Mercado Mexicano de Derivados’s order routing deal with CME Group will aim to match that of its neighbour BM&F Bovespa’s, MexDer CEO Jorge Alegría has told FOW.
Yesterday (March 8), CME Group announced that it had signed
a strategic partnership agreement with MexDer’s
parent, Bolsa Mexicana de Valores, which includes an order
routing agreement for derivatives. Order routing between the
exchanges is due to begin next year.
CME has acquired a 1.9% equity stake in BMV, valued at
$17m, as well as a seat on its board. Barclays Capital is
acting as financial adviser to CME on the deal. The
Chicago-based group will become the exclusive provider of order
routing to BMV outside Latin America.
The two exchange groups first held talks "of a preliminary
nature" in September of last year.
For BMV, the deal offers the opportunity to list products on
CME’s Globex trading network, opening up access to
the North American market. In addition, its burgeoning domestic
investor base, which is benefiting from increasingly active
participation from Mexican pension funds, will gain access to
CME Group’s benchmark products.
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