MEXICO

On February 19, the Secretary of Finance and Public Credit (SHCP, in Spanish) opened a public consultation, through the Regulatory Improvement Commission (CONAMER, in Spanish), proposing modifications to the general provisions applicable to brokerage firms. The resolution intends to ensure equality in the proposals for the purchase and sale of securities sent to the stock exchanges. The regulations will be in public consultation for at least the next 20 days, and those interested can send their comments through the following link.

The resolution under consultation establishes that clients of brokerage firms can make use of direct electronic channels to receive instructions to access electronic securities trading systems. With regard to the transmission of positions -proposals for the purchase or sale of passive securities- variable income, the brokerage houses must try to transmit daily to each of the stock exchanges at least 30% of all their positions daily passives. If this does not occur, the monthly daily average of passive positions must match the aforementioned percentage.

The resolution also defines that the systems for receiving and assigning operations of the brokerage houses must contain the necessary mechanisms to randomly distribute the transmission of passive positions to the stock exchanges. These brokerage houses must also have automated systems to execute orders from their clients in terms of equities, either for the best price available on the stock exchanges or the volume of value available on said exchanges.