh, the reminder of the CCP’s assets; andtwelfth, the minimum equity of non-defaulting CMs.Please click for a graphic depiction of the waterfall structure in respect of the Service as well as the interaction, if any, across other services.Recovery of amounts utilised from non-defaulting CMsDefault fund contributions of non-defaulting CMs that are used by the CCP in the event of a default and later recovered by the CCP are returned to the non-defaulting CMs in the same proportion in which they were used.Hide noteRule 902.00 (Safety Net and Enforcement Commissioners), Internal Rules; Rule 609.00 (Clearing Fund); CCP responses of August 19, 2017 |
| 110. Application of default fund and/or margin across services | |
| 110.1 Can a defaulting CM have its default fund contribution or initial margin provided for one service used to pay for losses in respect of another service? | N/A |
| 110.2 If so, are defaulting CM funds reserved until losses across all of the relevant services are crystallised? | N/A |
| 111. Use of non-defaulting CM initial margin to cover obligations of defaulting CMs | |
| 111.1 Can the CCP use the initial margin of a non-defaulting CM to satisfy the obligations of any other CM upon its default? | No.Hide noteRule 512.00 (Margin Fund), Internal Rules |
| 111.2 If so, please describe how such losses are allocated. | N/A |
| 111.3 If so, is there a cap on a CM’s liability in respect of its initial margin? | N/A |
| 111.4 If so, please describe the cap. | N/A |
| 112. Default fund calculation methodology | |
| 112.1 How does the CCP calculate the funded default fund requirement of a CM (including whether there is any floor and/or cap on the CM’s contribution to the CCP’s default fund), and how frequently does the CCP reset the size of the default fund? | Default fund calculationsEach CM has to maintain in the default fund at least a minimum amount based on a formula determined by the CCP.** Note: We are seeking guidance from the CCP as to whether its current default fund calculation methodology is publicly available.Frequency of the default fund size recalculationsThe amount of each CM’s minimum default fund contributions is updated monthly by the CCP.Hide noteRules 600.00 and 606.00 (Clearing Fund), Internal Rules |
| 112.2 Please describe the methodology used by the CCP (e.g., Cover 1 or Cover 2) to calculate the size of the default fund and any stress/back testing methodology specified in the Rules. | The methodology is “Cover 1”.Hide noteRule 801.00 (Clearing Fund), Manual |
| 113. Unilateral changes to default fund methodology | |
| 113.1 Can the CCP unilaterally change the methodology used to calculate the size of the default fund and/or any associated floor and cap? | Not addressed in the rules, but it is implied that the CCP may update the methodology used to calculate the size of the default fund based on changes authorized by Banco de Mexico.Hide noteRule 605.00 (Clearing Fund), Internal Rules |
| 113.2 If so, what is the notice period, if any? | N/A |
| 114. Default fund eligible assets | |
| 114.1 What assets may be posted as default fund contributions and how, when and with what notice period can the CCP change the list of eligible assets and any applicable concentration limits? | Default fund contributions are made in cash.The Rules do not address the requirements for the CCP to amend the list of eligible assets.Hide noteRule 600.00 (Clearing Fund), Internal Rules |
| 114.2 How are default fund contributions provided (e.g. title transfer, segregated fund or by way of security)? | Contributed assets in the form of cashCash is required to be transferred by way of title transfer.Hide noteRule 600.00 (Clearing Fund), Internal Rules |
| 114.3 When does the CM contribute its default fund contribution? | Each CM is required to contribute assets to the default fund daily to the extent there is a shortfall on the amount of assets already contributed by such CM.Hide noteRule 602.00 (Clearing Fund), Internal Rules |
| 115. Segregation of default fund contributions | |
| 115.1 Are the default fund contributions of CMs held on a segregated basis by the CCP? | The Rules do not specify the manner in which default fund contributions are held.** Note: We are seeking guidance from the CCP as to whether default fund contributions of CMs are held on a segregated basis by the CCP. |
| 116. Segregation of financial resources across services | |
| 116.1 If the CCP clears different Products through more than one service within the same legal entity, are the financial resources available in respect of one service segregated from those of any other service (e.g., securities, futures, CDS, etc.)? | N/A |
| 117. Replenishments | |
| 117.1 Is there a cap on the amount of replenishment the CCP may require from non-defaulting CMs in respect of a single default? | The Rules do not set forth a cap on the amount of replenishment that may be required. However, the Rules specify that replenishment may be requested one time with respect to a default by a single CM.Hide noteRule 608.00 (Clearing Fund), Internal Rules; Rule 921.00 (Principles for the Implementation of the Safety Net) |
| 117.2 If so, please describe the cap. | N/A |
| 117.3 Is there a cap on the amount of replenishment the CCP may require from non-defaulting CMs in respect of multiple defaults? | The Rules do not set forth a cap on the amount of replenishment that may be required. However, the Rules specify that replenishment may be requested up to two times with respect to defaults by two or more CMs, and that the Technical Committee’s authorization is required in order for the CCP to request the replenishment of default fund contributions more than 2 consecutive times within a 30-Business Day period.Hide noteRule 608.00 (Clearing Fund), Internal Rules |
| 117.4 If so, please describe the cap. | N/A |
| 117.5 By when is the default fund required to be replenished by the CM, following utilisation? | The next Business Day following a request by the CCP to replenish.Hide noteRule 608.00 (Clearing Fund), Internal Rules |
| 117.6 Can the CCP use replenished default fund resources to meet losses incurred on account of past default or a default that caused utilisation of the default fund? | Replenished default fund resources can be used to meet losses incurred on account of a default that caused utilisation of the default fund.Hide noteRule 608.00 (Clearing Fund), Internal Rules; Rule 902.00 (Safety Net and Enforcement Commissioners), Internal Rules |
| 118. Assessments | |
| 118.1 Is there a cap on the amount of assessment the CCP may require from non-defaulting CMs in respect of a single default? | The Rules do not distinguish between replenishments and assessments. Therefore, the Rules do not give the CCP the power to call for assessment contributions specifically related to a default from the non-defaulting CM beyond what is required for replenishments. |
| 118.2 If so, please describe the cap. | N/A |
| 118.3 Is there a cap on the amount of assessment the CCP may require from non-defaulting CMs in respect of multiple defaults? | N/A |
| 118.4 If so, please describe the cap. | N/A |
| 118.5 By when is the CM required to provide its assessment? | N/A |
| 119. CMs’ ability to cap default fund liability | |
| 119.1 Are CMs required to terminate their CCP membership to cap their default fund liability? | Not addressed in the Rules. |
| 120. CCP contributions to the default fund/waterfall | |
| 120.1 Does the CCP contribute to the default fund or otherwise to the default waterfall? | No. |
| 120.2 If the CCP contributes to the default fund or otherwise to the default waterfall, how much does it contribute and is there a cap? | N/A |
| 120.3 If there is a cap, please describe it. | N/A |
| 120.4 When does it provide and replenish such contribution? | N/A |
| 121.Treatment of CCP default fund/waterfall contributions | |
| 121.1 Are such contributions separately identified on the balance sheet and, if so, are these funds held in a segregated account away from the other assets of the CCP? | N/A |
| 122. Recourse to CCP assets in a default situation and any linked recourse | |
| 122.1 What recourse is there to the CCP’s assets (i.e., other than those submitted to the default fund) in a default situation? | Following a CM default, recourse to the CCP’s assets is as set forth in item 109.1. |
| 122.2 Are these assets subject to non-recourse or other ring-fencing provisions? | Not addressed in the Rules. |
| 123. Default resources for CCP link arrangements | |
| 123.1 Are there separate default resources for any interoperability/link arrangements that the CCP has in place with other CCPs? | The CCP has no interoperability or link arrangements. |
| 124. CCP disclosure of Rules | |
| 124.1 How, if at all, does the CCP disclose the Rules (including any changes to the Rules) to the public? | The CCP makes the latest version of its Rules publicly available on its website at: http://www.asigna.com.mx/Changes to the Rules are required to be notified to CMs. However, there is no specifically stated notice period for such changes. |
| 125. CCP disclosure of fees | |
| 125.1 How, if at all, does the CCP publicly disclose its fees at the level of its individual service and policies on any available discount? | The CCP publishes its fees on its services, including the Service, on its website: http://www.asigna.com.mx/wb3/wb/ASG?externa=ASG_comisiones |
| 126. CCP notification of service/fee changes | |
| 126.1 How, if at all, does the CCP notify its CMs and the public of changes to services and fees? | The CCP notifies the CMs via the CCP’s bulletin. See also item 125.1. The new fees become effective 5 business days after their publication in the CCP’s bulletin.Hide noteRule 1310.00 (Services Fees), Internal Rules. |
| 127. CCP disclosure of technology/communication procedures | |
| 127.1 How, if at all, does the CCP disclose information on its technology and communication procedures in respect of the Service? | Not addressed in the Rules. |
| 128. CCP completion and disclosure of the CPSS-IOSCO Disclosure framework for financial market infrastructures | |
| 128.1 Does the CCP complete the CPSS-IOSCO Disclosure framework for financial market infrastructures? | Yes.Hide noteCCP Website: http://www.asigna.com.mx/wb3/wb/ASG?externa=pfms |
| 128.2 If so, when was it last completed and how frequently is it updated? | PFMI Annex A was last updated in August 2025, and is updated approximately annually.Please note that Annex B is also updated annually; however, such Annex B is no longer disclosed to the public, but rather is only sent to the regulatory authorities. In this regard, the last version reviewed is the February 2021 version. |
| 128.3 How, if at all, does the CCP disclose its responses to the CPSS-IOSCO Disclosure framework for financial market infrastructures to the public? | The responses are publicly available via the CCP’s website.Hide noteCCP Website: http://www.asigna.com.mx/wb3/wb/ASG?externa=pfms |
| 128.4 Does the CCP complete or follow the CPMI-IOSCO Public quantitative disclosure standards for central counterparties? | Not addressed in the Rules.Notwithstanding the above, the CCP publishes on its website a periodic report regarding compliance with the CPMI-IOSCO Public quantitative disclosure standards for central counterparties:http://www.asigna.com.mx/wb3/wb/ASG?externa=pfms |
| 128.5 If so, when was it last completed and how frequently is it updated? | According to the CCP’s website, the update is quarterly.As of the date of this document, the latest published update corresponds to the third quarter of 2025. |
| 128.6 How, if at all, does the CCP disclose its responses to the CPMI-IOSCO Public quantitative disclosure standards for central counterparties to the public? | Through its website:http://www.asigna.com.mx/wb3/wb/ASG?externa=pfms |
| 129. CCP completion and disclosure of the Federal Reserve Bank of New York’s Payments Risk Committee Recommendations for Supporting Participant Due Diligence of Central Counterparties | |
| 129.1 Does the CCP complete or follow the Federal Reserve Bank of New York’s Payments Risk Committee Recommendations for Supporting Participant Due Diligence of Central Counterparties? | Not addressed in the Rules. |
| 129.2 If so, when was it last completed and how frequently is it updated? | N/A |
| 129.3 How, if at all, does the CCP disclose its responses to Federal Reserve Bank of New York’s Payments Risk Committee Recommendations for Supporting Participant Due Diligence of Central Counterparties to the public? | N/A |
| 130. CCP risk disclosure document | |
| 130.1 Does the CCP provide a risk disclosure document regarding the services and account structures it provides? | In addition to the Rules, the CCP has published account information documents on its website which contain information regarding the levels of protection and account segregation which the CCP provides and the costs associated with such levels of segregation for each service.Hide noteCCP Website |
| 131. CCP hypothetical capital | |
| 131.1 Does the CCP disclose its hypothetical capital? | Yes |
| 131.2 If so, how does the CCP disclose its hypothetical capital? | The CCP publishes a report with respect to its hypothetical capital on a monthly basis on the CCP Website.Hide noteCCP Website: http://www.asigna.com.mx/wb3/wb/ASG?externa=avisos_asigna |
| 131.3 Can CMs share the CCP’s hypothetical capital with their Clients? | The report with respect to the CCP’s hypothetical capital is publicly available on the CCP Website. |
| 132. CM access to CCP audit reports and/or conclusions | |
| 132.1 What, if any, access do CMs have to external/internal audit reports and/or conclusions? | Not addressed in the Rules. |
| 133. Unforeseen/uncovered liquidity shortfalls | |
| 133.1 How do the Rules address unforeseen and potentially uncovered liquidity shortfalls? | Not addressed in the Rules. |
| 134. Liquidity facilities available to the CCP | |
| 134.1 Does the CCP have access to any liquidity facilities? | Not addressed in the Rules. |
| 134.2 If so, please describe them generally (including the methodology used by the CCP to determine the amount of its required liquidity resources (e.g., Cover 1 or Cover 2)). | N/A |
| 135. CM requirements to provide liquidity facilities in respect of non-cash collateral | |
| 135.1 Must a CM provide a liquidity facility to help the CCP manage its liquidity risk for non-cash collateral? | No, this is not a requirement under the Rules. Hide noteCCP responses of August 19, 2017 |
| 135.2 If so, please describe the requirement. | N/A |
| 136. Circumstances under which liquidity facilities can be drawn | |
| 136.1 Under what circumstances can these facilities be drawn? | N/A |
| 137. Replenishment of liquidity resources | |
| 137.1 How do the CCP’s rules allow for the replenishment of any liquidity resources during a stress event? | N/A |
| 138. CCP events of default | |
| 138.1 What constitutes an “event of default” by the CCP? (including any grace periods)? Please list all possible options that may constitute an event of default. | Not addressed in the Rules. |
| 139. Procedural requirements/regulatory approvals required for CCP default | |
| 139.1 Are there any procedural requirements or regulatory approvals required to trigger a default of the CCP? | Not addressed in the Rules. |
| 140. Determination, notification and processes in respect of the CCP’s default | |
| 140.1 How is a declaration of CCP default communicated to the CMs, Clients and to the public? | Not addressed in the Rules. |
| 140.2 Who is responsible for determining the CCP’s default? | Not addressed in the Rules. |
| 140.3 How are shortfalls/excesses dealt with following termination of all Contracts as a result of a CCP “event of default”? | Not addressed in the Rules. |
| 140.4 Provide the citation of the principal statute that would govern the CCP’s insolvency. | Insolvency Law (Ley de Concursos Mercantiles) (last amendment published on November 14, 2025).** Note: We are seeking guidance from Mexican counsel as to the statutes that would govern the CCP’s insolvency. |
| 141. Use of non-defaulting CM’s initial margin to cover losses of CCP upon its default | |
| 141.1 Can the CCP use the initial margin of a non-defaulting CM to satisfy losses of the CCP upon its default? | Not addressed in the Rules. |
| 141.2 If yes, please describe how such losses are allocated. | N/A |
| 141.3 Is there a cap on a CM’s liability for losses of the CCP upon its default? | Not addressed in the Rules. |
| 141.4 If so, please describe the cap. | N/A |
| 142. CM declaration of CCP default | |
| 142.1 If a default is called against the CCP by a CM, does that apply solely to the CM concerned or to all CMs? | Not addressed in the Rules. |
| 143. Impact of CCP default on existing CM default processes | |
| 143.1 How does a CCP default affect any ongoing CM default processes with respect to both the applicable defaulting CM and the non-defaulting CMs? | Not addressed in the Rules. |
| 144. Netting and set-off upon a CCP default | |
| 144.1 Do the Rules provide for the netting and set-off of obligations, including obligations to return collateral and default fund contributions upon the default of the CCP, including in the context of an insolvency of the CCP? | Any CM may exercise its rights pursuant to its Netting Agreement in the event that (i) the CCP fails to comply with a payment or delivery obligation to a CM arising from a Contract within 30 Business Days after the due date, (ii) the SHCP revokes the CCP’s authorization to act as a clearing house, (iii) the CNBV considers that there are irregularities that affect the CCP’s stability or solvency or that endanger the interests of the public or creditors, (iv) any of the causes for termination of the Trust Agreement occurs, or (v) a procedure subject to insolvency, liquidation or insolvency laws begins with respect to the CCP (either voluntary or involuntary), or the CCP adopts a corporate agreement related to such procedures. A Netting Agreement would give the CM the right to settle in advance all open Contracts that it keeps on its own account and/or on behalf of Third Parties in each of the Derivatives Accounts and sub accounts that it manages.Hide noteRules 1333.00-1343.00 (Netting Agreements), Internal Rules. |
| 145. Determination of close-out value of outstanding Contracts | |
| 145.1 How, when and by whom is the close-out value for outstanding Contracts determined? | Not addressed in the Rules. |
| 146. Netting and set-off across services | |
| 146.1 If the CCP offers more than one clearing service, do the Rules provide for the netting and set-off of amounts owed in respect of one service against amounts due in respect of another service? | N/A |
| 147. CM rights to terminate Contracts | |
| 147.1 Does the CM have the right to terminate all its Contracts at its discretion, or does the CCP have the right to compel a CM to complete Contracts after a CCP “event of default”? | Any CM may exercise its rights pursuant to its Netting Agreement in the event that (i) the CCP fails to comply with a payment or delivery obligation to a CM arising from a Contract within 30 Business Days after the due date, (ii) the SHCP revokes the CCP’s authorization to act as a clearing house, (iii) the CNBV considers that there are irregularities that affect the CCP’s stability or solvency or that endanger the interests of the public or creditors, (iv) any of the causes for termination of the Trust Agreement occurs, or (v) a procedure subject to insolvency, liquidation or insolvency laws begins with respect to the CCP (either voluntary or involuntary), or the CCP adopts a corporate agreement related to such procedures. A Netting Agreement would give the CM the right to settle in advance all open Contracts that it keeps on its own account and/or on behalf of Third Parties in each of the Derivatives Accounts and sub accounts that it manages.Hide noteRules 1333.00-1343.00 (Netting Agreements), Internal Rules. |
| 148. Exhaustion of financial resources of CCP | |
| 148.1 Upon the exhaustion of the CCP’s financial resources, would the CCP become insolvent, would a CM or the CCP itself have the right to terminate all Contracts for that service, would the CCP institute variation margin haircutting, or is there some other outcome? | Not addressed in the Rules. |
| 149. CCP recovery and resolution | |
| 149.1 Are there provisions in the Rules describing the CCP’s recovery or resolution (e.g., are there any provisions for the recapitalisation or reestablishment of its services after a default has been resolved)? | No. |
| 150. Limited recourse and segregation across services | |
| 150.1 If the CCP has more than one service, are there limited recourse and segregation provisions between the services? | N/A |
| 151. Renewal default fund after CCP default | |
| 151.1 Does the CCP have rules with respect to the creation of a new default fund after the occurrence of a CCP default? | Not addressed in the Rules. |
| 151.2 If so, what are they? | N/A |
| 152. Link arrangements with other CCPs | |
| 152.1 Does the CCP have any link arrangements with another CCP (either directly or through an intermediary)? | Not addressed in the Rules.** Note: We are seeking guidance from the CCP as to whether it has any link arrangements with another CCP. |
| 152.2 If the CCP has any link arrangements with another CCP, do the Rules require the CCP to monitor the risks associated with these link arrangements? | N/A |
| 152.3 If so, how is such risk monitored? | N/A |
| 153. Permitted investments of CM cash collateral and default fund contributions by the CCP | |
| 153.1 Do the Rules permit the CCP to invest CM cash collateral and default fund contributions? | Yes. |
| 153.2 If so, what investments are permissible? | Yes. The broad categories of permitted investment are:- Government securities,- Government securities repurchase agreements,- Demand deposits,- Any other instrument approved by the CCP.Hide noteRule 713.00 (Settlement of Transactions), Internal Rules; Rule 800.00 (Clearing Fund), Manual |
| 154. Concentration limits and other requirements in respect of the CCP’s investment of CM cash collateral and default fund contributions | |
| 154.1 Are there any concentration limits, minimum criteria or diversification requirements, or other restrictions on how the CCP can invest CM cash collateral and default fund contributions? | Not addressed in the Rules. |
| 155. CCP rights to delegate cash management services | |
| 155.1 Does the CCP have the right to delegate cash management services? | Not addressed in the Rules. |
| 156. Rehypothecation rights | |
| 156.1 Does the CCP have the right to re-pledge, rehypothecate, transfer or use CM non-cash collateral (including both margin and default fund contributions) under its rules? | No.Hide noteCCP responses of August 19, 2017 |
| 156.2 If so, are there any restrictions on this ability? | N/A |
| 156.3 Is such investment/rehypothecation made in the name of the CCP or CM? | N/A |
| 157. CCP requirements in respect of investment/rehypothecation proceeds | |
| 157.1 Is the CCP required to hold the existing proceeds in a manner consistent with other collateral? | N/A |
| 158. CCP investment policy | |
| 158.1 Does the CCP have a formal investment policy? | Not addressed in the Rules.** Note: We are seeking guidance from the CCP as to whether it has a formal investment policy. |
| 158.2 If so, what is the nature, tenor and risk profile of instruments in which investments can be made? | Not addressed in the Rules. |
| 158.3 Is the policy publicly available? | Not addressed in the Rules. |
| 158.4 Are exceptions to the investment policy permissible? | Not addressed in the Rules. |
| 158.5 If they are, describe the approval process for granting exceptions to specific investments or policy more generally. | Not addressed in the Rules. |
| 158.6 Are there any concentration limits, minimum criteria or diversification requirements applied to counterparties with whom the CCP might enter into repos? | Not addressed in the Rules. |
| 158.7 If so, what are they? | Not addressed in the Rules. |
| 159. Settlement banks and custodians | |
| 159.1 What entity holds cash (i.e., name of settlement bank) and securities (i.e., name of sub-custodian) collateral belonging to Client accounts and house accounts? | Cash collateralCash collateral is deposited with the CCP by way of title transfer. The CCP maintains demand deposit accounts to hold cash collateral and makes daily investments of cash collateral. The locations of these demand deposit accounts and/or investments are not specified in the Rules.See Item 153.2 for general categories of cash collateral investments.Securities collateralSecurities held by the CCP as collateral are deposited in a General Securities Account. That account is held in the DALI, which is owned by the S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V.Hide noteRule 226.00 (Trustors and Clearing Members of the Clearing House), Internal Rules; Rule 611.00 and 612.01 (Settlement of Transactions), Manual; Rule 521.01 Anexo A, III. Collateralization (Margin Fund), Internal Rules; Rule 704.00 (Margin Fund), Manual; Rule 518.00 (Contributions in Securities), Internal Rules |
| 160. Settlement bank/custodian segregation of assets | |
| 160.1 Is collateral (cash and securities) provided to the CCP segregated from the assets of the entity (settlement bank) holding the collateral? | Not addressed in the Rules. |
| 161. CCP cash collateral accounts | |
| 161.1 In what type of account is the CCP required to hold cash collateral? | Not addressed in the Rules. |
| 162. Liability in respect of cash collateral held at a settlement bank | |
| 162.1 Who bears the risk associated with cash collateral held at a settlement bank (i.e., if the bank holding cash collateral fails, who is responsible)? | Not addressed in the Rules. |
| 163. CCP disclosure of risk allocation arrangements with custodians and banks | |
| 163.1 Does the CCP disclose what risk allocation arrangements it has with third parties holding cash or non-cash collateral on behalf of the CCP? | No. |
| 163.2 If so, how is that disclosed? | N/A |
| 164. Claims on CM collateral held by custodians | |
| 164.1 Are custodians holding a CM’s collateral required to acknowledge to the CCP that the collateral in custody is not subject to any right, charge, security interest, lien or claim of any kind in favour of the custodian or any person claiming through the custodian (other than in respect of custodial fees relating to the relevant securities and cash account held by the CCP on behalf of the CMs)? | Not addressed in the Rules. |
| 165. Name under which collateral and investments are held | |
| 165.1 In whose name are the collateral and investments held (i.e., the name of the CCP or the name of the CM)? | Not addressed in the Rules. |
| 165.2 If investments are through an omnibus structure in the name of the CCP, does the CCP maintain records that indicate the underlying CM and/or Client whose collateral has been invested/pledged? | Not addressed in the Rules. |
| 166. Allocation of investment profits/losses in respect of collateral | |
| 166.1 Are investment profits/losses in respect of collateral borne by the CCP or are they distributed back to CMs? | Cash1Investment profits/losses on the investment of cash accrues for the account of the Clearing Member.Non-cash2Non-cash collateral is not invested, but profits/losses arising on non-cash collateral accrues for the benefit of the CMs.Hide note1 Rule 508.00 (Margin Fund), Internal Rules2 Rule 221.00 XXVIII. (Trustors and Clearing Members of the Clearing House), Internal Rules |
| 166.2 If distributed to CMs, what is the basis of distributing profits/losses? | Non-cash collateral is not invested, but any profits or losses in relation to it is allocated on the basis of the CM’s ownership of the non-cash collateral. Hide noteRule 709.00 and 710.00 (Management of Margins in Securities), Manual. See also Rule 221.00 XXVIII. (Trustors and Clearing Members of the Clearing House), Internal Rules |
| Global Glossary of Terms and CCP Specific Glossary of Terms | Asigna, Compensación y Liquidación – Global Glossary (3-31-24) |
| Monthly updates spreadsheet | Asigna Updates Spreadsheet (as of 9.27.19) |
| Archive – yearly blacklines | Asigna – Listed – Base (12-31-25 against 12-31-24)Asigna – Listed – Base (12-31-24 against 12-31-23)Asigna – Listed – Base (12-31-23 against 12-31-22) |
| Archive spreadsheet | Asigna – Listed – Base (12-31-25 against 09-30-25)Asigna – Listed – Base (09-30-25 against 06-30-25)Asigna – Listed – Base (06-30-25 against 03-31-25)Asigna – Listed – Base (03-31-25 against 12-31-24)Asigna – Listed – Base (12-31-24 against 09-30-24)Asigna – Listed – Base (09-30-24 against 06-30-24)Asigna – Listed – Base (06-30-24 against 03-31-24)Asigna – Listed – Base (03-31-24 against 12-31-23)Asigna – Listed – Base (12-31-23 against 09-30-23)Asigna – Listed – Base (09-30-23 against 06-30-23)Asigna – Listed – Base (06-30-23 against 03-31-23)Asigna – Listed – Base (03-31-23 against 12-31-22)Asigna – Listed – Base (12-31-22 against 09-30-22)Asigna – Listed – Base (09-30-22 against 06-30-22)Asigna – Listed – Base (06-30-22 against 03-31-22)Asigna – Listed – Base (03-31-22 against 12-31-21)Asigna – Listed – Base (12-31-21 against 09-30-21)Asigna – Listed – Base (09-30-21 against 06-30-21)Asigna – Listed – Base (06-30-21 against 03-31-21)Asigna – Listed – Base (03-31-21 against 12-31-20)Asigna – Listed – Base (12-31-20 against 09-30-20)Asigna – Listed – Base (09-30-20 against 06-30-20)Asigna – Listed – Base (06-30-20 against 03-31-20)Asigna – Listed – Base (03-31-20 against 12-31-19)Asigna – Listed – Base (12-31-19 against 09-30-19)Asigna – Listed – Base (09-30-19 against 06-30-19)Asigna – Listed – Base (06-30-19 against 03-31-19)Asigna – Listed – Base (03-31-19 against 12-31-18)Asigna – Listed – Base (12-31-18 against 11-07-18) Asigna Updates Spreadsheet (as of 9.27.19) |
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