The Global Foreign Exchange Committee (“GFXC”) supports the creation of market mechanisms that raise awareness about the FX Global Code (“Code”) and that promote the adoption of the Code by the majority of FX market participants. To this end, the GFXC recommended the establishment of public registers that help market participants to make their Statement of Commitment of adherence to the Code public, and to identify other market participants that have subscribed to the Code.

In response to these recommendations published by the GFXC, the Mexican Foreign Exchange Committee (“MFXC”) has established a voluntary public registry for the disclosure of the Statements of Commitment to the Code in order to further promote its adoption by the majority of market participants in Mexico. Any market participant that wishes to make public its Statement of Commitment shall be included in the registry regardless of the nature of their activity in the FX market, their sector, size, or any other characteristic, as long as they participate in the local wholesale FX market.

The format of the Statement of Commitment should be consistent with the form set out in Annex 3 of the Code. This can be in English or any another language. As an example, we present both the English and Spanish versions of the SoC.

The renewal, inclusion, or removal of any Statement of Commitment by a particular institution will be made by the Committee whenever the aforementioned institution decides to do so. The public registry will contain a list that enumerates:

  1. market participant name,
  2. type of market participant,
  3. date on which the Statement of Commitment was signed,
  4. admission date to the public registry, and
  5. copy of the market participant´s Statement of Commitment, or a link to the website in which the market participant has decided to disclose said statement.

Also, market participants shall renew their Statements of Commitment sooner than six months following the date of publishing a comprehensive revision of the Code, or under any other circumstance whenever the Committee deems necessary. If this renewal is not carried out by a relevant market participant, its Statement of Commitment will be removed from the public registry until this document is updated.

For any information regarding the public registry or for the any request to include, renew, or remove a Statement of Commitment from this registry, please contact the Secretariat: secretariado.cmcm@banxico.org.mx

 Finally, it is important to mention that this public registry is included in the Global Index of Public Registers (“Global Index”). The Global Index acts as a central location that links to participating public registers and intends to provide a more comprehensive view of market participants’ commitment to good practices in a single place. It is located on the GFXC webpage through this link: https://www.globalfxc.org/global_index.htm

Market participant name Market participant type Date signed Date of admission to the MFXC public register
Thomson Reuters E-Trading Platform 6 November 2017 26 February 2018 View Statement of Commitment
TD Securities Bank 18 May 2018 31 May 2018 View Statement of Commitment
Profuturo Afore, S.A. de C.V. Pension fund 31 May 2018 8 June 2018 View Statement of Commitment
Afore XXI Banorte, S.A. de C.V. Pension fund 31 May 2018 15 June 2018 View Statement of Commitment
Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte Bank 31 May 2018 21 June 2018 View Statement of Commitment
Operadora de Fondos Banorte, S.A. de C.V., Sociedad Operadora de Fondos de Inversión, Grupo Financiero Banorte Asset manager 31 May 2018 21 June 2018 View Statement of Commitment
Casa de Bolsa Banorte, S.A. de C.V., Grupo Financiero Banorte Broker or investment adviser 31 May 2018 21 June 2018 View Statement of Commitment
Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México Bank 31 May 2018 22 June 2018 View Statement of Commitment
360T E-Trading Platform 5 December 2017 22 June 2018 View Statement of Commitment
SAM Asset Management, S.A. de C.V., Sociedad Operadora de Fondos de Inversión Asset manager 4 July 2018 5 July 2018 View Statement of Commitment
BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer Bank 30 May 2018 11 July 2018 View Statement of Commitment
Enlace Int, S.A de C.V. Broker or investment adviser 31 May 2018 17 July 2018 View Statement of Commitment
Banco Ve por Más S.A., I.B.M, Grupo Financiero Ve por Más Bank 31 May 2018 17 July 2018 View Statement of Commitment
Casa de Bolsa Ve por Más, S.A. de C.V., Grupo Financiero Ve por Más Broker or investment adviser 31 May 2018 17 July 2018 View Statement of Commitment
BBVA Bancomer Gestión, S.A. de C.V., Sociedad Operadora de Fondos de Inversión Asset manager 30 May 2018 18 July 2018 View Statement of Commitment
Vector Casa de Bolsa, S.A. de C.V. Broker or investment adviser 30 May 2018 7 August 2018 View Statement of Commitment
Afore Invercap, S.A. de C.V. Pension fund 26 July 2018 7 August 2018 View Statement of Commitment
Nacional Financiera, S.N.C., Institución de Banca de Desarrollo Bank 25 May 2018 31 August 2018 View Statement of Commitment

 

NOTE

Finally, it should be noted that the MFXC, according to the recommendations published by the GFXC, hereby establishes a public registry for the Statements of Commitment of local market participants with the only purpose of providing information to all FX market participants. In this context, the MFXC shall not be responsible for:

  • verifying the accuracy or validity of a market participant’s Statement, or
  • monitoring adherence to the Code by market participants listed in the register, or
  • verifying whether market participants are within the defined scope of market participants covered by the public register.

Also, every market participant shall bear sole responsibility for the content and veracity of its Statement of Commitment, as well as for complying with the principles established within the Code. Henceforth, the market participant shall defend, indemnify and hold the MFXC harmless against all third party claims, actions, suits, demands or any legal, administrative or judicial processes whatsoever, in connection with the signing and publishing and disclosure of its Statement of Commitment. In case any additional information is needed regarding the adherence to the Code by any market participant, this information shall be directly addressed to the relevant market participant.

Finally, the publication of personal information contained within the public registry is authorized by the data subject.

 

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