IA AMIB 2005_ing.indd

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IA AMIB 2005_ing.indd
Board of Directors
PRESIDENT
Gonzalo Rojas Ramos
VICEPRESIDENTS
Iñaki de Abiega Pons
Gabriel E. Kuri Labarthe
Moisés Tiktin Nickin
EXAMINER
Juan C. Salles Manuel
SECRETARY
Ángela Balmori Iglesias
SECRETARY PRO TEM
Erik García Tapia
MEMBERS
Héctor Aguirre Cobo
Mauricio López Velasco Aguirre
Jorge Eduardo Alonso Olivares
Rafael Mac Gregor Anciola
Francisco Javier Artigas Alarcón
Diego Ramos González De Castilla
Carlos Bremen Gutiérrez
Clemente Reyes Retana Valdés
Edgardo Mauricio Cantú Delgado
Sergio Sánchez García
Luis Cervantes Coste
Patricio Tamayo Gómez
Francisco Javier De Frutos Arroyo
Javier Valadez Benítez
Alejandro Finkler Kudler
Eduardo Valdés Acra
Raúl Garduño Vergara
Roberto Valdés Acra
Carlos Gutiérrez Andreassen
Alejandro Valenzuela Del Rio
Carlos Ibáñez Estens
Felipe Vila González
Edgar Legaspi Sauter
Antonio Villa Ávila
Carlos Levy Covarrubias
ALTERNATE MEMBERS
Arturo Julio Arce Taracena
Bernardo Llerenas Bracho
Andrés Borrego y Marrón
Héctor Madero Rivero
Humberto Cabral González
Luis Martínez Arizmendi
Juan Luis Cevallos Almada
José Méndez Fabre Almada
Víctor Chávez Longyear
Gerardo Minjares Calderón
Javier Cortina Azcárraga
Alejandro Molina Tinoco
José Miguel Díaz Goñi
Luis Murillo Peñaloza
Luis Enrique Estrada Rivero
Mauricio Naranjo González
Jorge Espinosa de los Reyes Dávila
Jorge Plácido Evangelista
Jorge Fernández García Travesí
Guillermo Robles Gil Orvañanos
Álvaro García Pimentel Caraza
Juan Carlos Rosales Hernández
Ignacio González Cossio
José Antonio Salazar Guevara
Adolfo Herrera Pinto
Gustavo Salazar Salinas
Christian Knudsen Ramos
Arturo Tlapanco Martínez
Juan Llanos Reynoso
• 1 •
Executive Commision
PRESIDENT
Gonzalo Rojas Ramos
Iñaki de Abiega Pons
Francisco Javier Artigas Alarcón
Luis Cervantes Coste
Francisco Javier De Frutos Arroyo
Adolfo Herrera Pinto
Gabriel E. Kuri Labarthe
Clemente Reyes Retana Valdés
Moisés Tiktin Nickin
GUESTS
Efrén Del Rosal Calzada
Alejandro Gorches Guerrero
Guillermo Prieto Treviño
Pedro Zorrilla Velasco
• 3 •
Message to our Members
All of the efforts made by the Mexican Securities Industry Association last year, as an
expression of the financial industry’s commitment to the Mexican market’s complete
integration into global financial circuits, as well as the active participation by
representatives of our affiliates in the committees of this Association, working in close
cooperation with the authorities, culminated on December 30, 2005, with the publication
of a new Securities Market Act in the Official Gazette of the Federation.
Since the passage of the first Securities market
Act in 1975, thirty years of institutional legal tradition have transpired--a tradition encouraged,
preserved, and led by the securities industry.
Our trade association has been present as such
for the last twenty-five years. Founded as the
Mexican Association of Brokerage Firms on
May 16, 1980, it assumed a new name and
structure on July 20, 1993, to incorporate new
categories of brokerage included in amendments
to the Securities Market Act and the formation
of what are called financial groups.
Of course, the securities trade had been involved
in regulatory matters for a long time before that-since the founding of the National Exchange
in 1894, participants were aware that the development of securities brokerage required clear
rules to win the confidence of companies and
investors.
In the preparation of the 1975 Act, the former
National Securities Commission charged the
Stock Exchange and the Mexican Securities
Market Association with gathering background
data and proposals that would shape the new
body of law. This Association, created in 1966
by the National Securities Agents’ Association,
whose predecessor was the Securities Club of
1964, took an active part in drafting the text
that was presented to the Executive Branch in
April 1970.
This historic reference is important because it
shows how this same vision, renewed in 2005, has
inspired AMIB and the companies it represents to
present proposals and recommendations to the
authorities. Having reviewed four preliminary
drafts, the National Banking and Securities Commission analyzed and incorporated most of the
observations presented by AMIB, in representation of its sixty-seven associates and affiliates.
Thus, through a quarter century of participation
in the institutional and legal development of
the securities market, AMIB collaborated closely
with the authorities in perfecting the legal
framework through successive reforms to these
and other complementary laws. The Association
was a pioneer in the climate of collaboration that
exists today, and has since its founding sought
out agreements and solutions through discussion,
negotiation, and a call for all interested sectors to
participate in resolving the matters crucial to
the financing and investment process, which are
inherent to public securities markets.
In this joint effort, the objectives of the securities
industry have been:
• 5 •
To increase the number of investors, while placing a priority on the quality of the services provided in the area of equity consulting.
To increase the number of companies listed on
the Mexican Exchange, while placing a priority
on maintaining a fair market, with the transparency and professionalism that issuers must demonstrated to sustain public confidence.
To improve the legal framework by making it
more effective and less burdensome.
In the past decade, we have also thought to
strengthen and deepen self-regulation, as a complementary instrument to current regulations.
First, we need to continue encouraging widespread participation by the public. Today, with
banks, mutual funds and retirement funds
increasingly active in the market, the scope of
market-related financial services has expanded
significantly. Still, the Mexican population with
the potential for generating domestic savings is
even greater, and it requires that we set ambitious goals for future growth.
One of our most difficult challenges has been
increasing the number of companies that issue
securities. There are a number of reasons for this,
and we think these had considerable weight in
the preparation of the new Securities Market
Act, in the modernization of the corporate
structure of listed companies, the protection of
minority shareholders, and the conditions necessary to attract venture capital through investment promotion companies and their options
for joining the securities market.
Third, our efforts to improve the regulatory
framework to make it more effective and less
burdensome, are closely related to the legal security of issuers and investors, and the unavoidable
need to align local practices with international
competitive standards. Mexico is an increasingly
globalized market, and hence exposed to the
scrutiny of investors both at home and abroad.
With regard to self-regulation, the progress made
inspires new efforts to build a more modern,
efficient, reliable and ethical market, with clear
roles and shared agreements among all the participants.
Thus, the Mexican Securities Industry has
worked tirelessly to promote a transparent, solid
and efficient market, the kind of market a country as great as Mexico requires.
Today, our industry operates in the context of
a stable economy and a pluralistic, democratic
regime, with solid institutions and a wide variety of instruments and trading types available to
issuers and investors. It has not always been this
way, however: this institution came out of a very
different political and economic climate.
The 1980s were a problematic decade, when
Mexico’s banks were taken over by the government, devaluation and inflation were rampant,
and we lived with the specter of crisis in all areas
of the country’s social and economic life.
In those times, the country isolated itself, and
the idea of a free trade agreement was unthinkable. Imports were heavily taxed and subject
to restrictive permits, while oil accounted for
three-quarters of the country’s exports.
Throughout it all, over the past twenty-five
years, AMIB has always been alert to the prospects for change, for technological progress and
• 6 •
the opening to international markets. Because of
this open disposition, in close collaboration with
the authorities, the Mexican Stock Exchange,
the securities depository (S.D. Indeval) and the
Mexican Derivatives Market, we have passed
some major milestones. These include the automation process, the international opening of the
market, the emergence and growth of mutual
funds, the creation of a futures and options
market, credit risk ratings, the incorporation of
increasingly sophisticated types of trading, in line
with international practices, and the emergence
of a culture of self-regulation, including a Code
of Ethics for the securities community and the
application of best corporate practice in the
sphere of governance for companies that seek to
finance themselves by issuing securities among
the greater investing public.
that is good for business and for economic
development. It can do so through programs
that strengthen human capital and fight poverty,
and by seeking out financing formulas that do
not place so much of a burden on future generations, so the nation can achieve a sustainable
pace of growth.
The 25th anniversary of this Association was
marked by a grand event, in which the guest of
honor was Mexican president Vicente Fox, Secretaries of State, and leading personalities from
the worlds of finance and business.
As an Association, we have responded to the
challenges of competitiveness imposed by globalization and we have been able to wisely take
advantage of the possibilities offered by technological change. This has allowed the Mexican
market entry into internationally renowned
securities market institutions.
In his message, President Fox looked back on
the country’s economic progress, recognizing
that “the financial industry has been a powerful
engine of economic growth, and is up to the
challenges of the 21st century.” He also noted
that the markets’ solidity encourages long-term
financing for companies of all types, even local
governments, strengthening the mixed publicprivate investment formula and thus reaching
record levels of investment in both energy and
housing.
Other distinguished speakers agreed that the
government can now focus primarily on essential priority tasks, although it also participates
in the economic sphere by promoting a climate
The communications revolution now allows
us to conduct tens of thousands of transactions
each day, and both issuers and investors can have
almost instant access to market data. This has
opened new possibilities for the development
of our activities as brokers, and for the role of
the securities market in promoting Mexico’s
economic growth, responding to the challenge
of sustainable social development over the long
term.
Over the past years, sweeping changes have been
made in our professional sphere, such as the
1989 changes to the Foreign Investment Law,
or the 2001 changes to a set of financial laws
that incorporated both the securities market
and mutual funds. These changes now allow
funds to buy foreign securities, and strengthened
self-regulatory activities under the precepts of
integrity and transparency. In addition, “Unified
Bulletins” on regulatory matters were drafted
following intensive efforts to compile existing
regulations into more concise documents; the
first, for issuers, came out in 2002, and the second, for brokerage firms, in 2004.
• 7 •
For all these reasons, we are proud to say that
2005 was, for the Mexican Securities Industry
Association and for the market as a whole, the
culmination of an entire cycle of efforts and
aspirations, and it opens the door to a future
of brighter expectations, a future Mexico fully
deserves.
Sincerely,
Gonzalo Rojas Ramos
Chairman
Gonzalo Rojas Ramos
Chairman
• 8 •
Iñaki de Abiega Pons
Gabriel E. Kuri Labarthe
Vicechairman
Vicechairman
Moisés Tiktin Nickin
Vicechairman
• 9 •
Message of the Chief Executive Officer
I am pleased to report that 2005 was once again a good year for the Mexican economy,
and for the stock market as a whole. First, it must be said that the stability and confidence
sustained by the federal government allowed for significant progress toward developing a
more efficient, competitive, secure and profitable market. It was also a key factor in the
solid advance of the Mexican Stock Exchange’s Price and Quotations Index in 2005.
The vigor of the Mexican market’s prime indicator since 2002 can be illustrated by looking at
its trend: from a low of 5,534 points on August
5, 2002, it closed the year 2004 at 12,918 points,
and ended 2005 at 17,803 points. This is a steady
advance of 222% in that period, outpacing most
of its international peers by far in the same
period, a clear recognition of the solid condition
of our economy.
Mexico, 6.4 times more than at the start of this
six-year presidential administration (only 17.91
billion in 2000).
At the same time, 6.85 billion pesos in equity
securities were placed through the stock market
by five new issuers.
This situation brought an additional benefit:
Mexican companies are returning in increasing
numbers to the stock market in search of financing. This should provide solid support for the
market as it catches up on its lag against the rest
of the world in terms of the number of listed
issuers. Expectations on this front are high, with
the entry into effect of the New Securities market Act as of June 2006, exactly six months after
it was passed by the legislature on December 30,
2005. The achievement is particularly encouraging considering the extraordinary effort this new
legal framework required in terms of design,
investigation, and almost two years of lobbying,
until a broad consensus on its approval was finally
reached.
In recent years, AMIB has been pursuing its mission of encouraging an effective link between
regulation and self-regulation, gradually strengthening the self-regulatory capacities of the securities industry. We also set ourselves the task of
promoting a greater awareness of the securities
industry, and above all, we have strengthened our
vocation as a forum in which major industrywide projects are discussed. We are continually
working to identify the actions and efforts necessary to bring better business practices to the
market, as well as the trading forms and financial
instruments appropriate for financing the expansion and increasing competitiveness of Mexican
companies and state governments. At the same
time, we have worked to give Mexican and foreign investors a broader number of options for
placing their resources.
In the year covered by this report, a total of
132.51 billion pesos in private medium- and
long-term fixed-income debt was issued in
Along these general lines, I would like to comment on the most significant achievements of
the past year:
• 10 •
In terms of self-regulation, September 2005
marked the end of the first three-year certification period that began in 2002, a period in
which 21,985 individuals were certified and
16,823 authorizations from the CNBV were
obtained by the various professional categories
that require a license to work in promoting or
trading securities.
At the close of the year, we already were already
applying exams for 18 different categories subject to certification, in the related professional
fields, not just in the securities and derivatives
product markets, but also in mortgage promotion, business promotion, and FIRA credit analysis, as well as executives and compliance officers
of CONSAR retirement funds and retirement
fund managers.
I am also pleased to note that phase two has
begun on time, which will involve the ongoing
renewal of licenses; revalidation can be obtained
by other a points system, or by taking an exam.
Rules were issued on Customer Profiling, the
minimum content of the Compliance Officers’
Manual of Duties was revised, adjustments were
made on rules like the Reserve Fund rule, and
AMIB participated actively with the Business
Coordinating Council (CCE) in going over the
Best Corporate Practices Code.
In our efforts to raise awareness of various aspects
of the securities market, we gave 35,766 manhours of courses on ethics and other topics, like
market simulations and various events in conjunction with educational institutions.
We continued to publish our bulletin “Values for
the Strength of Mexico”, along with agreements
to participate in radio programs and business
publications. We were particularly proud of the
success of our big 25th anniversary celebration
in the month of April. In addition, the fifth
annual Tech Day was held in November.
In the area of business representation, we closed
the year with a membership base of 67 institutions: 29 brokerage firms, 35 mutual fund
managers and 3 fixed-income market brokerage
houses.
Representatives of AMIB members took part in
various technical committees, providing us, as
always, with the elements necessary to promote
a wide variety of projects, among them:
First and foremost, AMIB was actively involved
in the procedures necessary to pass a new Securities Market Act for Mexico, offering ongoing
support to the authorities responsible for getting
the bill through the legislature.
Important work has begun on amendments to
the Mutual Funds Law and the Unified Mutual
Funds Bulletin, and work is continuing on a set
of instructions for preparing prospectuses, and a
regulatory framework for risk management and
investment in derivative product funds.
In 2005, we worked on various revisions of
specific aspects in the Unified Brokerage Firm
Bulletin that was issued in 2004, and in adjustments to rules on money-laundering, brokerage
contracts, trading in coined metals, trust activity,
rules on trust operations in pension and retirement funds, and global accounts for derivatives.
Changes were also made to improve efficiency
in a number of aspects: settlement through the
Central Securities Counterparty (CSC), the procedure for securities lending, repo transactions,
• 11 •
either in the form of collateralization--including
major participants like retirement fund managers-optimizing of trading hours, host-to-host communication with Indeval, promotion of new communication interfaces for order routing, release of
new versions of Sentra Capitales and the Order
Administrator, and the design of operating elements that will make up future editions of these
systems. Finally, we helped implement important
measures for increasing trading capacity.
There is now also a specific regulation in place
for opinions issued by market analysts.
Thus, AMIB completes another year of work,
closing the cycle of our first twenty-five years
of existence as a trade representation organization. Throughout these years, we have always
remained at the forefront of industry trends,
helping to improve the performance of the Mexican economy. As a trade, we have been a positive
force in Mexico’s ability to meet challenge of
social development and economic growth, and
to become increasingly competitive in global
markets.
Sincerely,
Facilities were created for the reporting of information required by the tax and legal authorities,
and for the Council for the Defense of Financial Efrén del Rosal Calzada
Service Users (CONDUSEF).
Chief Executive Officer
Numerous tax aspects were processed, which
occupy a separate chapter of this report, as do
accounting aspects. In both cases, these are
addressed for both brokerage firms and for
mutual fund managers.
Our traditional salary and benefits survey was
updated once again.
Thanks to the initiative and support of Banco
de Mexico, a High-Value Payments System was
started up, allowing for a more direct participation by non-bank brokers.
New standardized derivatives contracts for trading on MexDer appeared, like euro futures and
options on the NASDAQ 100-index, tracking
stock QQQ and the iShares S&P 500 index IVV.
Among the aspects on which considerable progress was made but more still needs to done in the
near future were Margin Accounts.
• 12 •
Efrén del Rosal Calzada
Chief Executive Officer
• 13 •
Twenty-five years since the date of its founding on May 16, 1980, the
Mexican Securities Industry Association has become a vitally important venue
for the discussion, promotion, self-regulation, certification and support of
work in the Securities Trade, both on the domestic and international markets.
The activities reported here are the fruit of
our work with securities market authorities
and institutions, as well as the active and fertile
participation of representatives of associates
and members of our Association, through the
respective committees.
The activities, studies, proposals and initiatives
pursued in 2005 are divided into the following
sections:
•
•
•
•
Regulation
Promotion
Brokerage
Certification
In general, we are proud to say that the strategic
program we laid out for the year was completed
satisfactorily, although because of the very
nature of our activities, some points remain to
be addressed, and we must also stay ahead of the
new challenges of intense international competition and our own prospects for development.
• 15 •
I. Regulation
New Securities Market Act
The newly amended Securities Market Act, published on
December 30, 2005, involved intensive work on our part,
analyzing and bringing together the comments and proposals
from the securities trade in Mexico.
Four preliminary drafts of the Act were reviewed
in 2005, and proposals for modification, inclusion or suppression of portions that we considered appropriate were delivered to the National
Banking and Securities Commission (CNBV)
and Federal Regulatory Improvement Commission (COFEMER). The final text of the law, submitted by the Executive Branch to the Congress,
largely reflected our viewpoints.
In the areas of supervision and oversight, a section
on corrective measures was included, containing
regulations on partial suspension of operations, management intervention, revocation and liquidation.
Some of the main aspects incorporated into the
final text were:
Among the proposals the authorities accepted
from the securities trade were the following:
• The existing precept that brokerage firms should
be the only institutions authorized to trade on
the Exchange was preserved, with the exception
that the new law allows banks as well to trade in
the International Quotations System.
To increase the number of offenses (from 5 to 13)
necessary for an breach of the rules to be classified as a specific violation. The securities industry
was concerned about excessively harsh penalties,
while accepting that all the sentences for these
violations could be commuted to a fine except
those that might be included in article 194 of the
Federal Code of Penal Procedures. The CNBV
specifically noted that the new Law would not be
used as grounds to expand the current list of three
violations classified as serious.
• Earlier drafts proposed allowing non-brokerage
firms and banks to trade in the money market,
but this possibility was ultimately eliminated.
• Some of the faculties that had been conferred upon the CNBV were transferred to the
Ministry of Finance and Public Credit (SHCP).
• Companies formerly known as off-the-market
funds are now to be called investment promotion corporations.
The new law eliminates trading modes for brokerage firms that were mentioned in earlier drafts,
but allowed their application in accordance with
general provisions issued by the CNBV.
To establish obligations exclusive to brokerage
firms with regard to certifying intervention managers, members of consultancy boards, liquidators,
conciliators and syndicates (the law specifies that
the new posts may be designated by means of
various procedures).
• 17 •
With regard to the certification of brokers, traders, and trust delegates, the order receipt and
transaction system, and customer profiling, provisions which the trade believed applied exclusively to brokerage firms, the new law clarifies
that article 406 also applies to banks, though not
to other intermediaries.
• Brokerage firms will not be responsible for filling instructions drafted by investment consultants.
The CNBV was given the authority to remove
board members and directors of self-regulatory
organizations (SROs), though only for serious
and reiterated violations.
New definitions were added: material directors,
financial entities, groups of parties, significant
influence, material information, derivative financial instruments, directive authority, and securities. Further clarification was added to the topics
of information disclosure, accounting, the duties
of audit committees and corporate practices, and
rules on offering and brokerage of domestic and
international securities.
In the new law, the element of self-correction is
not considered an exclusion of liability, merely
an attenuating factor.
On February 16, the authorities, in conjunction
with the Mexican Stock Exchange and AMIB,
began the work of lobbying the finance committees of the upper and lower houses of Congress, and a decision was made to pursue a joint
strategy, coordinated by the SHCP.
As a result of various comments from the professions and individuals to whom the Law is
directed, as well as from COFEMER, in a meeting with the Under Secretary of Finance and
the Chairman of the CNBV, other modifications
were made, including:
• Liability was established for brokers who employ
unfair practices, and clients that order transactions that they know are prohibited.
• A reference was inserted to allow brokerage firms
to act as distributors of mutual fund shares and to
engage in international trading and arbitrage.
• Investment advisors must have a notarized power
of attorney or be authorized in a signed contract.
Two new topics were included: a chapter on
notification to the authorities, and a violation
referred to as fraudulent management.
The legal presumption of liability, in the absence
of proof, was eliminated, meaning whoever files
a complaint will bear the burden of proof. Also
eliminated was the ability of minority shareholders to revoke the appointment of their board
members outside of shareholders’ meetings.
Financial institutions were allowed to establish antitakeover clauses called “poison pills”, and the percentage of capital necessary for company shareholders to approve them was modified (in extraordinary
meetings, with 95% of the capital represented).
In addition, the following aspects were included:
• The ability to designate alternate board members was expressly established.
• If the Commission wishes to object to the
independent status of certain board members,
its Board of Governors must pass the resolution.
• 18 •
• The law specifies that the oversight of publicly
traded companies must be handled by the committees and independent auditor.
• The faculties of the SCHP and CNBV were realigned, cutting down on red tape; at the same
time, Banco de Mexico will no longer take part
in a number of rulings and provisions.
• The responsibility of board members of publicly traded companies who have a significant
influence in other corporations shall only apply
when those board members contribute to decisions that benefit themselves or a third party.
The concept of “significant influence” was
adjusted to refer to 20% of the ownership of the
company’s capital.
• Board members who vote to avoid the exercise
of liability suits are freed from further responsibility.
• Shareholders who do not have voting rights
may no longer be heard at shareholders’ meetings.
Public disclosure of transactions made by shareholders, board members and directors may only
be made when the CNBV establishes it in general provisions.
Legal counsel is no longer obliged to report
irregularities to the authorities.
Auditors, legal counsel and other experts who
issue opinions or rulings shall only be liable in
the event of inexcusable negligence, or when
they fraudulently omit information.
Offering prospectuses no longer need to include
the composition and structure of the capital
stock of the business consortium of which the
issuing company is a part.
The Secretary of the Board of Directors can
serve as an external (independent) legal counsel.
Brokers, price vendors and securities rating agencies no longer need to obtain authorization for
analogous or complementary services, and these
are allowed to conduct the activities referred to
in their bylaws.
Rating agencies may only disclose to the public
the ratings they have made on securities that are
listed in or pending listing in the Registry.
On March 20, the bill for the new law was formally submitted to the Mexican Senate, and on
April 5 if was turned over to the Finance Commission of the upper house for its discussion and
ruling.
On April 2, the joint commissions on Finance
and Public Credit and Legislative Studies of the
Senate issued their ruling on the bill, which was
received by the Association on the same date.
There were 23 proposed modifications to the
ruling, but many of them were questions of form,
not substance. The changes proposed there were
quite reasonable, as they made the text more
specific and more legally secure. On April 27, the
bill was approved by the Senate with 77 votes in
favor and only one against, and was then turned
over to the Chamber of Deputies for approval.
The AMIB formally expressed its support for the
bill in a number of forums: before the financial
authorities, the COFEMER, the Finance Committees of the upper and lower houses of Congress, the Business Coordinating Council, and
• 19 •
the news agencies and publications that asked
our opinion.
The AMIB applied for inclusion of the Securities
Market Act bill on the agenda for the extraordinary
period of sessions with various high-level representatives to which it had access, and held several
meetings with the Chairman of the Finance Committee.The Presidency of AMIB, together with the
Chairman of the Business Coordinating Council
and representatives of various trade organizations,
interviewed political leaders to request their support in passing the bill.
Finally, the Securities Market Act was approved
on Tuesday, December 6, in a plenary session of
the Chamber of Deputies by an absolute majority (395 in favor, zero against and zero abstentions), but with two modifications that had been
processed in the days leading up to approval,
which were:
By incorporating the category of Investment
Promotion Corporation, the new regulations
open up access to the securities market for midsized companies, specifically to venture capital,
and brings the trading and practical reality of the
securities market more into line with how issuing companies are organized and managed.
The creation of a new sub-category of company
called Market Investment Promotion Company
will allow mid-sized companies to place part
of their capital stock on the condition that
they voluntarily and gradually adopt better
corporate governance practices, guidelines for
minority shareholder protection, comply with
material information disclosure regulations and
other standards that apply to companies on the
open market, in addition to some rules exempting them from certain provisions of the General
Mercantile Societies Law.
• Section VII, Article 2: The definition of “material events” according to the CNBV’s nonexclusive list of examples
This new Securities Market Act responds to one
of the objectives contained in Mexico’s National
Development Plan for 2001-2006: encouraging
effective regulatory and supervisory systems for
the securities market, with the following goals:
• Article 359: the mechanism for publicly announcing investigations into infractions
against the Securities Market Act.
•
To allow mid-sized companies greater access
to the securities market, in its broadest sense,
so that those companies may voluntarily
adopt good corporate government practices
and appropriately protect minority shareholders’ rights.
•
To strengthen the rules that apply to publicly traded corporations, encouraging them
to improve their organization and functional
aspects by modernizing their corporate structures and their system of responsibilities, making
them more consistent with current practices.
On Thursday, December 8, the bill was passed by
the Senate and on December 30, the new Securities Market Act was published in the Official
Gazette of the Federation. On the same date, the
text of the Act was sent to the Committees of
this Association.
The Law will take effect one hundred and eight
days after its publication in the Official Gazette,
which is June 28, except where otherwise stipulated in two articles.
• 20 •
•
Update and improve the flexibility of the regulatory framework that applies to brokerage
firms and financial institutions that participate
in the industry, like stock exchanges, securities depositories, central counterparties, companies that administer systems that facilitate
securities trading, price vendors, and rating
agencies, among others.
•
To modernize the rules on violations and
sanctions.
•
To redefine the functions and powers of the
financial authorities in order to avoid duplicating efforts in areas like authorization, regulation and oversight of market participants,
thus lowering regulatory costs.
Jaime Torres Argüelles
President of Legal Committe
Finally, in the first half of 2006, we will be working together with the authorities to review the
general provisions--known as the Unified Issuers Bulletin--particularly the requirements for
listing and maintenance that will apply to the
Market Investment Promotion Companies, and
aspects of corporate governance.
The Mutual Funds Law.
During a number of meetings with the CNBV,
AMIB presented some key issues for the securities
trade, which the authorities will analyze to determine their viability and may present to Congress
without further obstacles. After analyzing the
points, the following topics were suggested:
•
•
•
Strengthen the content of the law to prevent
unfair competition
Allow custody services to be supplied by
Global Custodians.
Incorporate trust activity into mutual fund
managers
• 21 •
•
Calculation of parameters using the “General
Basis for Calculation through general provisions
issued by the CNBV” instead of total assets.
The CNBV announced that it had concluded
an newly-edited internal version, which it was
analyzing with the Chairman of the CNBV. In
the same meeting, a number of additional topics
were mentioned, to be included in the draft of
the Law:
•
the regulations applicable to mutual funds, their
managers and distributors, as well as mutual fund
valuation agencies. The document was distributed to members of the trade for review and
commentary.
An analysis of the draft revealed various discrepancies with current regulations, which were
presented to the CNBV for adjustment, because
the draft was not intended to make any changes
to current provisions.
Vehicle for venture capital investment.
•
Specifications regarding integrated distributors.
•
Standardization of administrative aspects with
the Securities Market Act (terms, etc.)
•
Specifications
Prospectus.
•
Specification that minor changes to prospectus do not require CNBV authorization
•
Mandatory identification of distributor clients.
•
Publish information on mergers and spinoffs
of mutual funds
regarding
Simplified
The complete draft of amendments to the
Mutual Funds Law is planned to be ready by the
first quarter of 2006.
Pre-draft of the Unified Mutual Funds
Bulletin
At the end of October, the CNBV sent AMIB a
preliminary draft of “General provisions applicable to Mutual Funds and to the Parties that
Supply Services to them,” which contains all
At a later date, Attachments regarding accounting criteria for mutual funds, their managers and
distributors were distributed to the trade, and
in 2006 we will work on Attachments that deal
with classification categories for mutual funds,
the characteristics and requirements that must
be established in the prospectuses, and regulatory
reports, which the authorities have indicated will
not suffer material modifications.
Instructions for preparing mutual fund
information prospectuses
During the year we went over a number of proposed drafts on this topic, out of which several
documents were prepared, with the respective
comments and observations, which were then
submitted to the authorities.
Among the most important aspects of these proposals were the automation of the authorization
process, which would imply the issuance of a
single official document, and a change in the rules
so that many sections would no longer be subject
to authorization, but instead only supervised.
We also had the CNBV specify that if the general purpose of the fund is changed during the
process of updating a prospectus, the investment
regime or repurchase regime would have to be
• 22 •
re-authorized; if not, it would mean mutual fund
managers could make those changes without
sending them for review. In analysis meetings on
the issue, the authorities also clarified that the
CNBV would review updated prospectuses by
random supervision, as well as the standard on
international markets. If it has any remarks, they
will be succinctly communicated to the mutual
fund manager.
On the issue of communicating with fund managers on the review of a fund, the authorities said
they would not be formally notified, and that
funds would only be reviewed when modifications are requested.
In addition, mutual fund managers must report
the distribution and administration commissions they charge, and need only publish them
when they exceed a certain percentage to be
determined by the authorities. Regarding the
inclusion of the names of majority shareholders
(51%), it was specified that the fund manager
must disclose when one shareholder owns a
controlling stake in the fund, and whether the
shareholder has any other relationship with the
fund manager.
The project adds a new way of classifying mutual
funds. The CNBV has indicated that the classification will cover all the current funds, while
specialized funds must develop their own definition. The authorities also said that the classification proposal does not entail inflexible limits,
that is not restrictive or rigid, and that it will
reveal more about each type of fund. Committee
members questioned some of the points in the
proposal and made note of their objections to the
rating of Equity Mutual Funds.
The CNBV is still working internally on the project, primarily on the risk management aspects. It
also began working with Banco de Mexico to
define the markets and derivative products in
which mutual funds may invest.
According to information from the authorities,
we expect to have a draft of the bulletin that will
regulate derivatives investment regimes by the
first quarter of 2006. As for the Bulletin on Risk
Management, its implications are still being studied, but it is expected to be less weighty than its
counterpart for brokerage firms and banks, given
the nature and size of the mutual fund managers.
Unified Brokerage Firm Bulletin
Bulletins on Risk Management and
Derivatives.
On July 13, the Derivatives Committee received
a note containing “Relevant aspects regarding
derivatives, risk management, classification and
investment regime of Mutual Funds,” issued
by the CNBV General Department on Mutual
Funds. That document mentions a number of
aspects to be included in the investment rules
on derivatives and risk management for mutual
funds. Observations and remarks on this note
were sent to the CNBV.
Following a review of the way order trading is
addressed in the Unified Brokerage Firm Bulletin, particularly in equity market brokerage,
some changes to that provision were drafted and
published on March 9. These included:
•
Allowing brokerage firms to make self-entry
trades on any equity security, including warrants.
•
Brokerage firms may count contributions to
the Reserve Fund in calculating their liquidity.
• 23 •
•
In capitalization levels for repo trades, issuer
risk and counterparty risk are separated out.
•
Authorizing brokerage firms that are part of a
financial group to publish their financial statements through the web page of the financial
group to which they belong.
Also during the year, a number of other proposed modifications to the Unified Brokerage
Firm Bulletin were reviewed and should be
published in the first quarter of 2006. These
included:
•
Lowering capitalization requirements because
the Bulletin expands the rating of what can
be considered High Investment Grade and
Investment Grade, as well as the rating category assigned for international purposes.
•
Allowing equal trades of opposite nature to
be cleared in the amount that one covers the
other.
•
Allowing trades in futures listed on standardized markets to be cleared against trades
in forward contracts executed on over-thecounter markets.
•
Allowing asset and liability positions to have
the same term for clearing purposes.
•
Expanding investment bands and terms (to
10,1 5, 20 and more than 20 years).
•
Lowering market risk charge ratios.
Alejandro Gorches Guerrero
President of Mutual Funds Committe
Bringing greater certainty to the market by
including a measurement of market risk in OTC
and MexDer trading; describing how liability
and asset positions in a Swap are calculated; it
• 24 •
also discusses the calculation of “paired” contracts, and introduces the calculation coefficient
for add-on rates.
Counting small and mid-cap stocks as part of
the capital requirement for liquidity risk; and
including these when determining the weighted
beta coefficient on the total long and total short
positions.
Reducing the deferred tax parameter in calculating the basic part of capital stock.
Modifying liquidity parameters in order to
include high and medium-liquidity stocks, to
which a haircut of 20 and 25%, respectively, can
be applied to their market value.
Regulations for Analysts
After various months of joint work by the
CNBV and AMIB, in December an important
bulletin was published, primarily to regulate and
better control the information on all brokerage
firm analysts who are responsible for both equities and derivative product research.
Another of the key innovations in this regulation is that analysts may not communicate with
other areas of their own brokerage firm. This is
intended to avoid conflicts of interest and misuse
of insider information, or to avoid inappropriate
use of the information that must be available to
all participants in the securities market.
One of the articles of the new bulletin establishes that financial institutions that issue recommendations on derivative securities or instruments must have control mechanisms to prevent
their analysts from issuing recommendations
when they hold a job, post or commission in
the issuing company or in any party that is part
of the business group to which it belongs; or if
they have held any such position or post within
the twelve moths prior to publication of their
recommendation.
Money laundering
Anti-money-laundering provisions
On July 5, we received a notice from the CNBV’s
General Department of
Analysis and Development of Systems to Prevent
Illegal Transactions, commenting that its Financial Intelligence Unit was considering a document that would set criteria for the replacement
or correction of information and the submission
of complementary information on a previouslyreported period, in order to give institutions
more legal certainty in their mandatory reporting of relevant, unusual or dubious transactions.
Meeting with World Bank representatives
on money laundering.
On March 14, a meeting was held between representatives of various segments of the financial
system and the World Bank, following a request
by the Financial Intelligence Unit for training
in the area of money laundering and terrorism
financing.
This initiative by the World Bank involved
meetings with authorities and other parties that
would be put in charge of preparing a training
course to be held in April. The visit allowed
the World Bank representatives to get to know
how the Mexican anti-money-laundering system works, and on this basis, to prepare a course
focused on the specific needs of our country. As
a result of that visit, a guide to unusual and suspicious transactions was published.
• 25 •
Guide to unusual and suspicious
transactions
On October 27, the CNBV sent us a Guide to
Unusual and Suspicious Transactions, which covers the most common examples the Financial
Intelligence Unit has detected in this area. The
Guide offers general and specific recommendations for each segment of the industry.
The purpose of the Guide is to provide examples
that will support those responsible for reporting
unusual or suspicious transactions, in compliance
with the General Provisions published in the Official Gazette of the Federation on May 14, 2004.
Compliance Committee modifies the transaction
confirmation letter to foreign clients
The work group of the Compliance Committee prepared modifications to the transaction
confirmation letter, which were submitted to
the consideration of the Legal Affairs Committee. That committee analyzed and released the
proposed standard transaction confirmation letter
for foreign clients. On June 30, a document was
presented to the CNBV and the SHCP attaching
the new version of that letter, to be included in
the manual to prevent transactions with resources
of illicit origin.
Other provisions
Transactions with coined metals
Pursuant to a petition by this Association, Banco
de Mexico issued Bulletin 3/2005, aimed at brokerage firms, establishing the provisions by which
transactions can be carried out involving coined
metals. As of May 16, 2005, a definition of “fine
coined metals” was added, and the definition of
“cash transactions” was modified, allowing brokerage firms to trade in coined metals.
Modification of Banco de Mexico trust
provisions
On April 14, Banco de Mexico called financial
industry representatives to a meeting in which it
presented a draft of “Rules for multiple-service
banks, brokerage firms, insurance institutions,
bonding institutions, and non-bank banks, with
regard to trust transactions.” The draft was circulated among brokerage firms and our comments
were sent to the authorities on April 21.
The Bulletin limits the term of a Collateral
Trust to that of the primary obligation whose
payment is being guaranteed; we considered this
measure insufficient, since the end of that term
is precisely the moment at which the primary
obligation comes due, and in the event of a
failure to pay, the execution procedure of the
Collateral Trust is triggered. This, of course, may
take several years to conclude, so we suggested
not restricting the Trust term to the term of the
guaranteed obligation, because it would make it
impossible to execute.
We also considered it unnecessary and probably
detrimental to customers’ interests, that Trust
Contrast specify the name of the issuers of securities that may be acquired using the trust’s equity.
Both suggestions for change were adopted in the
definitive version published on June 23, 2005
through Banco de Mexico Bulletin 1/2005,
which is a flexible and appropriate regulation for
trading this type of contract. Finally, on June 27,
a document was submitted to Banco de Mexico
requesting the modification of number 4.2, in
order to include mutual fund managers within
the institutions that may trade with trust institutions. On July 11, Banco de Mexico issued Bulletin 1/2005 Bis, reflecting that modification.
• 26 •
Requests for information on bank and
brokerage firm client accounts
On November 1, the Committees involved in
this area were sent a preliminary draft of the
Bulletin containing information and documentation requirements on bank and brokerage firm
clients, so that brokerage firms could contribute
their comments.
The Committee’s proposal was to automate and
thus make more efficient the procedures for
notifying the various authorities who request
information and documentation on transactions
and services they supply to their clients (Finance
Notice, Legal Notice, and Account Freezing
Notice).
Guillermo Camou Hernández
On November 22, the observations we compiled were presented in writing to the CNBV,
and on December 6, a meeting was held to
analyze them.
The definitive version was send by the CNBV
in January 2006, and we expressed our agreement for the purposes of the Federal Regulatory
Improvement Commission.
Investment rules for pension and
retirement funds
The Legal Affairs Committee analyzed proposed
changes to the rules banks must follow in pension and retirement fund management, stipulating
that such funds must be created in the form of
trusts. Accordingly, a survey was taken on the ways
brokerage firms manage pension and retirement
funds as well as seniority bonus funds, whether
through a trust or a securities brokerage contract.
On December 6, members of the Committee
were given the last version of the note prepared
by the work group on pension and retirement
• 27 •
President of Traders of Derivative Committe
funds, concluding that they can be created
through brokerage contracts, trusts, or other
means.
Meeting with the CONDUSEF on regular
reporting
In a meeting with members of the Financial
Service Users Defense Council (CONDUSEF), a
new version of the system for reporting by the
Specialized User Attention Unit of each brokerage firm to Condusef was introduced. The system will go into effect starting in April.
Self-Regulation
Manuel Lasa Lasa
President of Capital Market Committe
Customer Profiling Rules
Once again, the Compliance Officers’ Committee adopted an agreement on creating a self-regulatory rule regarding Customer Profiling. The
Committee chose to review the draft already
prepared to meet the requirements of Article
118 of the Unified Brokerage Firm Bulletin,
which stipulates that the profiles defined under
the rules issued for this purpose by self-regulatory organizations be taken into account; a Work
Group was therefore put together to discuss and
analyze this matter.
On September 14, the Compliance Officer analyzed the Rules, approving the terms proposed,
and turned it over to the Board of Directors.The
most important points of the Rules are:
They set minimum guidelines for defining an
Investment Profile for client accounts.
According to Article 118 of the Provisions, market intermediaries must apply the policies and
guidelines established in the Provisions and in
the Rule by December 31, 2006.
• 28 •
On October 3, the draft was sent to General
Directors and members of the Legal Affairs and
Compliance committees, requesting brief comments and editing suggestions. Thirty-three suggestions were received from 7 brokerage firms.
The results of that survey were as follows:
•
Twenty-eight fund managers and distributors
affiliated with the Committee responded; this
is 80% of the Committee’s members.
In its October 26 meeting, the Compliance
committee analyzed these remarks, incorporating those that it believed useful, approving the
Rule and agreeing to immediately begin the
signing period. Once signed by all the parties
involved, a notice was sent to the brokerage
firms regarding its entry into effect on February 15, 2006. Finally, it is important to note that
under the terms of the new Securities Market
Act, brokerage firms must have their customers
profiled by December 31, 2006 at the latest, a
provision that coincides with the current SelfRegulatory Rule.
•
The choice that received the most votes was
that no rule be established; this resolved the
dispute that had arisen over this topic.
Self-Regulatory Rule on Product Profiling
for Mutual Funds
During the year, a Rule was drafted to correspond with the rule developed for brokerage
firms; however, as the result of some comments
and concerns voiced by Committee members, it
was agreed that the Rule should be re-considered in order to determine whether it would be
better to issue a rule profiling the product (each
fund) and based on this, to profile the account,
or to profile the account directly.
Submission of Compliance Officer Work
Programs
April 29 and May 2 marked the deadlines for
brokerage firm and mutual fund manger compliance officers, respectively, to submit their annual
work programs to AMIB, according to SelfRegulatory Rules I.1 and V.2. All the brokerage
firms and mutual fund managers turned in their
programs on time. The self-regulatory area of
AMIB checked that the programs met the limits
of each Rule and had no objections, notifying
the Board of Directors of this fact.
Accordingly, the members of this committee
were sent a questionnaire so that each fund
manager could express their views on the rule
in writing, specifically as to whether it should
be a Customer Profile or a Product Profile, or
neither. Managers were also reminded that the
decision taken by the majority would apply to
all of them.
Compliance Officers’ Manual of
Responsibilities
In the month of May, mutual fund manager
compliance officers were given the definitive
version of the Compliance Officers’ Manual
of Responsibilities, which included the note
regarding the functions and obligations of compliance officers with regard to money-laundering prevention.
Self-Regulatory Rule on the Reserve Fund.
The Board of Directors approved modifications
to Self-Regulatory Rule IV.2 regarding the
Reserve Fund. With that modification, a section
of justifying arguments was added, specifying the
conditions for brokerage firms to temporarily
withdraw the funds in their reserve.
• 29 •
Submission of Investment Advisor lists
Under the terms of Self-Regulatory Rule II.1,
brokerage firms must send updated lists of the
investment advisors identified by them in July
and December of each year. All the brokerage
firms send in these lists of individual and corporate investment advisors on time, and the general
listing was prepared in according with the current rules, to be distributed to interested parties.
Updating the Code of Best Corporate
Practices
AMIB has been an active member of the Best
Corporate Practices committee headed by the
Business Coordinating Council (CCE by its initials in Spanish, which issued the Code of Best
Corporate Practices in 1999. This code provides
recommended corporate governance practices
for companies in Mexico.
Considering the experience accumulated in
implementing this code in recent years, and new
issued that have arisen on the subject around
the world, commitments with the Organization
for Economic Cooperation and Development
(OECD)--the leading world organization in this
field--and a satisfactory dissemination of the
Code, the CCE, as the institution responsible
for its issuance, decided this was a good time to
update it.
adhering to the practices suggested, in keeping
with their own specific needs.
Concept of corporate governance. A new chapter was included which defines the concept in
order to avoid erroneous interpretations.
Shareholders’ meetings. These are given a preeminent position as the highest decision-making
body of corporate governance
Board of Directors. The new version includes
changes in their responsibilities, adding the oversight of company operations and encouraging
companies to be socially responsible and to make
a declaration of ethical business principles.
Auditing functions. The Code recommends that
the auditing department or auditors be responsible for analyzing transactions with related parties, observing compliance with business policies
and risk protection mechanisms.
Evaluation and Compensation functions. The
Code suggests a formal succession plan for the
CEO and high-level officers of each company
be announced, in an effort to ensure stable and
orderly transition in a country where most of
the companies are still family-owned.
In the past year, the Committee stepped up its
efforts to update the Code and expect the new
version to go into effect in the second half of
2006. The main topics to be covered are:
Explanation of motives and introduction. This
section specifies that the recommendations are
voluntary, and are intended to allow companies
in various sectors of the Mexican economy to
attain a higher degree of institutionalization, by
• 30 •
Julio Serrano Castro
President of Financing Committe
• 31 •
II. Brokerage
Securities market payment systems
Changes to the payment systems advanced further this past year, and proof of this
can be seen in the authorization by Banco de Mexico’s Board of Governors of the
opening of a high-value payments system (SPAV, by its initials in Spanish) for nonbank financial intermediaries, including brokerage firms, mutual fund managers,
insurance companies, lease-financing firms, exchange houses and factoring firms;
through participating in the Interbank Electronic Payment System (SPEI).
Now, mutual fund managers can participate in
two systems that make up the SPAV--the S.D.
Indeval settlement system (SIDV) and the SPEI.
The benefits for the fund managers include:
•
•
Greater operating efficiency, with reduced
transfer times (20 minutes maximum)
Clients from any participating institution can
transfer funds to clients from any other participating institution.
•
No overdrafts are permitted, since credit lines
are not required among participants, nor
between participants and Banco de Mexico
•
Provides information useful for identifying
payments (references).
Can process thousands of payments per minute.
Fourteen brokerage firms and 10 mutual fund
managers expressed their interest in participating
in the High-Value Payments System through the
Interbank Electronic Payment System (SPEI).
The work agenda set out for this project is as
follows:
•
Banco de Mexico will supply interested brokerage firms with the technical specifications,
pointing out that the interface can be performed internally by each institution, so that
each of these can make the choice based on
their own cost structure and level of technological independence.
•
A detailed analysis was conducted with executives of the Central Bank to clear up technical questions and to evaluate the technical
impact of the specifications needed to set up
the interface at brokerage firms, to connect to
the SPEI.
The system is technologically secure, because it
works through digital signatures and certifications.
The computer infrastructure includes redundant
servers.
Facilitates Straight Through Processing (STP).
Some vendors made presentations of their products and interface applications.
Real-time connection with SIAC and S.D.
Indeval
As one more option, Bursatec was asked to submit a quote on development of the interface and
• 33 •
the hosting cost of the transactions, in order to
get an idea of the possible economies of scale if
the operations were centralized. This is because
Bursatec is the company that developed the
SPEI interface that is working at Indeval.
Conduct the necessary testing
Begin operations when testing has been concluded in a satisfactory manner.
Securities settlement (CSC)
In 2005, further steps were taken to make
securities settlement more secure and efficient.
The Central Securities Counterparty (CSC) that
settles equity market trades was strengthened,
a process that included, among other achievements:
An expansion of hours for obtaining securities
loans, significantly reducing settlement default.
The longer hours were accompanied by a
campaign to promote the trading mechanisms
and benefits of securities lending, as well as the
creation of multi-lateral securities loan contract, which was signed by brokerage firms and
banks.
The development of a scheme of contractual
penalties, based on a table of defaults by counterparty and size of transaction, meaning higher
penalties for each infraction. The table was
calibrated during the year to be more consistent
with trading in the Mexican market.
The Association also proposed improvements
to the CSC system, developed jointly with S.D.
Indeval. Some of these were applied in 2005 and
the rest will go into effect in February-March
2006.
In the area of fixed-income trading, improvements were proposed and applied to the C-Plex
settlement system (an algorithm that works
through a linear programming mathematical
model). AMIB also worked with S.D. Indeval on
an operating model to modify the Guarantee
Administration System for repo transactions
(SAVAR, version II).
Together with S.D. Indeval, AMIB initiated the
creation of a Business Continuity Plan, focused
on allowing brokerage firms to continue or
restore critical operations (the most important
processes of their operations) during adverse
situations.
Securities Lending
An operating procedure for proprietary securities lending was created by a work group that
included the three main financial associations
(ABM, AMAFORE and AMIB). A standard-form
contract was also drafted and distributed to
industry representatives for review. The comments offered in response were incorporated
into a new version that was then distributed
among the work groups.
S.D. Indeval also devised a new VALPRE trading
system for institutions to handle securities lending activity.
In addition, it establishes that the institutions
may engage in stock lending activity through
VALPRE or S.D. Indeval without the need to
sign the standard contracts mentioned in Bulletin on this matter.
It also specifies that retirement funds can only
trade with qualified institutions in accordance
with provisions issued by the National Retirement Savings System Counsel (CONSAR).
• 34 •
The standard contract will also be unnecessary
when institutions are trading with other institutions (Mexican or foreign) or with institutional
investors through certain trading mechanisms
that meet existing provisions (among them the
signing of a multilateral contract) and the standard contract for proprietary transactions has
been signed.
A deadline of October 17, 2005 was set for
making the necessary changes to manuals, regulations, contracts and other regulatory aspects of
trading mechanisms in order to comply with the
respective provisions. If the mechanisms do not
meet those requirements, the institution in question may only continue securities lending activity for proprietary accounts, including through
the specific trading mechanisms, provided they
have signed bilateral contracts
The Risk Group of the three Association also
reached agreements on the operating model for
making what are called margin calls, and the criteria for developing a model to calculate those
margin calls.
On November 10, the Securities Collateral
Contract approved the Legal Group of the three
Associations was sent out, and serves as a rider
to the securities lending contract; it is signed
bilaterally by banks, brokerage firms, and mutual
fund managers.
To publicize the benefits of securities lending,
the various committees involved in the project
agreed to make a presentation on the operating
mechanism of securities lending transactions and
the VALPRE FV-CORROS trading system. Members of the Administration, Fixed-Income Market, Equity Market, and Promotion Committees
and committees of the ABM were invited to the
presentation, which was held on November 1,
2005 at 5:00 in the auditorium of the Securities
Center. A total of 140 people attended.
Repo Transactions
In 2005, Banco de Mexico issued Bulletins
1/2003 Bis 4 and Bis 5, which:
Include the ratings of short-term securities that
may be used in repo transactions;
As an important part of this project, letters were
sent to representative of banks and brokerage
firms, inviting them to participate in the signing of the Valpre multilateral contract, as well as
the listing of representatives currently accredited
with S.D. Indeval.
Specify the way in which insurance and bonding institutions can engage in repo transactions
(incorporating the Administration and Payment
Trust for Insurance and bonding companies,
instead of the Administration and Guarantee
Trust); and
AMIB collected information on powers of attor-
Extend the term for participating in repo
transactions with institutional investors without
having to sign the respective standard contract.
To do so, the Bulletins modify the definition
of “Certificates” in paragraph three of number
8.1; repeal the first Transitory Article of Bulletin
1/2003; and add a third Transitory Article setting
the deadline for signing the standard contracts.
ney and identifications, for the signing of a
contract that would allow securities lending
transactions through VALPRE FV-Corros. ON
September 22, the contract was signed by 23
brokerage firms and 18 banks, after other intermediaries joined in.
• 35 •
With regard to SAVAR, as the result of steps
taken by the Trading Group of the ABM and
AMIB, S.D. Indeval agreed to develop version
2.0, which was approved by the industry.
Among the requests for modification presented
to S.D. Indeval were:
•
The possibility of incorporating forced early
expiration.
•
A change in the way guarantees and underlying assets are valued, using the average price
issued by price suppliers, which took effect on
October 3, 2005.
•
Identification of Early Expirations.
•
A change in the criteria for selecting guarantee accounts by counterparty.
•
A change in the criteria for selecting guarantees by counterparty.
•
Inclusion of a Transaction Input screen.
In addition, some proposals by individual participants were analyzed and it was agreed that
the following would be formally submitted to
Indeval:
Screens to look up the position in Guarantees
received during the day (debits and credits) and
another lookup screen for Guarantees received
in previous dates (historic detail and movements), because at present those received on the
current day are combined with previous guarantees, making it difficult to identify them.
Include the ticker symbol of the participant on
all the lookup screens.
Statements of position in repos and guarantees
In July, the “haircut” table was updated to include
two additional securities, which were adjustable-rate bonds with terms of 7 and 10 years, as
agreed with the ABM Risk Committee
Repo and securities lending transactions
with retirement fund managers (AFORES).
Pursuant to new provisions issued by CONSAR,
on August 19 an application was made to that
institution asking that financial institutions be
exempted from the requirement of having two
ratings by risk rating agencies, when acting as
counterparties to repo and securities lending
transactions with retirement funds. This request
was based on the fact that the rating issued by
rating agencies is for the various issuers of fixedincome securities, under the prudential principle
that governs this type of regulation.
Accordingly, in the document send to the Vice
President for Financial Affairs at CONSAR
argues that the risk inherent in repo transactions
is appropriately and sufficiently addressed and
regulated by Banco de Mexico, under standards
that avoid delays that might jeopardize participants in these markets, concretely with regard to
counterparty risk.
To sum up, the requirement of a rating in order
to participate in the repo and securities lending
market with retirement mutual funds would
not add any further regulatory security for the
funds administered within the Mexican pension
system.
Updating the Securities Brokerage
Contract
During the past year, the Legal Affairs committee reviewed the Securities Brokerage Contract
• 36 •
to detect ways in which it could be enhanced by
the experience of more than 10 years in which
it has been used, and to align it with the Unified
Brokerage Firm Bulletin.
The topic was thoroughly discussed and resulted
in a number of drafts, that last of which was
released in September 2005.
Indeval
In meetings between representatives from the
Mutual Fund Mangers Committee of the CNBV
and S.D. Indeval, various aspects of market trading were discussed, among them:
• New trading hours for holidays
Eduardo Pérez del Villar
President of Money Market Committe
• Regarding the closing hour for the market on
the day before a holiday, S.D. Indeval has been
issuing a notice one day in advance, or on the
day itself, which is not enough time to notify
clients, and causes a contingency situation for
trading same-day funds. Participants thus agreed
to prepare an annual calendar, establishing the
days on which the closing hour of the previous day will be moved up. This calendar will
be submitted to Banco de Mexico for approval,
and includes the following dates:
•
•
•
•
•
April 12
May 10
September 15
December 22
December 29
In addition, S.D. Indeval has remarked that it will
apparently receive a 2006 calendar from Banco
de Mexico, formally indicating the dates on
which closing hours can be changed.
• 37 •
Submission of prospectuses to register capital
increase or perform other procedures.
It was agreed that a prospectus would not be
necessary in the following cases:
• Capital increases in series that have already been
offered.
The most important feature of the new H2H
service is the use of message errors. Also, two
fields were added for handling queuing messages,
new catalog functions, and data encryption,
which will create more security for the information exchanged between servers. The work plan
for this project consisted of:
•
New H2H functionality in the first week of
May 2005
•
Use of digital certificates in STRIPS by April
2005
•
Use of web technology and digital certificates
in H2H, by December 2005
•
Complete H2H services to replace the use of
terminals (leaving only emergency-use terminals) by December 2006.
• Changes of denomination
• Redistribution of series.
In fact, the only case in which it will be necessary to present a prospectus will be in the placement of new series. On this point, personnel
from Indeval said that it had seen some inconsistencies between prospectuses and deeds of
incorporation, since some cases mention stock
series, and others mention stock classes. It will
send the CNBV documentation on the cases
where this has occurred.
Identification of repo transactions
Participants pointed out that the current information does not distinguish between a repo
and a direct trade, which causes differences in
account conciliation. However, representatives of
Indeval said that this problem will be solved in
the second half of 2006, with the implementation of the new version of C-Plex.
S.D. Indeval Host to Host.
For the H2H system, Indeval introduced a new
functionality and optimization of its services,
which allow users to stop using the old communication system, and lays the groundwork for the
future use of digital certificates in transactions
like STRIPS and securities lending, and, further
on, the use of Web technology.
Although S.D. Indeval has postponed the release
date to May 23, because of problems in industry testing and in environments similar to the
production environment, further corrections
had to made to the interface, so it was decided
that the testing was not satisfactory, and the
release was put off till the month of July. Also,
participants were reminded that once the new
functionality and optimization of H2H services
was in place, the current version would cease to
function, which means all those currently using
H2H services would have to update their version
if they wanted to continue to trade under this
mechanism.
Because of problems detected in the release of
the optimized H2H, the Systems Committee
agreed with Indeval that the head of the systems
department should be the one to accept the testing, provided the user authorizes it, because the
• 38 •
version includes technical, rather than functional
changes. It was suggested that an industry-wide
test be conducted with all the H2H users, and
that contingency measures be crated to protect
trading in the event of a failure. Administration
and Systems Committee representatives have
been meeting with representatives of Indeval to
address this issue.
By recommendation of the Technical Security
Committee of S.D. Indeval, additional tests were
programmed to fine-tune configurations of the
data bases. For this reason, production of the new
optimized version of H2H, which included Treasury, Fixed-Income Market and Equity Market
modules, was postponed. It was also agreed that
starting in the last week of September the H2H
service would be eliminated from the “Store
Procedure” mode.
In another area, with regard to its new system,
Indeval introduced a systems “Road Map” for
the short and medium term, explaining the current situation, the critical elements necessary to
reach its goals, and the progress made in the past
six months. It also concluded the business case
and is developing the process design for all the
services. It was agreed that Systems Committee
representatives sign off on the strategies being
followed, from a technical rather than a business
standpoint, and also to involve representatives
from the Administration committee.
To close the fiscal year, Indeval representatives
presented their ideas on the development of
a Request for Proposal (RFP), which contains
questions about the history and experience of
participating institutions, and offers details on
the work that allow them to build or design an
approach to the project as well as time and price
estimates. It is also used to define what could be
needed in a proposal to develop a specific application or develop some service.
The Derivatives Market
Interface for MexDer order routing
Representatives of MexDer and Bursatec made
a presentation on this project, the purpose of
which was to supply a standardized interface for
order routing in order to facilitate the incorporation of new Mexican and foreign members to
MexDer. The main features of this interface are:
• It should be installed using a standardized, internationally-used protocol called FIX, to facilitate
communication with foreign participants. The
communication can be through Internet to
facilitate connection by both local and foreign
participants, without having to depend on
direct private lines, although these may also be
used under VPN schemes, which offer greater
communications security.
• Each member can choose to route under the
current scheme or build their own solution
for routing under that scheme. The solution is
slated for launch in the first half of 2006.
Offering of derivative financial products
and trading mechanisms
Mexico saw an increase in both the supply and
demand for derivatives products in 2005, along
with a fortification of the legal and tax structure
that applies to them. The market is becoming
increasingly appealing to investors and companies seeking a financial hedge.
In the month of October, a euro future contract
was listed, with each contract consisting of ten
thousand euros. The contract allows participants
to invest and hedge euros without having to go
• 39 •
through the dollar--this is a unique advantage
offered on MexDer.
Also last year, MexDer signed a licensing contract with the New York Mercantile Exchange
(NYMEX) which allows it use the spot price of
natural gas at the Henry Hub in trading futures
on that commodity that trade on MexDer. The
contract has not been listed yet.
On March 9, changes were published to the
Unified Brokerage Firm Bulletin, as requested
and applied for by AMIB in recent months. One
of the changes allows brokerage firms to make
self-entry trades on any equity security, including warrants.
What began as a preliminary draft in 2005
finally culminated with the publication of General Provisions for the Operation, Registry and
Disclosure of Trading in Derivative Instruments
for bonding institutions (Bulletin F-7.3) and
Mutual Insurance Companies (Bulletin S-11.4),
on January 4, 2006.
This leaves only the publication of the respective provisions for mutual funds, for which a
preliminary draft already exists, called Rules for
trading of derivative financial instruments by
mutual fund managers. This may be packaged
together with the new Bulletin on Classification
for Mutual Funds and Prudential Provisions for
Comprehensive Risk Management.
Asigna Manual
Prompted by the inclusion of the category of
Global Accounts, in 2005 the clearinghouse,
Asigna, published amendments to the Manual
of Policies and Procedures of Asigna, Compensación y Liquidación. The resulting changes to
the internal regulations and operating manuals
of both MexDer and Asigna generated new versions of the contracts and agreements for trading
with clientele, in order to take that category into
account.
In the area of derivatives, the Manual adds further definition to trading by incorporating the
measurement of market risk in OTC and MexDer trading. For example, futures transactions
on standardized contracts can be cleared against
forward contracts on over-the-counter markets.
It also indicates how to calculate the asset and
liability positions of a swap, and how to calculate
paired contracts.
Trading on the Mexican Stock Exchange
Introduction of version 5.0 of BMVSENTRA Capitales
The Equity Market committee asked the Systems committee to review the BMV-SENTRA
Capitales trading system, specifically with regard
to response times. A work group was formed
involving representatives of the Mexican Stock
Exchange and the Administration Committee.
The scope and progress of the short-term measures taken to increase the transactional capacity
of SENTRA and SETRIB are as follows:
Requirements and Testing Schedule for SETRIB Plus.
In principle, participants agreed that the link
should be optional for brokers that do not
exceed a certain number of daily transactions.
Additionally, the production release date was
moved up because the expansion of links (from
128kpbs to 256kpbs) by Telmex would take
at least 4 weeks. The estimated release date is
March 14, 2005. Morning testing has been
ongoing since February 14, and concluded on
March 3. In addition, industry tests were conducted on March 5 and 12.
• 40 •
Increase in transmission speed. Although some users
have been having problems reaching the proposed
transmission speed, the Mexican Stock Exchange
also had problems maintaining a constant velocity and transactions, and was experiencing a
high consumption of its central processor and
bandwidth. It therefore agreed to maintain a
maximum of 45 transactions per second until the
optimization of applications at the BMV and at
some market participants were complete.
ASK Optimization. The parameter change in the
configuration of ASK was completed, and it now
supports 138,000 transactions in the SENTRA
Terminal (the level that triggered the failure on
January 18, 2005).
Synchronization of Clock. A new proposal to synchronize clocks using the Network Time Protocol was evaluated and approved. The former
synchronic clock had a permanent lag due to
network latency.
Another project exists, called feed interconnection or integration. This is a comprehensive
solution to the problem of real-time information
distribution. The clock synchronization includes
a series of immediate actions to maintain trading amid a rapid growth in transactions going
through the SENTRA system.
opening auctions and continuous auctions in the
equity market.
Optimize the negotiation process in cross trades,
which allows for better price formation and
dynamic registry in the electronic trading system
(crosses within and outside of the spread).
Market-on-close transactions in the after-close
trading mode, which allows the market to handle
transactions for a period of 5 minutes after the
official close (until 3:05 p.m.) at closing prices.
As the result of work meetings, a presentation was
prepared to explain all the proposals for improvements to be incorporated into the BMV Sentra
Capitales system, and some presentations were
made to the CNBV. The salient points were:
Dynamic Best Limit Bid. When bids with prices
less competitive than the BLB are withdrawn,
their prices would be changed by regressing on
or more ticks until they once again become the
best bid, without reaching an out-of-the-market
price. In each price regression the bid would
retain its original folio and registry time in the
SENTRA Capitales system.
Adjust operating procedures that apply to Best
Limit Bid and Hidden Volume trades.
Cross Trades. When an order is dispatched that
results in a cross, and that order is for a volume
lower than that available at the trading post,
the difference in volume should be posted, and
the cross activated for the correct volume. This
would imply not eliminating the passive remainder of the order. In the opposite case, if the
offering order is greater than the asking order,
and at a different price, the remainder would not
be shown until the cross was completed.
Standardize rules for assigning bids in intraday
auctions, according to the criteria defined for
Auctions. Incorporate a random assignment period for intraday auctions in the following cases:
BMV-SENTRA Capitales version 6.0
Together with the BMV, some changes to the
functions of the BMV SENTRA Capitales system
were defined, including:
• 41 •
•
Setting of market prices
•
Support the implementation of this project
with the CNBV, jointly with the BMV.
•
Beginning trading of a security in an orderly
manner.
•
SIC “Padlocks”
•
Resuming trading of a security after its listing
was suspended
•
Allowing for appropriate price formation
•
Modify the rule that specifies that assignment
of participating bids in an auction begin randomly during the last minute of the auction.
•
Bids for odd lots in auctions
•
Allow bids to be entered for less than a round
lot in the different auctions, establishing an
odd-lot trading post to enter the ids, which
will be assigned at the auction assignment
price, at the conclusion of the period set for
the auction.
•
Change of parameters in the Unified Brokerage
Firm Bulletin, for rating orders as ordinary or
extraordinary in the SIC Capitales system.
•
Modification of the article in the Unified
Bulletin that governs trading in the global
capital market (SIC Capitales), with respect to
how an order is termed “Ordinary”. On this
matter, the BMV has agreed to support the
necessary adjustments before the authorities.
In principle, the proposal is to classify orders
as ordinary or extraordinary based only on
their value in inflation-indexed investment
units (UDIs).
•
Market-on-close Trades (“DC” after closing
mode)
Because of the need to curb trading risk resulting from human or technical order, participants
requested that instrument prices be listed in line
with their market of origin, converted into peso
terms using the Fix dollar price published by
Banco de Mexico on the preceding business day.
In addition, when an order is sent to the book
with a difference of +/- 5% from the abovementioned reference price, the system would call an
auction under the existing criteria.
Expansion of capacity in the BMV-Sentra
Capitales and SETRIB systems.
In March, the BMV began a project to expand the
capacity of its BMV-SENTRA Capitales system,
which would allow it to operate ten times more
than the maximum trading volume reached on a
peak day in a 10-month period. This project was
expected to conclude in December 2005, targeting a capacity increase to 6 times peak volume
by that time.
The above is based on a unit of measurement
taken from the average orders transmitted by program trading. Therefore, at the end of the project
the expectation is that it will be able to process
14.5 orders per trade, on 644,000 transactions
daily (experience of the Toronto Exchange).
The activities plan includes the following central
lines of action:
•
Upgrading of TANDEM equipment
•
Expand communications links and bandwidth.
• 42 •
•
Upgraded version of the Common Software
Architecture.
•
Incorporate data servers in brokerage firms
for receiving and sending information.
Evaluating and, when necessary, replacing the
data transport medium, and maintaining a single
standard for all matters pertaining to transmission and reception.
By December 31, the project was 95% complete,
which in general meant between 4 and 5 times
the February 2005 peak. This means an increase
in capacity of between 8 and 9 times the daily
average in 2004. The goal of increasing transmission speed is still in progress.
analyzed and evaluated the best way to maintain
functionality in order routing processes. The following premises were established: acquire a pool
of three new computers, paid for by participants,
which they could use as necessary. Current
equipment would be maintained until a failure
was reported, at that time it would be taken out
of service and replaced with new equipment.
Technological upgrade of the AMIB Order
Administrator
Users of the Equity Market Committee Order
Administrator and representatives of the Systems
Committee decided on a technological upgrade
of the Order Administrator, the most important
points of which are:
•
Portfolio transfer between different trader
codes.
•
New alarms to verify time elapsed and volume
traded in limit orders; alerts when a cross may
be executed against proprietary orders, etc.
•
Show volume traded and average price.
•
Percentage of the total order assigned.
The procedure for incorporating participants
into program trading-algorithmic trading is a set
of tests defined and coordinated by the BMV.
•
Send voluntary cross trades.
In collaboration with the Toronto Stock Exchange,
improvements were incorporated to the trading
systems and process architecture, and evaluation processes for Order Routing Platform components.
Version 2.0 of the Order Administrator was
released in November 2005. Because of functional problems, however, users were obliged to
return to the previous version, and after a series
of tests, it was decided to launch the new version
in March 2006.
A procedure was developed to certify participants
interested in joining the Program Trading scheme,
and committee members were presented with a
tool called the Business Simulation and Evaluation System (SISEN), which will be used to measure “round trip” response times of transactions
(the time it takes the BMV to receive, process and
respond to an order routed by participants).
Upgrade of SUN equipment for the order
dispatcher
Because the equipment available at the BMV
for covering a hardware contingency in user
facilities had been used up, a work group of users
Include the International Quotations
System (SIC) in the total volume of trades
on the BMV
The Equity Market Committee formally asked
• 43 •
the BMV to include SIC trades in the total volume of trading reported on the BMV.
Change in SIC settlement times from T+2
to T+3
The BMV requested an evaluation of the impact
of a change from T+2 to T+3 in settlement
times for transactions through the International
Quotations System (SIC), because the companies
listed in that system, depending on their market
of origin, may have different terms for settling
trades. Accordingly, in various meetings, participants analyzed the possible impact of changing
the settlement term for SIC transactions from
T+2 to T+3, in order to align them with those
of the market of origin.
Xavier Ramos Yáñez
President of System Committe
Some of the arguments in favor of this change are:
• Standardization of times to international levels,
particularly with markets with which Mexico
is more closely related (U.S., Canada)
•
Brazil, Mexico’s closest competitor for capital,
settles in T+3.
•
Fewer defaults on trades due to time differences, since most are resolved in T+3 (90%).
•
70% of the trades through SIC are performed
with U.S. clients.
•
Encourages and facilitates listing of securities
in the global market
Savings on administrative costs relating to the
resources devoted to tracking securities through
the settlement process, including a sharp reduction in administrative costs.
Eliminates the cost of delayed transactions (securities lending, penalties, sanctions, etc.) by align-
• 44 •
ing not only with the leading markets in the
North American region, but also with the world
standards.
The Central Securities Counterparty can offer
greater certainty in complying with securities
delivery. �
The initiative to lower settlement times to T+1
was suspended, even though it would also lower
risk, and would allow markets to be more efficient through continuous net settlement, but the
current time of T+2 is less of a burden for the
entire Mexican market, because any less would
bring in out of line with the world standard.
Among the commentaries that have been voiced
against the change are:
•
The biggest problem to resolve is exchange
risk in the FX market, which trades at 48
hours, and would involve the need for a 1day forward or the incorporation of 72-hour
transactions.
•
To conduct those transactions, Banco de
Mexico demands compliance with the 31point regulation.
•
An information campaign would have to be
developed for customers used to settling their
trades in 48 hours.
•
Banco de Mexico does not capitalize client
transactions pending settlement
•
Impact on broker systems (necessary conversions and adjustments)
•
Time differences in trading with European
and Asian clients
•
Slows inventory turnover, which inhibits
business opportunities.
•
A step backwards in market efficiency, increasing uncertainty and systematic risk
•
Inhibits development of the securities lending
market.
The Chicago futures and options markets settle
in T+1, which will provoke trading discrepancies.
Finally, a meeting was held with officials from
Banco de Mexico, in which the possible incorporation of FX trading up to 72 hours was
analyzed. AS a result of that meeting, Banco de
Mexico agreed to review the possible implications and if appropriate, to issue the corresponding modification to its provisions for brokerage
firms and banks. Also, the BMV submitted a
proposal to harmonize settlement terms in the
Global Capital market.
Opening of credit lines in margin
accounts
A number of presentations were made to Banco
de Mexico regarding Regulation T, which is the
basis for developing the operating proposal for
the margin account.
This is in response to an effort by various areas
(accounting, compliance, supervision and legal
affairs) of Banco de Mexico to define the rules
that will be included in the respective Bulletin.
A proposed Credit Line Opening Contract for
Margin Accounts was drafted and submitted
for the consideration of the work group put
together for this purpose by the Legal Affairs
Committee.
• 45 •
In addition, the General Department of Securities Intermediaries of the CNBV provided a
list of activities that intermediaries must cover,
including:
•
Preparation of a standard Credit Line Opening
Contract.
•
Changes to the Securities Brokerage Contract
to allow for credit transaction to purchase
shares, as well as the respective securities lending transactions.
•
Accounting records
•
Finally, the authorities asked AMIB to consider the proposal that, in the event of a default,
brokerage firms directly handle the execution
of the guarantees.
Procedure for canceling trades on the BMV
Due to problems that arose in the Order Administrator system and cancellations that have been
necessary because of technical failure, industry
representatives asked the BMV to review the
regulations that apply in this area, in order to
specify the Stock Exchange’s liability in the
event of technical errors, and to modify, where
possible, the procedures, manuals and regulations
of the BMV accordingly.
Disconnection of GDP equipment
AMIB’s Systems Committee and the BMV agreed
on the process of disconnecting the GDC equipment that served as a basis for the communications infrastructure for setting up SATO and the
Money Market Voice Network. This equipment
was now about 12 years old. In March 2005 the
disconnection work was completed.
Tax Aspects
Derivative transactions in debt instruments
In the month of December 2005, a decree was
published by which various tax provisions were
reformed, added and repealed. This included the
modification of Article 199 of the income Tax
Law, which provides for tax exemption of gains
from derivative transactions referenced to the
Interbank Equilibrium Interest Rate (TIIE) and
to debt securities issued by the Federal Government, Banco de Mexico or any other agency
designated by the Tax Administration Service
through general rules, placed among the greater
investing public, provided they are placed on
recognized stock exchange or markets and the
effective beneficiaries are foreign residents. This
new rule is expected to encourage this type
of transaction, because it is consistent with the
regime that applies in other countries.
Reporting to tax authorities
In order for brokerage firms and mutual information to file 2005 interest and stock transfer
income statements on its clients to the Mexican
Tax Administration System (SAT), AMIB worked
together with the SHCP and the SAT on projects
such as ratifying the rules that govern the delivery of such information.
In addition to observations from the securities
trade on the Instructions and Manual for the
delivery, receipt and handling of information
generated by financial institutions, as well as the
data validator / encryptor and confirmation to
brokerage firms and mutual fund managers, of
the account statements that could serve as proof
of income and withholding, so that investors can
compile the information necessary to prepare
their annual income tax statements for 2005.
• 46 •
Tax factor for mutual funds
In addition, the SHCP was asked to ratify the
result hat apply to mutual funds in determining
the taxable income of their individual shareholders, which was included in the Eleventh Resolution of Modifications to the Miscellaneous Tax
Rules for 2005, published on February 15, 2006,
which creates greater legal certainty.
Amendment to the Value-Added Tax Law
Changes were approved to the Value-Added Tax
Law, which ratify the exclusion of non-taxable
acts such as dividends and valuations from the
calculation of the VAT credit.This enhances legal
security for taxpayers by eliminating a concept
that was imprecise and subject to the discretion
of the authorities.
Tax Regime for STRIPS
Regarding Separate Trading of Registered Interest (STRIPS), a proposed tax regime was developed for this new trading mechanism that began
on March 1, 2005. Basically, the proposal is:
•
Certificates issued prior to January 1, 2003,
and whose original characteristics meet the
grounds for exemption, remain tax exempt
even when segregated (into interest and
principal) or re-constituted, and the mechanism for withholding and payment of tax is
defined.
•
We are awaiting publication of the decree
by the SHCP, which will define the withholding and tax payment mechanism. The
proposal was that accrued earned interest as of
December 31 of each year (the virtual cutoff
date) to be declared in the investors’ annual
tax statement, in order to avoid tax deferral
and a lack of cash flow.
Return of balances due to clients
Early in 2005, AMIB found that some clients
were being denied tax refunds on the grounds
that the brokerage firms had not filed the necessary dividend statements. The argument does
not apply in these cases, however, because the
party responsible for making that statement is
the company that issued the dividends, which
in many case do not have a direct knowledge
of all their shareholders in the greater investing
public. AMIB proposed a solution to the SAT, by
which individuals with dividend income and
tax refunds due need only file the request for a
refund accompanied by the original statement
of interest and dividend, in order to obtain their
refund.
The authorities agreed in principle, and requested a listing of AMIB members that had issued
these tax or account statements, corresponding
to the dividends or income paid out by companies listed on the stock exchange.
Various tax benefits
The SHCP issued a decree granting various tax
benefits, among them a tax incentive for individuals and corporations resident in Mexico
who return resources for investment in Mexico
stemming from revenues, dividends or earnings
from indirect investments in jurisdictions where
taxes are lower or preferential, as well as revenues, dividends or income subject to preferential
tax regimes generated during fiscal year 2005,
as well as taxpayers that contribute real estate to
trusts referred to in article 223 of the Income
Tax Law (known as FIBRAS).
The SHCP pointed out that contributions to
personal accounts administered by comprehensive mutual fund distributors be included within
the category of tax-deductible complementary
• 47 •
retirement fund contributions, provided they
qualify.
It also allowed a credit of VAT transferred to parties who acquire trust or trustee rights, and allow
VAT credit balances to be offset against VAT
debits in the same period that credit is generated,
provided the statement of the credit balance has
been filed previously.
Arturo Rolón Baca
President of Administration Committe
Promotion of venture capital
On December 28, 2005, a Decree was published
for the purpose of encouraging investment
and growth in small and mid-sized companies
resident in Mexico and which are not publiclytraded at the time of the investment (formally
called SAPIs). Now, Mexican or foreign residents
can invest in those companies through a trust
(investment vehicle) whose purpose is to invest
in the capital stock of the companies being promoted, participate in their board of director, and
grant loans to finance them.
Tax rules for multi-series funds
In October, a notice was set out by the SAT
Central Legal Administrative Offices for Major
Taxpayers, in response to an application submitted by this Association. The terms of the notice
were as follows:
• Confirmation that mutual funds administered by
fund managers who are affiliated with the AMIB,
and whose capital stock was made up of various
classes and series of shares regulated under CNBV
Bulletin 12-22 meet the provisions established
in Title III of the Income Tax Law applicable to
fixed-income and equity mutual funds.
• Confirmation that for fiscal year 2005, the proposed methodology for calculating the tax on
investment income of investors or stockholders,
• 48 •
from the series, classes and sub-classes of stock,
when applicable, that make up the equity of
mutual funds, shall be consistent with what is
established in the Income Tax Law.
• Indicates that real taxable interest for individuals
should be calculated as established in the Official
Document published by the Revenues Policy
Unit on September 10, 2004. As for corporations,
taxable interest should be calculated as specified
in the Income Tax Law; and the information that
corporations must supply to those parties on the
nominal interest paid must be in compliance with
section I of Article 105 of the Income Tax Law.
Taxes paid by mutual fund managers on behalf
of their investors may be credited against their
provisional or definitive income tax payments.
• Finally, this tax regime is subject to the condition
that the association present the SAT with a list
of mutual funds to which it applies (corporate
name, taxpayer ID number and tax domicile),
within 30 days of October 14. When new funds
are created, the Association must inform the SAT
of their corporate name, taxpayer ID, and tax
domicile, within 30 days of their authorization.
• For this reason, fund managers who will apply
this tax regime must submit the information
(corporate name, taxpayer ID, tax domicile)
by October 31 a the latest, in order for AMIB
to prepare the list of mutual fund managers to
which the regime described in that Document
is to apply. Accordingly, 9 fund managers and 81
mutual funds submitted information, and the letter was submitted to the SAT on November 24.
Human Resources
In the area of Human Relations, progress was
made on the following fronts:
• AMIB conducted its survey of salaries, benefits and personnel structures, which gives its
members current, up-to-date information on
wages and benefits in the industry based on
a significant sampling of brokerage firms and
mutual fund mangers, and to analyze and compare market practices with the institution’s own
practices in terms of personnel structure (back
office and administrative areas).
The survey was conducted among 15 brokerage firms and 14 fund mangers, including 123
standard positions in 22 specialized areas of brokerage firms and 28 in fund managers. It yielded
decision-making information on:
• Competitiveness indexes
• Benefits analysis
• Organizational structure analysis
• Percentage breakdown of total wages and benefits
• Comparison of each firm against the market
(simple and weighted average and by level) and
comparison of market and administrative areas
against the market by valuation levels.
Increased participation by brokerage firms and fund
managers in the Candidates andVacancies Exchange
Group strengthened this effort to share information
on job positions available and wanted, by the use
of a single standardized format for participants to
report the information on a consistent basis.
Job postings will be systematized through AMIB’s
web page, and we are currently working on the
way information on candidates and vacancies
can be looked up and modified.
• 49 •
Accounting
Because of the concerted efforts of brokerage
firm accountants together with the CNBV and
other industry institutions like the Mexican
Public Accountancy Institute, the security and
solidity of the securities market system was fortified in 2005. Change were made o the Unified
Brokerage Firm Bulletin, some of which were
proposed by AMIB, with the following results:
• Amendments to Article 28 allowing brokerage firms to engage in self-entry trades in any
equity security, including warrants, which had
been omitted in the past.
• Amendments to Article 97 so that brokerage
firms were no longer prohibited from proprietary trading in securities issued by companies
in their group, merely subject to certain limitations in the proprietary account.
Article 160 already included rules on capitalization levels for repo trading, but was amended to
segregate issuer risk and counterparty risk.
In Article 177, brokerage firms that are part of
a financial group are authorized to publish their
financial statements through the web page of the
overall group to which they belong.
An extension was obtained for financial information that is sent through Regulatory Reports
and which corresponds to January-March 2005,
to be presented by April 29.
Independent external auditors who were previously obliged to issue an opinion on internal
control within the sixty calendar days following
the close of fiscal year 2004, were freed of this
responsibility until fiscal year 2006, when they
must comply within 120 calendar days following
the close of the corresponding fiscal year, and
every two years thereafter.
Observations were submitted on the draft of
Accounting Criteria for Brokerage Firms, which
will be applied in 2006. Among the central
changes to this document are:
Brokerage firms shall observe the accounting
guidelines established in the Financial Information Rules of the Mexican Counsel for Research
and Development of Financial Information
Rules (CINIF), except when the Commission
believes a specific rule or accounting criteria is
necessary.
At the request of this Association, specific rules
were defined for recording, valuation, presentation and disclosure of financial statements, as
well as for proprietary repo trading and securities lending activity by brokerage firms. .Addition, specific rules were established on the treatment of securitization transactions by brokerage
firms in their financial statements.
The rules on brokerage firm capitalization were
aligned with those that apply to banks, with
regard to transactions subject to market and credit
risk. Some of the benefits of these changes are:
Lower capitalization requirements because of
the reduction in coefficients and in the rating
of investment grade classification, the extension
of the investment term (to 10, 15, 20, and more
than 20 years) for clearing transactions, and the
measurement of “market risk” in derivatives
trading on MexDer and OTC markets.
The modification of Article 146 of the Unified
Bulletin, which refers to liquidity parameters, in
order to encompass high and medium-market-
• 50 •
ability stocks, to which a haircut of 20% and
25%, respectively, can be applied with respect
to their market value, and to include trading in
foreign currency.
• Mutual funds can refer to dollars or other foreign currency in their advertising.
Joint efforts with accounting industry institutions was also evident in the document presented
to the CINIF containing observations, conclusions and recommendations by this Association
regarding Financial Information Standards, such
as A-2: Needs of users and objectives of financial
information; A-4; Qualitative characteristics of
the financial information, and A-5: Basic elements of financial statements.
• Deposits and obligations that must be settled in
foreign currency shall be option.
In addition, observations by accounts working
for brokerage firms affiliated with this Association regarding “Proposed Modifications to
accounting criteria for banks” were sent to the
Representation Committee to Financial Sector
Institutions of the IMCP.
The definition of accounting rules for the trading mechanism called STRIPS began on March
1, as did work on the accounting registry of cash
guarantees received from clients.
Accounting matters that affect mutual
funds.
Proposal on accounting in foreign
currency for Mutual Funds.
In a number of meetings with the CNBV, and
in response to a proposal presented by the Traders’ Committee, in November the authorities
responded that the proposal was not feasible, but
offered the following points:
• Notes to the Financial Statements can be
included, attaching an additional statement in
dollars.
• Capital stock must be in pesos.
• Account statements may be in pesos and dollars
(including the equivalency).
Based on the foregoing, AMIB sent industry
representatives a draft of a self-regulatory rule
in progress at the time, regarding the disclosure
of clients’ investments in foreign currency, in
order to evaluate the possibility of establishing a
consistent mechanism for investments in foreign
currency.
Mutual Fund Information reported to the
CNBV via SITI
As of September 1, the CNBV began receiving
information sent by Traders through the InterInstitutional Information Transfer System (SITI).
Foreign securities not delivered on the
settlement date.
It has been commented that as a “market practice”, some Traders have had problems with their
counterparties abroad, since, primarily because
of time differences, there have been delays in the
transfer of cash for the purchase of foreign securities; in addition, the securities are sometimes
received only weeks later. In the case of delivery
against payment, the cash was not delivered, but
neither were the securities received, and the
price at the time of delivery was different from
the agreed-upon time. Faced with this situation,
AMIB proposed to the CNBV that accounting
records be adapted to reflect this type of transaction as securities and transit, or securities pend-
• 51 •
ing receipt or delivery. The Authorities are still
reviewing this proposal.
Attachments to Bulletin 12-22.
During the year, AMIB worked with the authorities on modifications to the attachments ore
regulatory reports they intend to implement,
and we are currently awaiting a new version of
these documents that include the agreed-upon
changes.
As the result of efforts made with the BMV, on
October 31 that Exchange announced that a
modification would be made to the Government Instruments Securities Type (SECURITY
TYPE 90) and would be expanded to classify
each security of this type.
Publication of Financial Statements on the
Internet
In various meetings with the CNBV; we discussed the possibility of publishing financial
statements of mutual fund managers and the
mutual funds themselves on the BMV’s web
page, instead of publishing them in newspapers.
The idea is to publish the financial statements
of mutual funds on Emisnet, and those of the
fund manager on the web page of the Mutual
Fund Manger of Financial Group to which they
belong, but not the portfolios, which would be
included in he next phase, as provided for under
the new Law.
During a meeting with the CNBV, the Mexican
Stock Exchange said these publications could be
made in the required time and form, and testing was agreed to be conducted in March 2006
with the financial statements of the first quarter.
In addition, the transmission calendar was established for quarterly financial reports and audited
financial reports, with their respective notes.
Identification of Type of Security for
Government Securities.
The classification of types of securities by the
BMV was used, because some securities are
included that are not backed by the federal government.
• 52 •
• 53 •
III. Promotion
Communications
In the year 2005, we continued our program of educating various
segments of the public about the features, attributes and benefits of
the securities market, both for investors and for companies. We took
a number of actions in this direction, which are described below.
25th Anniversary Celebrations
Our Association celebrated the 25th anniversary
of its founding with a major event in which the
guest of honor was Mexican president Vicente
Fox, his secretaries of state, and important personages from the financial and business world.
The opening message was delivered by Carlos
Levy Covarrubias, who remarked that, throughout the past 25 years, AMIB has worked closely
with the authorities and legislators in order to
create a modern financial system with international standards.
He also described the main challenges facing the
industry in its effort to further develop the securities market, particularly the following:
• Increasing the number of investors.
• Increasing the number of listed companies.
• Improving the regulatory framework to make it
more effective and less burdensome.
• Strengthen self-regulation as a complement to
existing standards.
In his speech, President Fox looked back on the
progress Mexican has made in economic terms,
noting that in the past 4 years, inflation and inter-
est rates reached their lowest level in decades,
while the country’s reserves and access to capital
markets is also greater than ever before.
Said Mr. Fox, “from the start of my administration, we have placed a priority on reforms to the
financial system, working specifically to make it
more solid, more stable, and give it the effective
capacity to drive the economy.”
He said that his administration would continue
the same line of action it has pursued for the last
four and a half years, during which “the financial
industry has already become a powerful force in
economic growth, up to the challenges of the
twenty-first century.”
He stressed that “this impressive achievement
came about through the dedicated and professional work of agents participating in the financial market, among which the members of AMIB
played an outstanding role in serving the needs
of the industry.”
He also said the increasingly solid situation of
the markets has encouraged long-term financing
for companies of all types, even local governments, allowing for a strengthening of the mixed
public-private investment formula. Investments
are thus at an all-time high in public works,
energy, and housing.
• 55 •
He went on to say that in order to face the challenges of the securities industry, Congress is currently in the process of approving a new Securities
Market Act, which will increase transparency and
promote access to our market for new companies,
as well as an increasing number of savers.
Mr. Fox asserted that by joining the Mexican
Stock Exchange, companies and become more
modern, more competitive, and their administration more open and above-board.
Concluding his remarks, he said “I am very
pleased to take part in this 15th Anniversary
Celebration of the Mexican Securities Industry
Association.You are inarguably a pillar of Mexico’s development.”
Following the opening remarks, the cycle of
conferences began, involving presentations by
the following individuals:
•
Mauricio Basila Lago, Vice President for
Securities Supervision of the CNBV: “The
New Securities Market Act Proposal.”
•
Eduardo Sojo Garza-Aldape, Chief of the
Staff for Public Policy, Presidency of the
Republic. “The importance of not re-inventing the country every six years”.
•
Alfredo Harp Helú, Chairman of the Board,
Grupo Financiero Banamex. “The Process of
Institutionalizing the Stock Exchange”.
•
José Madariaga Lomelín, Chairman of the
Board, Promotora Progrupo. “The Creation
of Financial Groups in Mexico”.
•
José Luis Barraza, Chairman of the Business
Coordinating Council (CCE). “Outlook on
the Economy, 2005: Entrepreneurs’ view of
the Securities Industry”
•
Antonio del Valle Ruiz, Chairman of the
Mexican Council of Businessmen “Trends and
Future of the Mexican Financial Industry”.
Radio
We continued the agreement we began in 2004
with the “Entre Amigos” program hosted by Alicia Salgado and Ernesto Herrera. The agreement
is with the radio broadcast company Nucleo
Radio Mil, where we participate once a week in
the show that runs FM frequency 100.1, Monday to Friday, from 8 to 9 p.m. The program
deals with current topics aimed at encouraging
securities-market awareness and promoting the
products, services and instruments offered by our
members and affiliates.
Throughout the year, AMIB kept up an active
presence in various news media--magazines,
newspapers, radio shows, and even the CBS
television network, covering financial and market-related topics. Attention was focused on the
benefits of investing in he stock market (whether
through mutual funds, or directly in the equity
market); the outlook on the industry and the
debate over authorization of the new Securities Market Act and its potential benefits. AMIB
served as the liaison for a series of interviews
given by the directors and spokespersons of the
Association.
To keep our side of these agreements and to handle the various interviews requested by the communications media that cover the information
generated by the securities market, and which
require the opinion of experts on every topic,
we have a group of spokespersons specialized
in each of the disciplines we cover--corporate
• 56 •
financing, money market, equity market, mutual
funds, research and promotion, and others.
Print Media
Continuing our effort to disseminate and promote an awareness of the securities market, we
continued to issue our quarterly bulletin called
“Valores por la Fortaleza de Mexico”, which
is widely distributed in universities, state and
municipal governments, legislators, businessmen, and among directors and representatives of
various business organizations that make up the
Business Coordinating Council (CCE).
As regards AMIB’s participation in other print
media, since July we have been an active participant in the magazine Elite Empresarial, which
is distributed to more than 6,000 executives of
companies affiliated with the Mexican Employers
Confederation, and we sent articles on financing
options available in he securities market. We also
contributed a number of articles to the magazine
published by IMEF and for Concamin.
Iñaki Bernús Negrete
President of Promotion Committe
Our Bulletin is published both electronically
and in print, and is sent to more than 8.000
readers. It is widely distributed in the offices of
the Mexican Presidency, in the upper and lower
houses of the Mexican Congress, the judicial
branch, state and municipal government offices,
and businesses, as well as among the directors
and representatives of various business organizations that make up the Business Coordinating
Council, in Universities, and throughout the
securities industry.
Lobbying and Public Relations
We met on various occasions with deputies and
senators from several parliamentary factions,
attended by high-level directors of the AMIB
and the Mexican Stock Exchange. In those
• 57 •
Rita Aranda González
President of Research Committe
meetings, legislators expressed a keen interest in
the actions that have been taken to offer greater
transparency and security to participants in the
securities market.
•
Information Lifecycle Management
•
Compound applications and control panels in
the value chain of financial services
In the 16th Annual Securities Market Convention, we set up a stand to be present as a liaison
for various groups of students that attended that
convention, and to promote the events of the
Securities Market Education Center.
•
ID administration infrastructures in fraud prevention.
•
Passion for business in the financial sector
•
Best practices in risk management
•
Experience capital markets
Fifth Annual Tech Day
From November 2-6, the Fifth Annual Tech Day
was held, with the participation of twenty brokerage firms and seven mutual fund managers,
and a total of 52 attendees. The purpose of the
event was to provide information on international trends in the area of “Mitigating technological risk in the financial industry.”
Members of the Administration, Mutual Fund
Mangers and Systems Committees took part in
this event.
Exhibitors included representatives of Microsoft,
SUN, Telmex, and HP--all leaders in the field-and discussions covered a broad range of topics:
•
The Center also participated in Securities Market Week at the National Autonomous University of Mexico (UNAM) and the Metropolitan
Autonomous University (UAM), held at the
Securities Center.
The value of innovation in financial services.
Education
As part of its duties in the area of professional
certification, in 2005 AMIB gave 379 courses on
ethics to 4,961 persons in 36 of Mexico’s most
important cities.
•
Mexico: digital transformation
•
Administered networks and new trends
•
New trends in technology and the participation of telecommunications firms in this market.
•
Events and Conferences
Together with the ITESM, Mexico State Campus, the Securities Market Education Center
organized the Third Annual University Encounter with the Securities Market, in which more
than 20 students from universities in Jalisco,
Puebla, Querétaro, Hidalgo, Michoacan, Morelos, Nuevo Leon and elsewhere participated.
Bringing the company into the new age of
Utility Computing through standardizing
To publicize the importance of securities markets among universities and high schools, 54
conferences were given on a variety of market
topics, and 35 trading simulations were held in
various forums across the country. A number
of agreements were reached with the ITESM
• 58 •
Mexico City Campus, including the granting of
an Academic Excellence Prize for the student in
the Financial Administration department with
the best average in the semester. We currently
have outreach agreements with more than 40
Mexican universities.
Special mention should be made of our agreement with ITESM that allows students who complete their studies in Financial Administration to
have the option of passing the certification exam
AMIB gives for Investment Strategy Advisors.
This was applied in an initial phase to students
at the Mexico City Campus, and in a later phase
maybe applied to all the students studying for
this degree on the institution’s eight Campuses
nationwide where the material is taught.
investment). Multiples are highly useful for
making a decision to buy or sell instruments
for an investment portfolio, and also to compare
them against their international peers.
The committee generated or updated the following multiples:
•
P/E: Price to earnings.
•
P/BV: Price to book value
•
P/ NICO: Price to net income from continuous operations
•
P/CE: Price to cash earnings
•
Adjusted EV/EBITDA company value to
adjusted earnings before interest, taxes, depreciation and amortization. EV refers to the
company’s market cap (market price of the
stock times the number of shares outstanding)
plus the company’s net debt. The adjusted
EBITDA is operating income before interest,
taxes, depreciation, and amortization, minus
minority interest.
Market Multiples
AMIB’s Research Committee set up a work
group to address the issue of differences between
comparative parameters for companies listed on
different international exchanges and in Mexico.
The purpose was to create a conceptual framework to determine multiples that would be
useful for a better analysis and valuation of the
stock market, both in industry groups and in
individual companies.
The group set itself the goal of standardizing the
parameters used in Mexico with those in use in
other global markets, so that they can be used
by the entire public, investors and non-investors,
who look up statistical information from the
Mexican Stock Exchange, and which can also be
officially published by that institution.
Multiples are valuation ratios that compare the
prices of the shares in a company against its value
(assets) and the resources it generates (return on
• 59 •
IV. Certification
Certification process
Market participants were given the latest version of the Manual of Policies and
Procedures for the certification and registry process of this Association, updated
on January 27. The document has the basic purpose of establishing the operating
bases for the certification and registration of personnel that has obtained or is
applying for authorization from the CNBV to trade or promote market securities.
The new changes approved by AMIB’s Certification Committee are described briefly below.
A section entitled “revalidating certification and
authorization” has been added, detailing the
procedure for revalidating both the certification
and the authorization received from the CNBV
every three years.
The new version of the Manual clarifies that
there are two ways to revalidate certification:
either present an update exam, or earn a certain
number of points b y attending or giving some
conference, presentation, seminar, panel, symposium round table, convention, course, diploma,
or technical, bachelor’s, master’s or doctoral
degree; or pass exams given by other international certifying agencies, like the series 7, series
3, series 4, series 24, the CFA or the CIIA, among
other options.
It also describes the requirements and procedures for registering training institutes and their
courses with the AMIB, so that the points can be
accredited toward revalidation of certification,
in addition to inspection, oversight and sanctions in the event of a breach of the rules once
registered.
Finally, a transitory article was included, recognizing the retroactive application of courses
given in 2004, by institutes duly registered with
the AMIB.
Another new section was added entitled “application of criteria for obtaining certification”,
which includes only one article: “Policy on
Certification by Experience”, which exempts
personnel with 25 years of experience in the
financial or securities industry from having to
pass the certification or revalidation exam, when
they are at least 50 years old, and other requirements that can be looked up in detail in that
document.
AMIB Certification statistics
The following tables show some statistics on
AMIB’s work in the area of certification and
registration.
Statistics on candidate certification in first cycle
(accumulative) from September 2, 2002 to September 2, 2005
• 61 •
POSITION
Mutual Fund Promoter
Securities Promoter
Investment strategy advisor
Market Trader
Money Market Trader
Total
A
NA
Total
Passed
By position
16826
2132
2872
107
48
7671
776
551
33
7
24497
2908
3423
140
55
68.69%
73.31%
83.90%
76.43%
87.27%
78.96%
9.37%
11.03%
0.45%
0.18%
21985
9038
31023
70.87%
100.00%
Statistics on candidate certification in second cycle (accumulative) from September 3, 2005 to January 11, 2006
POSITION
A
NA
Total
Passed
Mutual Fund Promoter
Securities Promoter
Investment strategy advisor
Market Trader
Money Market Trader
2480
313
328
5
23
296
128
36
0
2
2776
441
364
5
25
Total
3149
462
3611
By position
89.34%
70.98%
90.11%
100.00%
92.00%
76.88%
12.21%
10.08%
0.14%
0.69%
87.21%
100.00%
Revalidation statistics
Second cycle, certification process (accumulative), September 2, 2005-December 31, 2005
TYPE OF INSTITUTION
Insurance Company
Independent consultant
Brokerage firm
Exchange house
Multiple-service bank
Mutual Fund distributor
Mutual fund manager
Development bank
TOTAL
PERCENTAGE
EXAM
EXPERIENCE
POINTS
TOTAL
1
1
10
2
9
1
27
2
60
1
12
29
2
70
3
22
22
17.46%
2
1.59%
• 62 •
102
80.95%
126
100%
Registry of institutes and courses creditable for AMIB certification revalidation
The following table lists the institutes and courses that have registered with the AMIB for points
that can be credited toward revalidation of certification, as well as the events confirmed for these
purposes.
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Institute name.
Banco Mercantil del Norte, S.A. Institución de Banca Múltiple.
Banco Nacional de México, S.A.
BBVA Bancomer, S.A.
Bolsa Mexicana de Valores, S. A de C.V.
Casa de Bolsa Banorte, S.A de C.V.
Casa de Bolsa Credit Suisse First Boston México, S.A. de C.V.
Cenacce, S.C.
Centro Latinoamericano de Investigación y Especialización Profesional A.C.
COBURFIN Centro de competencia Bursátil Financiera S. de R.L.
Der & Risk, S.A. de C.V.
ECO Human Resources Development.
Fibur, S.A. de C.V.
Finamex Casa de Bolsa, S.A. de C.V.
Fundación de Investigación para el Desarrollo Profesional, S.C. (FINDES).
Global Derivatives, S.C.
HSBC México S.A. Institución de Banca Múltiple
IDEFI, consultores, S.C.
Instituto de Capacitación Especializada (ICE).
Instituto Finbur, S.A. de C.V.
Instituto del Mercado de Valores (IMERVAL).
Instituto para Ejecutivos Bursátiles, S.C. (INBU)
Instituto Santander Serfín, A.C.
Instituto Nacional de Ciencias Penales (INACIPE).
Instituto Tecnológico de Estudios Superiores de Monterrey
Campus Estado de México TEC.
Instituto Tecnológico Autónomo de México ITAM.
Interesa, S.A de C.V., S.O.S.I
Inversora Bursátil S.A. de C.V.
IXE Banco S.A.
JM Capacitación, S.C.
Leading Markets S.A. de C.V.
Laura Garza & Asociados.
MexDer Mercado Mexicano de Derivados, S.A. de C.V.
Monex, Casa de Bolsa, S.A. de C.V.
Operadora de Fondos Lloyd, S.A.
Proveedor de Capacitación Presencial y Virtual Bursafín S.C.
Scotiabank Inverlat, S.A, Institución de Banca Múltiple,
Grupo Financiero Scotibank Inverlat.
Servicio de Educación Superior en Jalisco A.C.
Shirebrook Commodities, S.A. de C.V.
Universidad del Valle de México UVM.
Universidad Iberoamericana A.C.
Vector Casa de Bolsa, S.A. de C.V.
Total
• 63 •
No. courses
registered
No. events
confirmed
4
47
3
55
6
17
16
12
17
1
3
4
23
120
6
13
23
39
150
2
27
5
5
113
45
16
7
4
14
23
2
1
8
57
26
13
36
14
46
112
21
1
6
12
2
8
8
14
20
5
14
10
18
1
6
6
4
14
25
10
22
9
78
18
-
19
9
40
3
2
784
18
11
50
20
855
CONSAR certification process
To date, a total of 300 exams have been given,
and 160 certifications awarded to applicants for
the position of “Retirement Fund and Retirement Fund Manager executives”, and 33 for
“Compliance Officer for Retirement Funds and
Retirement Fund Managers”. The percentage of
applicants that pass the exam averages 64.33%.
FIRA Certification Process
On September 19, 2005, exams began to be
given for certification to work in “Business Promotion” and “Credit Analysis”.
In December 2005, grades, credentials and certification diplomas were given to FIRA personnel,
with an approval percentage of 68.29% and 56
persons certified to work in “Credit Analysis.”
Federal Mortgage Society Certification
Process
On November 28, 2005, exams began to be
given for certification as Mortgage Broker.
Certification of Foreign-Exchange
Promoters and Traders
In 2005, the Technical Council was formed to
develop specifications for foreign-exchange promoters and traders. A total of 1,200 test questions
were developed and are now being reviewed.
In 2006, this review process will be completed,
pilot tests conducted, and various versions of the
exam created. Certification is expected to begin
in April or May.
New Guide for MexDer Certification
On October 1, 2005, the new MexDer Certification Guide took effect, including two new
certification categories: “Derivatives Trader” and
“Derivatives Promoter”, as well as the incorporation of material on foreign-currency futures
and options contracts into the requirements for
“Fixed-Income Futures and Options Trader”, to
create a new category, “Fixed-Income and Foreign-Currency Futures and Options Trader”.
MexDer recognized AMIB’s new category of
“Investment Strategy Advisor”, which besides
promoting can now also trade futures contracts
on that market. MexDer also recognized the
category of “Money Market Trader”, so that in
addition to trading fixed-income futures, these
professionals can also trade in futures on foreign
currency.
• 64 •
MexDer’s certification committee authorized
the certification of foreign promoters and traders,
for which a Study Manual will be used to detail
the regulations that apply to the Mexican securities market, as well as how the Clearinghouse
(Asigna) works, and how trading is conducted
in this market. The Manual will be available in
Spanish and English. It will be accompanied by
a statement that must be signed in duplicate by
the compliance officer of the company and the
applicant, stating that the applicant is aware of
the Manual’s contents and is responsible for trading under the terms and regulations that apply, as
well as the sanctions that may occurred for violations of those rules; and finally, the willingness
to submit to the jurisdiction of MexDer and the
local authorities.
Accordingly, it was agreed that until AMIB was
ready to certify that category of professional,
these individuals would have to obtain certification under the category of “Securities Promoter” or “Investment Strategy Advisor”, according
to the needs of each institution.
Finally, on January 1, 2006, the process of revalidating certification through the point system
went into effect, but so far no applicant from any
MexDer-authorized category has applied.
If the certification is revalidated through an
exam, the applicant must take the “Money market Trader” exam.
New Categories and Recognition by
MexDer
On April 4, 2003, the General Department of
Provisions and Legal Instrumentation and the
General Department of Financial Institution
“B” Supervision of the CNBV issued Document
601-I-DGIDL-5678/03, specifying that Money
Market Traders must also obtain certification and
authorization to perform their functions.
The Certification Committee agreed on the following criteria for revalidating the certification
of Money Market Traders who are in the situation described above:
If professionals revalidate their certification via
points, they will be recognized under the same
certification as what they originally obtained
(Securities Promoter or Investment Strategy
Advisor).
Additionally, on May 25, 2004, MexDer recognized AMIB’s “Money Market Trader” exam
as valid certification for professionals who
work as “Interest Rate Futures Trader” on that
Exchange.
• 65 •
In the area of revalidation, it was determined
that those who have earned certification in the
areas of Securities and Mutual Fund Promoter,
or Investment Strategy Advisor, and who work
as Money Market Traders, can revalidate their
certification in one of two ways:
If the certification is revalidated by an exam, the
applicant must take the Money Market Trader
exam, or the exam for the certification they
already have (Securities and Mutual Funds Promoter, or Investment Strategy Advisor).
If the certification is to be revalidated by points,
AMIB’s Certification Committee clarified that
applicants seeking revalidation of certification as
Securities and Mutual Fund Promoter or Investment Strategy Advisor, who work as Money
Market Traders, will be recognized under the
certification they originally obtained, i.e., Securities Promoter of Investment Strategy Advisor;
but they may nonetheless continue to act as
Money Market Traders.
• 66 •
Jose Luis Acosta Chavira
Ernesto Reyes Retana Valdés
Angela Balmori Iglesias
Everardo Rodríguez Caro
Julio Arturo Sánchez Díaz
• 67 •
Financial Highlights
Securities in Custody
Change
BROKERAGE FIRM
December 2004
December 2005
$
%
INVERSORA
693,297.76
964,790.00
271,492.24
39.16
ACCIVAL
343,533.87
384,400.00
40,866.13
11.90
BBVA- BANCOMER
202,346.53
241,416.00
39,069.47
19.31
VALMEX
136,968.73
157,301.34
20,332.61
14.84
SANTANDER
154,604.37
152,682.00
-1,922.37
-1.24
SCOTIA
109,939.43
128,468.00
18,528.57
16.85
BANORTE
106,766.16
118,902.27
12,136.11
11.37
INVEX
39,090.50
86,934.34
47,843.84
122.39
IXE
56,708.57
64,954.71
8,246.13
14.54
G.B.M
56,143.64
53,733.00
-2,410.64
-4.29
VECTOR
35,615.71
41,422.34
5,806.63
16.30
HSBC
31,008.34
40,599.00
9,590.66
30.93
ACTINVER
23,632.83
29,940.00
6,307.17
26.69
VALUE
22,824.58
28,968.86
6,144.28
26.92
MONEX
11,393.61
18,301.00
6,907.39
60.63
INTERACCIONES
14,568.18
17,580.00
3,011.82
20.67
MULTIVALORES
13,547.00
15,835.00
2,288.00
16.89
FINAMEX
17,058.37
11,649.00
-5,409.37
-31.71
ARKA
5,740.23
8,755.00
3,014.77
52.52
ING BARING
2,991.33
4,030.00
1,038.67
34.72
PROTEGO
NA
1,454.77
1,454.77
100.00
MERRILL
926.00
874.00
-52.00
-5.62
UBS
417.47
538.00
120.53
28.87
CITIBANK
0.00
0.00
0.00
0.00
ABN
0.00
0.00
0.00
0.00
BANC OF AMERICA
0.00
0.00
0.00
0.00
CREDITSUISSE
0.00
0.00
0.00
0.00
DSECURITIES
0.00
0.00
0.00
0.00
JP MORGAN
0.00
0.00
0.00
0.00
2,079,123.21
2,573,528.62
494,405.41
23.78
TOTAL
Millions of $ / NA Not avaiable
• 69 •
Paid Capital
Change
BROKERAGE FIRM
December 2004
December 2005
$
%
ACCIVAL
371.00
800.00
429.00
115.63
INVEX
209.73
500.00
290.27
138.41
BBVA- BANCOMER
419.67
420.00
0.33
0.08
SCOTIA
559.22
386.00
-173.22
-30.97
MONEX
300.00
360.17
60.17
20.06
INVERSORA
255.50
331.00
75.50
29.55
75.61
330.14
254.53
336.64
DSECURITIES
206.75
305.00
98.25
47.52
SANTANDER
272.04
272.00
-0.04
-0.01
VECTOR
184.27
184.27
0.00
0.00
VALMEX
175.00
175.00
0.00
0.00
BANORTE
160.00
160.00
0.00
0.00
ARKA
152.60
152.60
0.00
0.00
G.B.M
150.00
150.00
0.00
0.00
FINAMEX
133.87
134.00
0.13
0.10
UBS
40.00
115.00
75.00
187.50
ACTINVER
92.47
92.00
-0.47
-0.51
IXE
92.00
92.00
0.00
0.00
MERRILL
89.00
89.00
0.00
0.00
MULTIVALORES
78.50
78.00
-0.50
-0.64
ING BARING
57.38
57.00
-0.38
-0.67
55.00
55.00
100.00
VALUE
PROTEGO
NA
INTERACCIONES
54.00
54.00
0.00
0.00
CREDITSUISSE
45.43
45.00
-0.42
-0.94
CITIBANK
44.00
44.00
0.00
0.00
JP MORGAN
41.00
41.00
0.00
-0.01
ABN
67.46
39.00
-28.46
-42.18
HSBC
35.11
35.00
-0.11
-0.32
BANC OF AMERICA
26.00
26.00
0.00
0.00
4,387.60
5,522.18
1,134.59
25.86
TOTAL
Millions of $ / NA Not avaiable
• 70 •
Equity
Change
BROKERAGE FIRM
December 2004
December 2005
$
%
ACCIVAL
2,488.50
2,664.31
175.81
7.06
INVERSORA
1,107.96
1,443.45
335.50
30.28
MONEX
1,098.63
1,236.31
137.68
12.53
BBVA- BANCOMER
805.23
1,155.08
349.86
43.45
INVEX
969.94
1,123.27
153.33
15.81
G.B.M
926.31
1,030.16
103.86
11.21
SCOTIA
982.93
830.00
-152.93
-15.56
VECTOR
653.88
649.16
-4.71
-0.72
VALMEX
551.75
617.95
66.21
12.00
SANTANDER
652.84
601.38
-51.46
-7.88
BANORTE
522.95
549.37
26.42
5.05
IXE
388.06
451.36
63.30
16.31
DSECURITIES
354.22
422.75
68.54
19.35
FINAMEX
310.28
405.07
94.79
30.55
VALUE
400.37
403.64
3.27
0.82
INTERACCIONES
235.17
299.36
64.19
27.29
MERRILL
205.76
276.22
70.46
34.25
MULTIVALORES
309.69
247.11
-62.58
-20.21
CITIBANK
219.46
243.95
24.49
11.16
ARKA
180.16
218.49
38.33
21.27
91.98
186.39
94.42
102.65
HSBC
130.35
150.87
20.52
15.74
ING BARING
125.18
148.11
22.93
18.32
32.88
100.94
68.06
207.01
101.90
71.61
-30.29
-29.73
CREDITSUISSE
48.31
53.12
4.81
9.96
ABN
19.02
35.17
16.15
84.89
32.88
32.88
100.00
24.03
26.42
2.39
9.96
13,937.70
15,673.92
1,736.22
12.46
ACTINVER
UBS
JP MORGAN
PROTEGO
BANC OF AMERICA
TOTAL
NA
Millions of $ / NA Not avaiable
• 71 •
Number of Accounts
Change
BROKERAGE FIRM
December 2004
December 2005
#
%
IXE
28,428
27,765
-663
-2.33
SANTANDER
17,724
16,726
-998
-5.63
SCOTIA
15,901
16,184
283
1.78
ACCIVAL
15,547
15,184
-363
-2.33
MONEX
10,899
12,730
1,831
16.80
VECTOR
14,207
12,240
-1,967
-13.85
BANORTE
9,610
9,237
-373
-3.88
G.B.M
7,604
8,008
404
5.31
INTERACCIONES
7,327
7,632
305
4.16
INVERSORA
5,179
5,640
461
8.90
HSBC
5,453
5,242
-211
-3.87
ACTINVER
3,247
4,188
941
28.98
VALUE
4,031
4,173
142
3.52
ARKA
4,093
4,161
68
1.66
INVEX
3,378
3,330
-48
-1.42
MULTIVALORES
3,340
3,240
-100
-2.99
VALMEX
3,059
2,898
-161
-5.26
BBVA- BANCOMER
1,246
857
-389
-31.22
ING BARING
579
512
-67
-11.57
PROTEGO
NA
372
372
100.00
MERRILL
260
283
23
8.85
FINAMEX
451
265
-186
-41.24
UBS
151
232
81
53.64
CREDITSUISSE
1
2
1
100.00
ABN
0
0
0
0.00
BANC OF AMERICA
0
0
0
0.00
CITIBANK
0
0
0
0.00
DSECURITIES
0
0
0
0.00
JP MORGAN
0
0
0
0.00
161,715
161,101
-614
-0.38
TOTAL
NA Not avaiable
• 72 •
Number of Employees
Change
BROKERAGE FIRM
December 2004
December 2005
1,117
1,214
97
8.68
ACCIVAL
370
391
21
5.68
VECTOR
360
370
10
2.78
SCOTIA
310
306
-4
-1.29
IXE
223
224
1
0.45
INVEX
206
221
15
7.28
SANTANDER
193
199
6
3.11
INTERACCIONES
169
181
12
7.10
MULTIVALORES
177
170
-7
-3.95
VALMEX
143
146
3
2.10
BANORTE
337
140
-197
-58.46
VALUE
153
139
-14
-9.15
G.B.M
137
121
-16
-11.68
ARKA
151
110
-41
-27.15
ING BARING
23
77
54
234.78
FINAMEX
88
75
-13
-14.77
MERRILL
26
34
8
30.77
PROTEGO
NA
31
31
100.00
4
13
9
225.00
UBS
11
13
2
18.18
HSBC
10
11
1
10.00
ABN
4
3
-1
-25.00
JP MORGAN
3
2
-1
-33.33
BANC OF AMERICA
1
1
0
0.00
BBVA- BANCOMER
57
1
-56
-98.25
DSECURITIES
2
1
-1
-50.00
ACTINVER
1
0
-1
-100.00
CITIBANK
1
0
-1
-100.00
INVERSORA
1
0
-1
-100.00
4,278
4,194
-84
-1.96
MONEX
CREDITSUISSE
TOTAL
NA Not avaiable
• 73 •
#
%
Securities in Custody / Number of Employees
Change
BROKERAGE FIRM
December 2004
December 2005
$
%
693,297.76
964,790.00
271,492.24
39.16
3,549.94
241,416.00
237,866.06
6,700.57
23,632.83
29,940.00
6,307.17
26.69
3,100.83
3,690.82
589.98
19.03
VALMEX
957.82
1,077.41
119.58
12.48
ACCIVAL
928.47
983.12
54.65
5.89
BANORTE
316.81
849.30
532.49
168.08
SANTANDER
801.06
767.25
-33.81
-4.22
G.B.M
409.81
444.07
34.27
8.36
SCOTIA
354.64
419.83
65.19
18.38
INVEX
189.76
393.37
203.61
107.30
IXE
254.30
289.98
35.68
14.03
VALUE
149.18
208.41
59.23
39.70
FINAMEX
193.85
155.32
-38.53
-19.87
VECTOR
98.93
111.95
13.02
13.16
INTERACCIONES
86.20
97.13
10.92
12.67
MULTIVALORES
76.54
93.15
16.61
21.71
ARKA
38.01
79.59
41.58
109.37
ING BARING
130.06
52.34
-77.72
-59.76
PROTEGO
NA
46.93
46.93
100.00
INVERSORA
BBVA- BANCOMER
ACTINVER
HSBC
UBS
37.95
41.38
3.43
9.05
MERRILL
35.62
25.71
-9.91
-27.82
MONEX
10.20
15.07
4.87
47.79
ABN
0.00
0.00
0.00
0.00
BANC OF AMERICA
0.00
0.00
0.00
0.00
CITIBANK
0.00
0.00
0.00
0.00
CREDITSUISSE
0.00
0.00
0.00
0.00
DSECURITIES
0.00
0.00
0.00
0.00
JP MORGAN
0.00
0.00
0.00
0.00
486.00
613.62
127.62
26.26
AVERAGE
Millions of $ / NA Not avaiable
• 74 •
Securities in Custody / Number of Accounts
Change
BROKERAGE FIRM
December 2004
December 2005
$
%
BBVA- BANCOMER
162.40
281.70
119.30
73.46
INVERSORA
133.87
171.06
37.19
27.78
VALMEX
44.78
54.28
9.50
21.22
FINAMEX
37.82
43.96
6.14
16.22
INVEX
11.57
26.11
14.53
125.60
ACCIVAL
22.10
25.32
3.22
14.57
BANORTE
11.11
12.87
1.76
15.86
SANTANDER
8.72
9.13
0.41
4.65
SCOTIA
6.91
7.94
1.02
14.81
ING BARING
5.17
7.87
2.70
52.35
HSBC
5.69
7.74
2.06
36.20
ACTINVER
7.28
7.15
-0.13
-1.78
VALUE
5.66
6.94
1.28
22.60
G.B.M
7.38
6.71
-0.67
-9.12
MULTIVALORES
4.06
4.89
0.83
20.56
3.91
3.91
100.00
PROTEGO
NA
VECTOR
2.51
3.38
0.88
34.99
MERRILL
3.56
3.09
-0.47
-13.29
IXE
1.99
2.34
0.34
17.28
UBS
2.76
2.32
-0.45
-16.12
INTERACCIONES
1.99
2.30
0.32
15.85
ARKA
1.40
2.10
0.70
50.03
MONEX
1.05
1.44
0.39
37.52
ABN
0.00
0.00
0.00
0.00
BANC OF AMERICA
0.00
0.00
0.00
0.00
CITIBANK
0.00
0.00
0.00
0.00
CREDITSUISSE
0.00
0.00
0.00
0.00
DSECURITIES
0.00
0.00
0.00
0.00
JP MORGAN
0.00
0.00
0.00
0.00
12.86
15.97
3.12
24.25
AVERAGE
Millions of $ / NA Not avaiable
• 75 •
Committees and Subcommittees
• 76 •
Administration Committee
PRESIDENT
Arturo Rolón Baca
VICEPRESIDENTS
Hugo Austria Díaz
Héctor Mejía Martínez
Luis Ojeda Zamora
Gustavo Rosas Prado
COORDINATORS
Ernesto Reyes Retana Valdés
Julio Arturo Sánchez Díaz
MEMBERS
Alejandro Aguirre Zamora
Carlos Moreno Sánchez
Angélica Albarrán Luna
Carlos Pacheco Romero
Fernando Álvarez Santisteban
Xavier Ramos Yañez
Ernesto Bayón Lira
Gabriel Rincón Hernández
Juan Carlos González Orozco
Gerardo Rocha Frangos
Jaime Celorio Manjarrez
Everardo Rodríguez Caro
Víctor Chávez Longyear
Laura Rodríguez Jiménez
Francisco Díaz Bocanegra
Sergio Romero Nieto
Roberto Diez de Sollano
José Antonio Salazar Guevara
Mónica Escandón Martínez
Gustavo Salazar Salinas
Jorge Fernández García Travesí
Carlos San Martín Abad
Ángel Fresán Fernández
José Juan Sánchez Tendilla
Alberto Gómez Sandoval
Jorge Tejeda Ugalde
José González Huerta
Arturo Tlapanco Martínez
Ricardo González Samaniego
Jaime Torres Argüelles
Alfonso Henkel Hernández
Jesús Velasco Rodríguez
Guillermo Hernández Palacios
Víctor Vergara Valderrabano
Ricardo Madero Vizcaya
Ricardo Zapata de la Garza
Gerardo Mejía Moreno
Blanca Zepeda Reyes
• 77 •
Research Committee
PRESIDENT
Rita Aranda González
VICEPRESIDENTS
Rodolfo Campuzano Meza
Gerardo Molina Llovera
Mauro Zepeda Mauleón
COORDINATORS
José Luis Acosta
Juan José Arriola García
MEMBERS
José Manuel Allende Zubirí
Sergio García Márquez
Félix Boni Brandani
Manuel Gómez Palestino
Mauricio Brocado Martínez
Carlos Alberto González Tavares
Gerardo Camargo Robles
Juan C. Mateos Durán de Huerta
Gerardo Copca Sánchez
Rodolfo Navarrete Vargas
Antonio Esteinou Madrid
Alonso E. Ríos García
Víctor Hugo Flores Rivas
Alberto Rodríguez Govela
Rafael Gamboa González
Mauro Zepeda Mauleón
Certification Committee
PRESIDENT
Efrén del Rosal Calzada
COORDINATORS
Ángela Balmori Iglesias
Ana Lilia Ortega Ángeles
MEMBERS
José Manuel Allende Zubirí
Rodolfo Liaño Gabilondo
Iñaki Bernús Negrete
Allan Smithers Hogg
Gerardo Calderón Venegas
Rafael Vidal Uribe
Alejandro Gorches Guerrero
• 78 •
Compliance Officers Committee
PRESIDENT
José Manuel Guillemot Cesari
VICEPRESIDENT
Enrique Santa Anna Echandi
COORDINADORES
Ángela Balmori Iglesias
Erik García Tapia
MEMBERS
Viviana Alvarado Balderas
Antonio Mendoza Andrade
Miriam Álvarez del Castillo Mercado Marcela Menéses Sosa
Alejandro Emilio Athié Morales
Antonio Nava Tamez
Alberto Castillo Pereira
Carlos Neda Landazuri
Guillermo Cobián Valdivia
Leopoldo Ortega Carricarte
Pablo Cuevas Palacios
Javier Orvañanos Lascurain
Jaime Daniel Del Rosal Calzada
Paola Pacheco García
Jorge Espinosa de los Reyes
Ángel Reyes Arias
Alejandro Frigolet Vázquez Vela
Roberto Ríos Espinosa
David Fuentes Zendejas
Ricardo Rivera Aburto
José Gabriel Garcés Velásquez
Karla M.Valdés Posada
Fermín Gerardo Gutiérrez Creado
Jesús Velasco Rodríguez
Federico Loaiza Montaño
Jorge Eduardo Vega Camargo
Gerardo Méndez Padilla Valencia
Alfredo Walker Cos
Ramiro Javier Mercado-Robles Aguilar
• 79 •
Disciplinary Committee
PRESIDENT
Emilio Yarto Sahagún
COORDINADOR
Ángela Balmori Iglesias
MEMBERS
Alfredo Acevedo Rivas
Efrén Del Rosal Calzada
Erik García Tapia
Luis Murillo Peñaloza
Corporate Financing Committee
PRESIDENT
Julio Serrano Castro
VICEPRESIDENTS
Ignacio Gómez-Daza Alarcón
Alonso G. Nieto Carbonell
COORDINATORS
José Luis Acosta Chavira
Bertha Guadalupe Escalona Téllez
MEMBERS
José Manuel Allende Zubirí
Julio García Peña
Arturo J. Arce Taracena
Pedro Mauricio Garfias Sitges
Vinicio Álvarez Acevedo
Erick Hernández Gómez
Humberto Cabral González
Fernando Lezama Shiraishi
Omar Campuzano Pieras
Luis Arturo Madero Vizcaya
José Miguel Díaz Goñi
Luis Martínez Arizmendi
Carlos Díaz Juárez
Jaime Martínez-Negrete Espinosa
Alberto Escofet Cedeño
Arturo Monroy Ballesteros
Ángel Espinosa García
Fernando Prieto Martínez Zorrilla
Patricia Flores Milchorena
Gerardo Tietzch Rodríguez-Peña
Gerardo Freire Alvarado
Guillermo Vilchis Gurza
Antonio García Fernández
Fernando J.Vizcaya Ramos
• 80 •
Legal Finance Committee
PRESIDENT
Jaime Torres Argüelles
VICEPRESIDENTS
Álvaro Ayala Margain
Jacobo Martínez Flores
Javier Sunderland Guerrero
COORDINATORS
Ángela Balmori Iglesias
Erik García Tapia
MEMBERS
Alfredo Acevedo Rivas
Gustavo Maza Domínguez
Maria Dolores Aello Reyes
Ramón Montes Medina
José Luis Alcántara Morfín
Carlos Neda Landazuri
Alejando Alfaro Carral
Martín Olle Casals
Viviana Alvarado Balderas
Leopoldo Ortega Carricarte
Alejandro Emilio Athié Morales
Paola Pacheco García
Francisco Carrillo Gamboa
Leonardo Poblete Galván
Alberto Castillo Pereira
Bernardo Portillo Aldrett
Fernando Diez Cano
Carlos E. Proal Roustand
Luis Enrique Estrada Rivero
Clementina Ramírez de Arellano
Carlos Facha Lara
Roberto Ríos Espinosa
Eduardo Fernández García Travesí
Francisca Rodríguez Padilla
José Manuel Guillemot Cesari
Iñigo Ruiz Bada
Juan Llanos Reynoso
Héctor Vázquez Abén
Bernardo Llerenas Bracho
Manuel Velasco Velázquez
Carolina Amalia Machado Dufau
Raúl Humberto Zepeda Ruiz
• 81 •
Capital Market Committee
PRESIDENT
Manuel Lasa Lasa
VICEPRESIDENTS
Javier Cortina Azcárraga
Juan Bernardo Goicoechea San Martín
Iker Laresgoiti Hurtado
COORDINATORS
Ernesto Reyes Retana Valdés
Everardo Rodríguez Caro
MEMBERS
Luis Argüelles Rabell
Carlos Ibáñez Estens
Jorge Bernal Gutiérrez
Eduardo Navarro Martínez
Alejandro Betancourt Gaona
Ernesto Ortega Arellano
Enrique Camacho Candiani
José Antonio Orvañanos Amaro
Gilberto Cantú Jiménez
Jorge Plácido Evangelista
Francisco Cárdenas Moreno
Jose Antonio Pacheco López
Roberto Cavazos Videgaray
Charles Edward Pilliod Elias
Manuel Cortina Manjino
Jorge Martín Ramos Landero
Rubén Flores Bordón
Mauricio Trigueros Ramírez
Álvaro García-Pimentel Caraza
Alfredo Vázquez Hernández
Pedro Garfias Sitges
Antonio Villarruel Lagos
Mauricio Giodano Varela
Pedro Zorrilla Velasco
• 82 •
Money Market Committee
PRESIDENT
José Eduardo Pérez del Villar
VICEPRESIDENT
Marco Antonio Álvarez Castillo
COORDINATORS
Ernesto Reyes Retana Valdés
Everardo Rodriguez Caro
MEMBERS
Luis Manuel Abello De Abiega
José Antonio Landero Cruz
Luis Javier Almora Guerrero
Rodolfo Lebrija Martínez-Lavín
José Luis Arteaga Mena
Pablo Limón Corona
Marco Antonio Arvizu Núñez
Enrique Mendoza Polanco
Juan Javier Belaunzarán Noriega
Sandro Moctezuma Ocaña
Javier Bernal Stoopen
Enrique Monroy Pacheco
Eric Berry Velásquez
Luis Negrete Cué
Juan Antonio Borbolla Sosa
Martín Olvera Serrano
Juan Carlos Cadena Arias
Xavier Ormaechea Jaúregui
Juan Antonio Carrizales Picón
Gerardo Pérez Cruz
Jorge Clasing De la Mora
Salvador Rojas Fdez. del Castillo
Manuel Cortés Azuela
Diego Terán López
Alberto Del Ángel Sosa
Araceli Thomé Ortega
Gabriel Del Valle Martínez
Manuel Torres Barajas
Eduardo Estrada Magallanes
Marco Arturo Torres Flores
Jorge Arturo García Parés
Sergio Torres Morales
Arturo Gil González
Jorge Alberto Turón Montes
Jorge Luis González Romero
Arturo Valdés Rocha
Eugenio Gonzalez-Luna
Jorge Vargas Favero
Ricardo Lacavex Villarreal
Agustín Villarreal Brena
• 83 •
Compliance Committee
PRESIDENT
Efrén Del Rosal Calzada
COORDINADOR
Ángela Balmori Iglesias
MEMBERS
Iñaki Bernús Negrete
Miguel Ángel Pérez Arias
Erik García Tapia
Clemente Reyes Retana Valdés
José Manuel Guillemot Cesari
Ernesto Reyes Retana Valdés
Manuel Lasa Lasa
Arturo Rolón Baca
Mauricio López Velasco Aguirre
Jaime Torres Argüelles
Luis Murillo Peñaloza
Mutual Funds Committee
PRESIDENT
Alejandro Gorches Guerrero
VICEPRESIDENTS
Adolfo Negrete García
Miguel Ángel Pérez Arias
Jorge A. Ramírez Ramírez
María del Carmen Sanjurjo Concheso
COORDINATORS
Ernesto Reyes Retana Valdés
Sonia García Almazán
MEMBERS
Eric H. Anderson
Alfredo Loera Fernández
Jorge Arboleda Ancira
Héctor Madero Rivero
Luis Benavides Simón
Pablo Mancera De Arrigunaga
David Iván Buenfil Friedman
Gerardo Martín Flores Deuchler
Roberto Cano Díaz
René A. Márquez Lara
José Antonio Castillo Cardona
César A. Montemayor Zambrano
Domingo Díaz Noriega
Emilio Olavarri Hervella
Gerardo Diez García
Rafael Ortiz Markivich
Pascal Duhem Reuflet
Federico Rangel Durán
Sergio A. García Márquez
Guillermo Robles Gil Orvañanos
Francisco Gutiérrez Ruiz
Carlos Rodríguez Giacinti
Carlos Gutiérrez Sánchez
Adriana Sánchez Guzmán
Carmen Guilbot Vidales
Manuel Sarmiento Serrano
Bulmaro Guzmán Ruiz
Enrique Solórzano Palacio
Alejandro Hernández Sotelo
Manuel Somoza Alonso
Ricardo M. Herrerías Zamacona
Carlos Ignacio Soto Manzo
Carlos A. Kretschmer Prado
Oscar Trejo Ledezma
Carolina Lima Hernández
• 84 •
Trade of Derivate Products Committee
PRESIDENT
Guillermo Camou Hernández
VICEPRESIDENTS
Alejandro Mayo Prida
José Antonio Orvañanos Amaro
COORDINATORS
Ernesto Reyes Retana Valdés
Julio Arturo Sánchez Díaz
MEMBERS
Javier Anaya Blancas
Carlos Hernández González
Luis Argüelles Rabel
Sergio Alejandro Islas Pérez
Javier Concha Mendoza
Manuel Lasa Lasa
José Miguel De Dios Gómez
Eduardo Navarro Martínez
Jorge Del Valle Hernández
Fides Niño Vega
Jaime Díaz Tinoco
Javier Ortiz Castillo
Gabriel Embriz Trejo
Eduardo Romero Flores
Alejandro Faesi Puente
Mauricio Trigueros Ramírez
Federico Flores Parkman
José Vila Lorente
Pedro Giral López
Alfonso E.Villarreal González
Manuel González Graf
Sergio Zermeño Romero
Carlos González Mayer
Promotion Committee
PRESIDENT
Iñaki Bernús Negrete
VICEPRESIDENTS
Jaime Álvarez Meyer
Guillermo Beguerise Rivera Torres
COORDINATORS
José Luis Acosta Chavira
Juan José Arriola García
MEMBERS
Alberto Adib Carrera
Alejandro Hernández Treviño
Carlos Antillón Luken
Jorge Hugues Ulacia
Roberto Cavazos Videgaray
Francois Jaubert
Juan David Michel
Laura Laris Vázquez
Pablo De Abiega Pons
Miguel Ángel Martínez Sierna
Luis Alfredo De Urquijo
Juan Manuel Muñoz Cano Macías
Carlos Dodero Portilla
José Antonio Ponce Hernández
Isabel Galván Muñoz
Carlos Solórzano Barrón
Ignacio González Cosio y Cicero
Carlos Ignacio Soto Manzo
Miguel Trigueros Legarreta
• 85 •
Registration Committee
PRESIDENT
Ernesto Reyes Retana Valdés
COORDINADOR
Ángela Balmori Iglesias
MEMBERS
José Manuel Guillemot Cesari
Miguel Ángel Pérez Arias
Alejandro Halgraves Cerda
Jaime Torres Argüelles
Systems Committee
PRESIDENT
Xavier Ramos Yáñez
VICEPRESIDENT
Gerardo Valdés Jerez
COORDINATORS
Ernesto Reyes Retana Valdés
Everardo Rodríguez Caro
MEMBERS
Guadalupe Álvarez Flores
Mario López Pacheco
Juan Carlos Carrillo D´Herrera
Eric Mejía Rocha
Carlos Elizondo Sifuentes
Raúl Olivares Salazar
Arturo Fabre Escudero
Maritza Pérez Mota
Héctor Figueroa Blando
Claudia Ramírez Ricardez
David Galicia Fernández
Eduardo Ramos López
Eduardo García Guarneros
Pedro Eduardo Román Rodríguez
Miguel Ángel González Zúñiga
Mario Sáenz Luján
Artemio Guerrero Díaz
Edgar Federico Sánchez Torres
Claudia Verónica Guido Ávila
Jaime Villaseñor Zertuche
Adalberto Guzmán Rojas
• 86 •
Compliance Mutual
Funds Subcommittee
PRESIDENT
Miguel Ángel Pérez Arias
COORDINATORS
Ernesto Reyes Retana Valdés
Sonia García Almazán
MEMBERS
María Eugenia Alpizar Vidal
Marcela Meneses Sosa
Graciela Alvarado Covarrubias
Gerardo Méndez Padilla Valencia
Miriam Álvarez del Castillo Mercado
Antonio Mendoza Andrade
Ramiro Francisco Armijo Saavedra
Víctor Morales Torres
Guillermo Cobián Valdivia
Antonio Nava Tamez
María de la Paz Cremades López
Isabel Ocaña Ruiz de Velasco
Pablo Cuevas Palacios
Jaime Orozco Navarro
Gustavo Eliud Fernández Olguín
Javier Orvañanos Lascurain
Sandra Ivett Fragoso Osante
Armando Robles Garrido
Teresa García Cruz
Hilda Cristina Rodríguez Arias
Arturo García Moreno
Gisela Rodríguez Tajonar
Francisco A. García Agraz Sánchez
Erika Salgado Villanueva
Rosa Leticia Gómez Paz
Enrique Santa Anna Echandi
José Martín González Castillo
Margarita Soriano Rubio
Nancy Hernández Castillo
Karla Marcela Valdés Posada
Carolina Lima Hernández
Jorge Eduardo Vega Camargo
José Federico Loaiza Montaño
Alfredo Walter Cos
Eduardo López Reyes
• 87 •
Accounting Subcommittee
PRESIDENT
Gustavo Adolfo Rosas Prado
VICEPRESIDENTS
Adrián Beltrán Alcocer
Mario Bustamante Molina
COORDINATOR
Julio Arturo Sánchez Díaz
MEMBERS
Virgilio Benítez Arce
Maria Elena Marín Ramírez
José Martín Buzo Sánchez
José Martín Hernández Ruiz
Luis Ángel Canseco Rodríguez
Alejandro Mendieta Berriel
Lilia Cardiel Marín
Víctor M. Olivares Soto
Javier Castelán Canela
Miguel Ángel Pérez Zamorano
José Manuel Corona Cervantes
Julio Pimentel Hernández
Arturo Díaz Morales
Ernesto Reyes Retana Valdés
Jesús García García
Laura Rodríguez Jiménez
Gerardo García Marín
Ángel Rodríguez Nualart
Jorge Luis González Martínez Rojas Arturo Saavedra Ponce
Alan Herrera Padilla
Saúl Trujillo García
Sergio León Juárez
Rubén Velázquez Trujillo
Juan Carlos Macedo Estrada
Víctor Vergara Valderrabano
Rosa María Escobar Ortiz
• 88 •
Fiscal Subcommittee
PRESIDENT
Hugo Austria Díaz
VICEPRESIDENTS
Guillermo Gómez-Aguado Suárez
Allen Saracho Carrillo
COORDINATOR
Julio Arturo Sánchez Díaz
MEMBERS
Romualdo Acosta Aguilar
José Luis Ochoa Jiménez
Alejandra Álvarez García
Óscar Arturo Ortiz Molina
Rodolfo Ballesteros Ramírez
Miguel Ortiz Aguilar
Verónica Camacho Aguilar
Luis Javier Patiño Alas
Luis Ángel Canseco Rodríguez
Miguel Ángel Pérez Zamorano
Lilia Cardiel Marín
Julio Pimentel Hernández
Víctor Carrales Gamboa
Ernesto Reyes Retana Valdés
Javier Castelán Canela
Laura Rodríguez Jiménez
Fidel Delgado Padrón
Arturo Rodríguez Rodríguez
Alicia Escalona Velázquez
Maria Isabel Ruiz Moreno
Santiago Antonio Flores Franco
Arturo Saavedra Ponce
Lorena García Balderas
Julia Yazmín Sánchez Vargas
Francisco J. González Montañez
Ignacio Sánchez de Jesús
Guillermo González Galván
Ramiro Soberanis Fernández
Mónica Hernández Hernández
Martha Torre Martínez
Francisco Xavier Hoyos Hernández
Clara Ernestina Valencia Padilla
Francisco Moguel Gloria
Cecilia Verastegui Erosa
Raúl Morales Medrano
• 89 •
Operations Subcommittee
PRESIDENT
Luis Ojeda Zamora
COORDINATOR
Julio Arturo Sánchez Díaz
MEMBERS
Francisco Acosta García
Fidel Nevarez Sapién
Aurelio Athié
Fides Niño Vega
Mario Coca Méndez
Raúl Octavio Olvera Melendez
Armando Cruz Gutiérrez
Luis Pascual Jiménez
Jorge Curiel Arreguín
Gilberto Pérez Jiménez
Patricio De la Vega Flores
Ernesto Reyes Retana Valdés
Xavier Díaz Espinoza de los Monteros Gabriel Rincón Hernández
Bertha Gallegos Guerra
Everardo Rodríguez Caro
Ricardo González Samaniego
Héctor Sánchez Velez
Julio Cesar González Flores
María de Lourdes Saucedo Alegría
Erubiel Manrique Silva
José Luis Urquiza Olea
Lorena Medina Carrasco
José Juan Vázquez Basaldúa
Pablo Mezeta Yáñez
Luis Villaseñor Blanco
Jesús Mondragón Osorio
Blanca Zepeda Reyes
Rodolfo Morales Téllez
• 90 •
Human Research Subcommittee
PRESIDENT
Héctor Mejía Martínez
VICEPRESIDENT
Sergio Herrera Ducker Chávez
COORDINATOR
Julio Arturo Sánchez Díaz
MEMBERS
Maria de la Luz Bravo Andrade
Patricia Molina Espinosa
Karla De la Mora Rueda
Silvia Olivella Eseverri
Jonathan Fabila Cortés
Gabriela Olvera Cane
Maria Eugenia Flores Michel
José Mario Pérez Montañez
Patricia García Gutiérrez
Ernesto Reyes Retana Valdés
Marco Antonio Granados Falcón
Laura Rodríguez Jiménez
Guny Karina Hernández Peña
Julián Rosas Zúñiga
José Luis Hernández Soto
Jorge Rovalo Merino
Marcela Izquierdo Kuntze Rangel
Jairo Salazar
María Dolores Jiménez Cardona
Patricia Sánchez Valladares
Gloria Juárez Soto
Jessica Silva Smith
Adriana Lemus Real Raúl
Gilberto Toscano Martínez
Guadalupe León Escalante
Gabriela Ulloa Valdés
Geli Lezama Jiménez
Azucena Vázquez Barrales
Gerardo López González
Mariana Yánez Soto
• 91 •
AMIB Members
• 92 •
ABN AMRO Securities (México), S.A. de C.V.
Banc of America Securities.
Casa de Bolsa
Casa de Bolsa, S.A. de C.V.
Prolongación Paseo de
José Antonio Villa Ávila
la Reforma 600-32
CHAIRMAN OF THE BOARD
Reforma 265 PH 2
Orlando Loera
Santa Fe Peña Blanca
AND CEO
Cuauhtémoc
CHAIRMAN OF THE BOARD
06500 México, D.F.
Carlos Ibáñez Estens
Grupo Financiero Bank of America
01210 México, D.F.
Tel: 5257 78 33
Fax: 5257 78 79
CEO
Tel: 5230 6368
Fax: 5230 6399
Acciones y Valores Banamex, S.A. de C.V.
Casa de Bolsa Integrante del Grupo financiero
Casa de Bolsa Arka, S.A. de C.V.
Banamex
Emilio Castelar 75
Antonio Del Valle Ruiz
Paseo de la Reforma 398
Oscar Medina Mora
Chapultepec Polanco
CHAIRMAN OF THE BOARD
6.° Piso
CHAIRMAN OF THE BOARD
11560 México, D.F.
Carlos F. Villagómez C.
Col. Juárez
Adolfo Herrera Pinto
06600 México, D.F.
CEO
Tel: 5326 48 48
Fax: 1226 05 99
CEO
Tel:
5625 1500
Fax:
5280 3280
5625 1520
Actinver Casa de Bolsa, S.A. de C.V.
Casa de Bolsa Banorte, S.A. de C.V.
Paseo de las
Héctor Madero Rivero
Palmas 320
CHAIRMAN OF THE BOARD
Prolongación Paseo de
Luis Javier Peña Kegel
Lomas de Chapultepec
Roberto Valdés Acra
La Reforma 1230 Piso 3
CHAIRMAN OF THE BOARD
11000 México D.F.
CEO
Cruz Manca Santa Fe
Alejandro Valenzuela del Rio
Tel: 5249 8500
Fax: 5249 8578
Grupo Financiero Banorte
05348 México, D.F.
Tel:
1103 4050
CEO
Fax:
103 6455
Casa de Bolsa Citibank, S.A. de C.V.
Casa de Bolsa BBVA Bancomer, S.A. de C.V.
Grupo Financiero Citibank.
Act. Roberto
Humberto Cabral González
Medellín 800
CHAIRMAN OF THE BOARD
Monte Urales 620 Piso 1
Jaime Guardiola Romojaro
Torre Norte Piso 5
AND CEO
Lomas de Chapultepec
CHAIRMAN OF THE BOARD
Santa Fe
01210 México, D.F.
11000 México, D.F.
Francisco Javier Cortina A.
Tel: 2226 6871
Fax: 2226 7651
2226 6646
Grupo Financiero BBVA Bancomer
CEO
Tel: 5201 2901
5201 2086
• 93 •
Fax:
5201 2878
Casa de Bolsa Credit Suisse First Boston (Méxi-
GBM Grupo Bursátil Mexicano, S.A. de C.V.
co),
Casa de Bolsa
S.A. de C.V.
Insurgentes Sur 1605,
Jorge Rojas Mota Velasco
Grupo Financiero Credit Suisse First Boston
Piso 31
CHAIRMAN OF THE BOARD
(México), S.A. de C.V.
San José Insurgentes
Diego Ramos González
03900 México, D.F.
de Castilla
Campos Eliseos 345 Piso 9 Edgar Legaspi Sauter
Chapultepec Polanco
CHAIRMAN OF THE BOARD
11000 México, D.F
AND CEO
Tel: 5283 8900
Fax: 5283 8930
5283 8909
5283 8940
CEO
Tel: 5480 5800
Fax: 5480 5801
HSBC Casa de Bolsa, S.A. de C.V.
Grupo Financiero HSBC
Casa de Bolsa Santander Serfín, S.A. de C.V.
Paseo de la Reforma 243, Rhydian H. Cox
Grupo Financiero Santander Serfín
Piso 10 Torre A
CHAIRMAN OF THE BOARD
Prolongación Paseo de
Carlos Gómez y Gómez
Cuauhtémoc
Felipe Vilá González
La Reforma 500
CHAIRMAN OF THE BOARD
06500 México, D.F.
CEO
Lomas de Santa Fe
Gabriel Eugenio Kuri L.
Tel: 5721 5492
Fax: 5721 5058
01210 México, D.F.
CEO
Tel: 5287 8000
Fax: 5269 2177
5721 5493
ING (México), S.A. de C.V., casa de Bolsa
Deutsche Securities, S.A. de C.V.
ING Grupo Financiero
Casa de Bolsa
Bosques de Alisos 45-B,
David Duffy
Blvd. Manuel Ávila
Rodrigo Pérez Mackenna
Piso 4
CHAIRMAN OF THE BOARD
Camacho 40, Piso 17
CHAIRMAN OF THE BOARD
Bosques de las Lomas
Héctor Aguirre Cobo
Lomas de Chapultepec
Patricio Tamayo Gómez
05120 México, D.F.
CEO
11000 México, D.F.
CEO
Tel: 5258 2129
Fax: 5259 3218
Tel: 5287 8000
Fax: 5269 2177
Interacciones Casa de Bolsa, S.A. de C.V.
Finamex Casa de Bolsa, S.A. de C.V.
Grupo Financiero Interacciones
Paseo de la Reforma 383, Carlos Hank Rhon
Grupo Financiero Finamex
Paseo de la Reforma 255
Mauricio López Velasco A.
piso 4
CHAIRMAN OF THE BOARD
Cuauhtémoc
Raúl Garduño Vergara
Cuauhtémoc
AND CEO
06500 México, D.F.
CEO
Tel: 5326 8600
Fax: 5326 8612
06500 México, D.F
Tel: 5209 2000
Piso 14
Fax: 5209 2057
• 94 •
CHAIRMAN OF THE BOARD
Inversora Bursátil, S.A. de C.V.
Merrill Lynch México, S.A. de C.V.
Grupo Financiero Inbursa
Casa de Bolsa
Paseo de las Palmas 736
Marco Antonio Slim
Paseo de las Palmas 405,
Carlos Gutiérrez
Lomas de Chapultepec
Domit
Piso 8
Andreassen
11000 México, D.F.
CHAIRMAN OF THE BOARD
Lomas de Chapultepec
CHAIRMAN OF THE BOARD
Eduardo Valdés Acra
11000 México, D.F.
AND CEO
CEO
Tel: 5201 3200
Fax: 5201 3222
Tel: 5625 4900
Fax: 5520 8002
5202 1122
Monex Casa de Bolsa, S.A. de C.V.
Invex, Casa de Bolsa, S.A. de C.V.
Monex Grupo Financiero
Invex Grupo Financiero
Varsovia 36, Piso 5
Héctor lagos Dondé
Blvd. Manuel Ávila
Juan Guichard Michel
Col. Juárez
CHAIRMAN OF THE BOARD
Camacho 49, Piso 9
CHAIRMAN OF THE BOARD
06600 México, D.F.
Moisés Tiktin Nickin
Torre Esmeralda 1
Patrick Doucet Leautaud
Lomas de Chapultepec
CEO
CEO
Tel: 5231 0000
11000 México, D.F.
Tel: 5350 3333
Fax: 5231 0384
5230 0200
Fax: 5359 3399
Multivalores Casa de Bolsa, S.A. de C.V.
Ixe Casa de Bolsa, S.A. de C.V.
Multivalores Grupo Financiero
Cerrada Tecamachalco 45 Hugo S. Villa Manzo
Ixe Grupo Financiero
Paseo de la Reforma
Enrique Castillo Sánchez
Reforma Social
CHAIRMAN OF THE BOARD
505, Piso 45
Mejorada
11650 México, D.F.
Javier Valadez Benítez
Cuauhtémoc
CHAIRMAN OF THE BOARD
06500 México, D.F.
Iñaki De Abiega Pons
CEO
Tel: 5284 6200
Fax: 5284 6306
CEO
Tel: 5004 1314
Fax: 5004 1498
Protego Casa de Bolsa, S.A. de C.V.
J. P.Morgan Casa de Bolsa, S.A. de C.V.
Blvd. Manuel Ávila
Pedro Aspe Armella
J. P. Morgan Grupo Financiero
Camacho 36, Piso 22
CHAIRMAN OF THE BOARD
Paseo de las Palmas 405,
Jorge E. Alonso Olivares
Lomas de Chapultepec
Sergio Sánchez García
Piso 16
CHAIRMAN OF THE BOARD
11000 México, D.F.
CEO
Lomas de Chapultepec
Arturo J. Arce Taracena
Tel: 5249 4490
Fax: 5249 4498
11000 México, D.F.
CEO
Tel: 5540 9333
Fax: 5540 9594
• 95 •
Scotia Inverlat Casa de Bolsa, S.A. de C.V.
Vector Casa de Bolsa, S.A. de C.V.
Grupo Financiero Scotiabank Inverlat
Roble 565
Raúl G. Farias Arizpe
Bosque de Ciruelos 120,
Anatole Von Hahn
D. Valle del Campestre
CHAIRMAN OF THE BOARD
Piso 12
CHAIRMAN OF THE BOARD
66265 Garza garcía, N.L.
Edgardo Mauricio Cantú
Bosques de las Lomas
Gonzalo Rojas Ramos
11700 México, D.F.
CEO
Tel: 5325 3575
Fax: 5325 3667
CEO
Tel: 8318 3500
UBS Casa de Bolsa, S.A. de C.V.
Campos Elíseos 354,
Jeremy Graham Brook
Piso 19
CHAIRMAN OF THE BOARD
Alarcón Polanco
Francisco Javier Artigas
11560 México, D.F.
CEO
Tel: 5282 7749
Fax: 5282 7798
Valores Mexicanos Casa de Bolsa, S.A. de C.V.
Moliere 222, PB
Rafael Mac Gregor Anciola
Los Morales Palmas
CHAIRMAN OF THE BOARD
11540 México, D.F.
Luis Manuel Murillo Peñaloza
CEO
Tel: 5279 1200
Fax: 5279 1212
Value S.A. de C.V., Casa de Bolsa
Value Grupo Financiero
Prolongación Paseo
Javier Benítez Gómez
de la Reforma 1015
CHAIRMAN OF THE BOARD
Edificio Punta Santa
Carlos Bremer Gutiérrez
Torre B, Piso 10
CEO
Desarrollo Santa Fe
01376 México, D.F.
Tel: 5325 3575
Fax: 5325 3667
• 96 •
Fax: 8318 3535
• 97 •
AMIB Affiliates
• 98 •
Administradora Vanguardia, S.A. de C.V.
Invercap, S.A. de C.V.
Operadora de Sociedades de Inversión
Sociedad Operadora de Sociedades de Inversión
Av. Chapultepec 384
Emilio Olavarri Hervella
Batallón de San Patricio
César A. Montemayor Z.
Roma Norte
CHAIRMAN OF THE BOARD
111, Desp. 1903
CHAIRMAN OF THE BOARD
06700 México, D.F.
Tel: 5229 1314
Valle Oriente
Fax: 5229 1356
66269 Garza García, N.L.
Tel: 8368 0068
Fax: 8368 0068
D Fondos, S.A. de C.V.
Sociedad Operadora de Sociedades de Inversión
Operadora de Fondos Lloyd, S.A. de C.V.
Río Tiber 67, Piso 2
Gerardo Martín Flores D.
Mariano Otero 1915 A
Federico Rangel Durán
Cuauhtémoc
CHAIRMAN OF THE BOARD
Residencial Victoria
CHAIRMAN OF THE BOARD
06500 México, D.F.
Tel: 5033 3333
44560 Guadalajara, Jal.
Fax: 5062 8060
Tel: 3880 2024
Enlace INT, S.A. de C.V.
Torre Esmeralda II
Fax: 3880 2024
Operadora de Fondos Nafinsa, S.A. de C.V.
Santiago Urquiza Luna
Insurgentes Sur 1971
Jorge Arboleya Ancira
M. Ávila Camacho 36-1805 CHAIRMAN OF THE BOARD
Local 142 Nivel Avenida
CHAIRMAN OF THE BOARD
Santa Fe
Guadalupe Inn
AND CEO
01210 México, D.F.
Tel: 5081 1000
01020 México, D.F.
Fax: 5081 1001
Tel: 5325 7891
Finaccess México, S.A de C.V.
Fax: 5663 2179
Operadora Mifel, S.A. de C.V.
G. González Camarena
Carlos Rodríguez Giacinti
President Masarik
Bulmaro Guzmán Ruiz
1600, Piso 7
CHAIRMAN OF THE BOARD
214, Piso 2
CHAIRMAN OF THE BOARD
Santa Fe
Polanco
01210 México, D.F.
11560 México, D.F.
Tel: 5081 1040
Fax: 5081 1040
Tel: 5282 7970
Fax: 5282 7918
Interesa, S.A. de C.V.
Principal Fondos de Inversión, S.A. de C.V.
Sociedad Operadora de Sociedades de Inversión
Operadora de Fondos de Inversión
Insurgentes Sur
Pascal Duhem Reuflet
Campos Elíseos
Roberto Cano Díaz
954, Piso 3
CHAIRMAN OF THE BOARD
345, Piso 12
CHAIRMAN OF THE BOARD
Del Valle
Chapultepec Polanco
03100 México, D.F.
11560 México, D.F.
Tel: 5340 8481
Fax: 5340 8499
Tel: 5279 7936
5340 8482
• 99 •
Fax: 5263 0403
Prudential Financial
Skandia Operadora de Fondos, S.A. de C.V.
Operadora de Sociedades de Inversión, S.A. de C.V.
Sociedad Operadora de Sociedades de Inversión
Ejército Nacional
Manuel Somoza Alonso
Bosques de Ciruelos
David Iván Buenfil F.
718, Piso 3
CHAIRMAN OF THE BOARD
162, Piso 1
CHAIRMAN OF THE BOARD
Reforma Polanco
Bosques de las Lomas
11550 México, D.F.
11700 México, D.F.
Tel: 5263 1001
Fax: 5263 1089
Tel: 5093 0207
Remate Electrónico, S.A. de C.V.
Fax: 5245 1272
Standford Group Distribuidora de Fondos de
Vasco de Quiroga
Jaques Levy Seegall
2121, Piso 1
CHAIRMAN OF THE BOARD
Inversión, S.A. de C.V.
Andrés Bello
Rafael Ortiz Markivich
Santa Fe Peña Blanca
10, Piso 6
CHAIRMAN OF THE BOARD
01210 México, D.F.
Polanco
Tel: 5259 8070
11560 México, D.F.
Fax: 5259 3693
Tel: 5279 8900
Fax: 5279 8900
SEI-Compass Investments, S.A. de C.V.
Sociedad Operadora de Sociedades de Inversión
Paseo de la Reforma
Carlos Gutiérrez Sánchez
2620, Piso 12
CHAIRMAN OF THE BOARD
Valores Afirme, S.A. de C.V.
Sociedad Operadora de Sociedades de Inversión
Hidalgo 234 Poniente
Oscar Trejo Ledezma
Lomas Altas
No. 7-A, Piso 7
CHAIRMAN OF THE BOARD
11950 México, D.F.
Centro
Tel: 5257 4300
64000 Monterrey, N. L.
Fax: 5570 6810
Tel: 8318 3900
SIF Garban Intercapital México, S.A. de C.V.
Paseo de la Reforma
Rodolfo Sánchez-Arriola L.
255, Piso 7
CHAIRMAN OF THE BOARD
Cuauhtémoc
06500 México, D.F.
Tel: 5128 2000
Fax: 5128 2000
• 100 •
Fax: 8318 3942
• 101 •
Executives
• 102 •
CHIEF EXECUTIVE OFFICER
Efrén Del Rosal Calzada
COMMITTEES
TECHNICAL DIVISION SUBDIRECTOR
Ernesto Reyes Retana Valdés
TECHNICAL OPERATION SUBDIRECTOR
Everardo Rodríguez Caro
ADMINISTRATION AND DERIVATES SUBDIRECTOR
Julio Arturo Sánchez Díaz
MUTUAL FUNDS MANAGER
Sonia García Almazán
CAPITAL MARKET SPECIALYST
Beatriz Pérez Robles
SYSTEMS SPECIALYST
Fernando Sánchez Alvarado
DERIVATIVES ANALYST
Fides Niño Vega
MUTUAL FUND SPECIALYST
Carolina Lima Hernández
SYSTEMS ANALYST
Alfredo Lara Morales
RESEARCH AND COMUNICATION
DIRECTOR
José Luis Acosta Chavira
RESEARCH AND PROMOTION MANAGER
Juan José Arriola García
CORPORATE FINANCING MANAGER
Bertha Guadalupe Escalona Téllez
PUBLIC RELATIONS SPECIALYST
Bertha Ivette Garzón Sánchez
COMMUNICATIONS SPECIALYST
María del Carmen Grandini Ochoa
INVESTIGATIONS SPECIALYST
Israel Jesreel Fajardo González
ACADEMIC COORDINATOR
Serafín Ramón Sinde Riestra
COMPLIANCE AND LEGAL DIRECTOR
Ángela Balmori Iglesias
CERTIFICATION MANAGER
Ana Lilia Ortega Angeles
CORPORATE LEGAL SPECIALYST
Erik García Tapia
LEGAL ANALYST
Paola Pacheco García
REVALIDATION ANALYST
Jordana Highland Pinacho
• 103 •

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