The Working Group on Alternative Reference Rates in Mexico is a representative forum for participants from both the public and private sectors which aims to encourage and promote the adoption of the new near-risk free rate, known as the Overnight TIIE Funding Rate.
The Working Group is composed by members that represent the different sectors of the Mexican financial market. In this way representativeness is ensured by consideration of all points of view.
The Working Group was established on September, 2020, while the Overnight TIIE Funding Rate was published for the first time on January 16, 2020, when new regulations came into force.
The responsibility of choosing the members of the Working Group rests within Banco de México. The Working Group will be constituted in a manner such that representativeness within the fixed income market in Mexico is guaranteed and ensured by consideration of all different points of view.
In this context, members of the Working Group will be chosen by Banco de México in accordance to their participation, influence, experience, and knowledge regarding the fixed income market. The composition of the Working Group might include, but is not limited to, representatives of banks, brokerage houses, inter-dealer electronic and voice brokers, stock exchanges, financial authorities, non-banking financial entities and corporates, among others.
Structure
Permanent members
- Director General of Central Bank Operations - Banco de México
- Director of Domestic Operations - Banco de México
- Director of Operations Support - Banco de México
- Domestic Operations Division Manager - Banco de México
- Deputy Manager of Market Operations - Banco de México
- Research Specialist - Banco de México
Temporary members
Representatives from:
- Secretaría de Hacienda y Crédito Público (SHCP)
- Comisión Nacional Bancaria y de Valores (CNBV)
- Asociación Mexicana de Intermediarios Bursátiles (AMIB)
- Asociación de Bancos de México (ABM)
- Asociación Mexicana de Afores (AMAFORE)
- Asociación Mexicana de Corredores Interbancarios
- Bolsa Mexicana de Valores (BMV)
- Bolsa Institucional de Valores (BIVA)
- CME Group
- Mercado Mexicano de Derivados (MexDer)
- Instituto para el Depósito de Valores (INDEVAL)
- Valuación Operativa y Referencias de Mercado (Valmer)
- Proveedor Integral de Precios (PiP)
- Enlace México
- Remate Lince
- BBVA México
- Citibanamex
- Santander México
- HSBC México
- Morgan Stanley México Casa de Bolsa
- Barclays Bank México
- BNP Paribas
- Goldman Sachs
- Coca-Cola FEMSA
- Fibra Uno
* Last update October 12, 2020.
2024
| Month | Agenda | Presentation |
|---|---|---|
| February | Eleventh meeting agenda | Eleventh meeting presentation |
2023
2022
| Month | Agenda | Presentation |
|---|---|---|
| October | Sixth meeting agenda | Sixth meeting presentation |
| July | Fifth meeting agenda | Fifth meeting presentation |
2021
2020
| Month | Agenda | Presentation |
|---|---|---|
| December | Banking products' first meeting agenda | Banking products' first meeting presentation* |
| December | Debt's first meeting agenda | Debt's first meeting presentation* |
| November | Derivatives' first meeting agenda | Derivatives' first meeting presentation* |
| September | First meeting agenda | First meeting presentation* |
*Available only in Spanish. For any questions or translation requirements regarding materials only provided in Spanish please contact the Secretariat of the Working Group.
- Australia ASX Advisory Committee
- Australian Financial Markets Association (AFMA)
- Australian Securitisation Forum (ASF)
- BOC Canadian Alternative Reference Rate Working Group (CARR)
- BOE Working Group on Sterling Risk-Free Reference Rates (RFRWG)
- BOJ Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks
- BOJ Study Group on Risk-Free Reference Rates
- ECB Working Group on Euro Risk-Free Rates
- Fed Alternative Reference Rates Committee (ARRC)
- Financial Stability Board (FSB)
- International Organization of Securities Commissions (IOSCO)
- International Swaps and Derivatives Association (ISDA)
- MAS Steering Committee for SOR Transition to SORA (SC-STS)
- RBA Interest Rate Benchmark Reform
- SARB Market Practicioners Group (MPG)
- SNB National Working Group on Swiss Franc Reference Rates
Secretariat of the Working Group on Alternative Reference Rates in Mexico
Av. 5 de Mayo 6
Second floor
Col. Centro, 06000
Mexico City