ASIGNA Clearing and Settlement House November, 2015.

Transcription

1 Webinar: TIIE Swaps Settlement ASIGNA Clearing and Settlement House November, 2015.

2 Agenda Webinar Introduction: Roberto Gonzalez Deputy General Director, Post-Trade Division, BMV Group Swaps Settlement at Asigna through Brokers: Jacques Levy - President, Mexican Association of Brokerage Firms Swaps Transactions at MexDer for their settlement in Asigna (Backloading): Jose Miguel de Dios - Director, Derivatives Market Transactions Services - MexDer Clearing and Settlement of Swap Contracts in Asigna: Amilcar Elorza - Operations Director, Asigna Risks Valuation and Management for Swaps: Fabiola Perez Duarte - Risks Sub-Director, Asigna Tax Treatment: Jorge Correa - Creel, Garcia-Cuellar, Aiza y Enriquez Q&A

3 Webinar's Objective: TIIE Swaps Settlement in Asigna, Clearing and Settlement House To disclose the clearing, settlement and registration services to be offered by Asigna, Clearing and Settlement, regarding the Settlement of Standardized Derivative Contracts, particularly for TIIE Swaps Contracts

4 Introduction: TIIE Swaps Settlement ROBERTO GONZALEZ Deputy General Director, Post-Trade Division, BMV Group (Asigna, Valmer, Indeval and CCV)

5 Background The global financial crisis of 2008 uncovered weaknesses in the OTC derivatives market: Risk of exposure in transactions which were not being measured or controlled by the risks management systems. Exposure of participants with several constituents of the financial group. Government intervention to try to avoid a systemic contagion. The contagion effect was exacerbated by the liquidity pressure affecting warrants valuations, credit lines closure, and a reduction in the operation.

6 Background In 2009 the financial authorities of the G20 countries agreed to promote actions to strengthen the OTC derivatives market through: i. Compulsory negotiation of standardized OTC transactions at stock exchanges or electronic platforms, cleared and settled through central counterparties. ii. Compulsory reporting of all derivatives transactions to central information registries, and iii. Larger capital loads and requirements for bilateral collateral margins (margin calls) for transactions which are not settled through central counterparties.

7 Background The commitment from the financial authorities (SHCP, CNBV and Bank of Mexico) with the G20 will be met in accordance with the following: i. Publication of Tripartite Regulations. Asigna will settle transactions contracted in the negotiation platforms of the OTC market (Brokers). ii. Amendment of the provisions applicable to companies managing mechanisms to facilitate transactions with securities (Regulations for Electronic Platforms) from the CNBV. iii. Amendment of the Prudential Provisions of the Derivatives Market. iv. Amendment of the capitalization Regulations set forth in the Sole Circular Letter of Banks of the CNBV.

8 Enforceability to Settle OTC Derivatives. iv. Circular Letter 4/2012 for derivative transactions of the Bank of Mexico (Banxico Circular Letter). Starting April 2016, the standardized derivative transactions carried out in the credit institutions and stock exchanges among themselves or with domestic institutional investors, entered into in Acknowledged Markets or Domestic or Foreign Negotiation Platforms, must be settled in Clearing Houses. Asigna has made the necessary adaptations to its regulations and operation to offer the services required for OTC derivatives transactions. International Acknowledgments. Asigna as MexDer FBOT House before CFTC. Asigna is in the process of being recognized as a Qualified CCP before ESMA (March 2016) DCO Exemption before the CFTC is underway.

9 Swaps Settlement in Asigna via Brokers: JACQUES LEVY President, Mexican Association of Brokerage Firms

10 Brokers Regulation Law applicable to Societies managing systems which facilitate transactions with securities (interbank and institutional Brokers) Instruments Information

11 Derivative Transactions Registration Registration in Mexico or in the U.S. U.S. authorities regulations Convenience. Transacted volumes.

12 Bilateral Transactions There is no current obligation to go through Brokers. Bilateral transactions - Block Trades. Liquidity ><Transparency. Acknowledged and accepted by authorities. New rule: Registration with Brokers.

13 Changes in April - November Obligation to go through trading platform or broker platform (April 2016 for domestic counterparties, November 2016 if there is a non-mexican counterparty). 2. Obligation to register in central counterparty. Platforms and clearing houses may be outside Mexico with authorization from CNBV/Bank of Mexico.

14 Brokers and Central Counterparties 1. Link with central counterparties 2. Way to inform ASIGNA and receive confirmation 3. Clearing partners

15 Withholding Tax on differential payments Comments from the tax specialist

16 Transactions Log (Backloading) We are in the process of signing the contract between Brokers and Asigna

17 Swaps Transaction in MexDer for their settlement in Asigna (Backloading) JOSE MIGUEL DE DIOS Operations Director at MexDer

18 Listed Swaps MexDer has Swaps listed from 2x1 up to 390x1. Each day the most common swaps are shown in the transactions displays. The Trading Desk at MexDer can be requested to release a specific term, or transactions can be carried out as Block Trades. Swaps with accrued interest can be transacted with two modes: Full Coupon, or only paying the remaining days of the coupon. All Swaps transacted at MexDer remain live, even when the opposite transaction is carried out. To close positions, an Unwind transaction or a Substitution must be made.

19 Unwind To register an Unwind it must be made through a Block Trade, negotiating with the owner of the opposing position in the swap the amount in MXN that any of the counterparties would have to settle in order to break up the Swap. It is possible to make Unwinds in parts, and not necessarily the entire volume.

20 Substitution These transactions are made when any of the counterparties of the swap wants to close the position and the counterparty does not want to do so. In this case a third party may be found to take the position of the counterparty that opts out, taking its place and being transparent for the counterparty wishing to retain its position.

21 Characteristics of the Listed Swap Underlying: Contract size: Contract term: Ticker Symbol: Trading Code: Bid: Minimum Initial Margin: Opposing Marginalization: Negotiation schedule: Bloomberg <MMDD> Reuters MXN/FUTEX1 Interbank Balance Rate TIIE28 MXN$100,000. No less than 2 months (2x1) or greater than 30 years (390x1) # 28-day coupons x1 Fixed Nominal Interest Rate stated in percentage points with four decimal points Rate From MXN$32 (2x1) up to MXN$4,850 (390x1). MXN$16 7:30 am to 2:00 pm. MXN contract <CMDTY> CT <go> MXNIRS=XD 21

22 Regulatory Changes October 2015 New capitalization rules for Credit Institutions April 2016 Operations between credit institutions and stock exchanges between themselves or with institutional clients. January 2016 Amendment of the CUF regarding the valuation of the Assets from the AFORES in other currencies. November 2016 Transactions made by credit institutions or stock exchanges with foreign financial entities Circular Letter 8 /

23 Circular Letter 8/2015 Requirements to enter into and settle Standardized Derivative Transactions will become effective in accordance with the following: i. On April 1, 2016 for Standardized Derivative Transactions entered into between Entities or between an Entity and domestic Institutional Investors ii. On November 16, 2016 for Standardized Derivative Transactions entered into between an Entity and any Foreign Financial Entity, as well as between an Entity and any foreign Institutional Investor.

24 Entering into Swaps Transactions It must be noted that the regulation does not only address settling Swaps transactions in Clearing Houses Acknowledged by the Mexican authorities, but it also specifies that the transactions must be made in Acknowledged Derivatives Markets or the Partnerships which Manage systems to facilitate transactions with Securities (Brokers)

25 Capital Requirements The regulations also regard New Transactions being made, i.e., the positions the institutions have prior to those dates are not bound to send them to Clearing Houses, nevertheless there was an amendment in October 2015 which affects the Capital requirements for Banking Institutions. In order to be able to easily migrate preexisting Swaps, Backloading was implemented.

26 Backloading Last September 8, MexDer and Asigna published on their web page a notice explaining the Backloading process. This process implies transferring the preexisting swaps in the OTC to migrate them to Asigna. In this process, in order to avoid the closing of the OTC positions having an fiscal impact due to the acknowledgement of profit or loss, the original data on when these Swaps were created would be included with the information of these transactions.

27 Process to report Preexisting Swaps in Asigna Report to MexDer Operators and the clearing partner a business day in advance and before 4:30 pm. It is done via Block Transaction If the Block Transaction is carried out one day in advance, it does not require to comply with the number of bids for its registration. The report must be made separately for each counterparty through the operators or on behalf of Third Parties in case they are Clients Preexisting transactions would be exempt of collection from MexDer and Asigna until December 31, provided they are reported one business day in advance. The report between the counterparties must match and have the following information: 1. Series (3x1, 6x1,etc) 2. Purchase or Sale 3. Number of contracts with MXN$100, (one hundred thousand pesos) notional 4. Counterparty 5. Fixed Rate (at original rate or market rate) 6. Client s Account in the Clearing Partner 7. Reference (optional up to 5 characters) 8. Number of periodical settlements 9. Cut-off date of the current coupon 10. Cut-off date of the last coupon 27

28 Clearing and Settlement of Swap Contracts in ASIGNA. AMILCAR ELORZA Y ALEGRIA Operations Director at Asigna

29 Clearing and Settlement of Swap Contracts The clearing and settlement of TIIE swap contracts at 28 days in Asigna, comprises several activities: Novation. Registry. Compensation. Collateralization. Marginalization. Valuation. Settlement.

30 Novation: Broker s Operational Flow Bank A Bank B Broker Clearing House Operation 4 Account 5 Operat. Cap 5 Clearing Partner (Bank A) 3 5 Clearing Partner (Bank B) 1. Bank A requests quotation for a Swap from the Broker. 2. Bank B agrees on the Swap with Bank A through the Broker. 3. The Broker sends the transaction to Asigna for its novation, clearing and settlement. 4. After validating the accounts and the transaction is within the operational and exposure caps, imposed by the Clearing Partner (SL) to the Bank, and by Asigna to the SL, the latter accepts and novates the swap transaction. 5. Asigna sends notice of receipt and novation of the swap to the Broker and to the SLs. 6. The Broker notifies the novation of the swap to its clients.

31 Novation: MexDer Operational Flow Operator A 2 MexDer Clearing House Operator B Operation Operator ID 3 4 Accounts 4 3 Clearing Partner (Operator A) Clearing Partner (Operator B) 1. The transaction goes through a pre-transactional risk control established by the Clearing Partners (SLs) outside the operational flow. 2. Operator A displays a purchase or sale order in MexDer s negotiation system. Operator B closes the operation. 3. MexDer sends confirmation of the transactions to the Operators, and simultaneously sends it to the SLs. 4. SLs receive and send to MexDer the transaction s acceptance. 5. MexDer sends the transaction to Asigna. 6. Asigna confirms receipt and automatic novation to MexDer.

32 Registration Each Swap will have a Unique Identifier comprised by the transaction date and a number (folio) issued by Asigna. USI = Date (AAMMDD) + Folio # (999999) The USI will always be linked to the position generated by the transaction. Additionally, the place where the transaction was made will be identified with an alphanumeric code. (Ex. MexDer 1, Broker 2,, Foreign platform 9).

33 Contract to be Settled Notional Value : Multiples of MXN$100, Tenor: Number of Coupons. Ex. 3x1, 13x1, 26x1, 130x1 Quotation Unit: The fixed nominal interest rate, stated in percentage with up to 4 decimal points. Effective Date: Business day immediately after the date of agreement. Reset Date: Bank business day immediately preceding the coupon s Settlement Date. Payment Date: Day when the money flow resulting from the difference between Fixed Rate vs. Variable Rate on the notional value is paid. Payment Frequency: Each 28 consecutive days counted form the Effective Date. If any of those is a non-business day, the Payment Day will be moved to the next business day. (Payment Schedules). Maturity Date: Day in which the last coupon is cleared. Day Count Convention: Act/360.

34 Registration The registration process of the negotiation generates Short Position for the Buyer. Long Position for the Seller. according to the OTC practice, regarding the swaps agreement. Long Position = Receiver of Fixed Rate. Cashes coupons at fixed rate and pays at variable rate. Short Position = Payer of Fixed Rate. Pays coupons at fixed rate and cashes at variable rate.

35 Clearing All transactions are registered and remain open. Operations do not get settled among themselves. There is no positions netting. Clearing in the margin requirement, opposed positions which mitigate exposure to risk are acknowledged. Clearing (netting) in the settlement of the variation margin as well as the settlement of coupons.

36 Clearing An unwind transaction, eliminates the swap position for both counterparties. A substitution (assignment) transaction, cancels the swap position for the part being substituted. For the substitute, it creates the swap position with the characteristics of the original swap, including the USI. Periodically, or upon express request, Asigna will call the involved parties to compress swap portfolios, to that end a critical mass must exist. Asigna began talks with TriOptima to set up a relation which allows it to render this service.

37 Collateralization The Initial Margin required may be covered in cash securities and USD in cash INSTRUMENT SECURITY TYPE DISCOUNT Shares* % Brems XA 0.80% BPAG91 IQ 1.50% Bonde182 LS 1.50% Bondes D LD 1.50% BPAG28 IM 1.00% Taxed Cetes BI 0.50% BPA s 182 IS 1.50% T-Bills D4SP 6.50% Dollar *CSP 6.50% Naftrac % DISCOUNTS APPLICABLE TO DEVELOPMENT BONDS ISSUED BY THE FEDERAL GOVERNMENT OF THE UNITED MEXICAN STATES DENOMINATED IN INVESTMENT UNITS (UDIBONOS) INSTRUMENT TERM DISCOUNT UDIBONOS P 1 year 1.00% UDIBONOS 1 < P 5 years 2.50% UDIBONOS 5 < P 15 years 7.00% DISCOUNTS APPLICABLE TO FEDERAL GOVERNMENT DEVELOPMENT BONDS AT FIXED RATE, DENOMINATED M, FOR ALL THEIR TERMS INSTRUMENT SECURITY TYPE TERM DISCOUNT Bond M P 1 year 1.00% Bond M 1 < P 5 years 2.50% Bond M 5 < P 10 years 5.00% Bond M 10 < P 15 years 7.00% Bond M 15 < P 20 years 8.00% Bond M P > 20 years 8.00% DISCOUNTS APPLICABLE TO TREASURY BONDS ISSUED BY THE FEDERAL GOVERNMENT OF THE UNITED MEXICAN STATES, FOR ALL THEIR TERMS INSTRUMENT SECURITY TYPE TERM DISCOUNT T-Note & T-Bond D5SP & D6SP P 1 year 6.50% T-Note & T-Bond D5SP & D6SP 1 < P 5 years 8.00% T-Note & T-Bond D5SP & D6SP 5 < P 10 years 10.00% T-Note & T-Bond D5SP & D6SP 10 < P 15 years 12.00% T-Note & T-Bond D5SP & D6SP 15 < P 20 years 13.00% T-Note & T-Bond D5SP & D6SP P > 20 years 13.00% Collaterals must be submitted to the Clearing House before it requires the Initial Margin.

38 Marginalization Initial Margin. Is required in T+1 from both counterparties of the swap transaction. If there are opposing positions, Asigna acknowledges the reduction of the exposure, since the risk is partially offset, so it requires a lower Initial Margin. Variation Margin. Asigna determines the current net value of the swap and compares it against the one from the immediately preceding business day, the resulting difference, whether positive or negative, is covered by one counterparty to the other through Asigna.

39 Initial Margin (Minimal Initial Contribution) SWAPS PRODUCT GROUP VME INDIVIDUAL OPPOSED DELIVERY 3X1 RTE (0.60) *** 6X1 RTE (0.60) *** 9X1 RTE (0.60) *** 13X1 RTE (0.60) *** 26X1 RTE (0.60) *** 39X1 RTE (0.60) *** 52X1 RTE (0.60) , *** 65X1 RTE (0.60) , *** 91X1 RTE (0.60) , *** 130X1 RTE (0.60) , *** 195X1 RTE (0.60) , *** 260X1 RTE (0.60) , *** 390X1 RTE (0.60) , *** *** Not applicable

40 Valuation Meetings were held with the Chicago Mercantile Exchange (CME) to know the methodology they use for swaps valuation, concluding with the following items: Since the coupons in MXN are a contractual obligation of the swap, a curve must be built which allows to forecast the cash flows (Future coupon payments) for the Floating side of the swap. Also, since there is no secondary market of Overnight Index Swap (OIS) in MXN, to discount said cash flows, a bank Funding Curve in MXN is required in MXN equal to the Bank Funding Curve in USD. That is why the OIS curves and the TIIE28 forward are built in MXN, which are shared with Asigna in order to have the same valuation.

41 Settlement (Mark-to-Market) The daily settlement, which is a sole flow to settle in T+1 includes: Initial Margin which acknowledges the passing of time and opposing positions. Variation Margin resulting from the swap s valuation (Mark-to-Market). The Variation Margin is adjusted through Price Alignment Interest (PAI). Daily payment of interests by Initial Margin covered in cash.

42 Settlement (Coupons) The variable rate applied to each coupon is the one published by the Bank of Mexico on the day of the swap s agreement. For the following coupons, the one published by Banxico the business day immediately preceding the settlement of the effective coupon. (Reset Date). The day prior to the settlement date, the amount of the coupon payments is calculated, and the settlement takes place in T+1 as an additional concept of the daily Settlement. These, as all other concepts of the settlement, are compensated (netted) by Asigna, to generate a single positive or negative cash flow.

43 Settlement (Preexisting Swaps) The requirement to receive preexisting swap transactions (Backloading) in Asigna is for the original characteristics to be registered when the transaction was agreed upon, such as: Notional Value of the original swap. Number of coupons agreed upon in the transaction. Fixed rate agreed upon contracting. Date of agreement. Effective date. Expiration date. Settlement of accrued coupons, observing the total number of days it has accrued, as well as the TIIE rate set for it at the cutoff date of the previous coupon. (Full coupon payment).

44 Swap Contracts Clearing and Settlement in ASIGNA. FABIOLA PEREZDUARTE DE LA CUEVA Risks Sub-Director, Asigna

45 Daily Swaps Loss and Profit 1. Calcular Calculate los the flujos Swap del flows Swap. i. Para la pata fija, traer a valor presente con la Curva OISTIIE For the fixed leg, bring to present value with the OISTIIE Curve VPF t = Tf 28/ OISTIIE t t/36000 For the variable leg, calculate the forward rates with the IRSTIIEPR i. Para la pata variable, calcular las tasas forward con la curva and IRSTIIEPR bring to Present y traer Value a Valor with Presente the OISTIIE con Curve la curva OISTIIE. fwd t VPV t = 1 + OISTIIE t t/36000 donde, where, fwd t = 1 + IRSTIIEPR t t/ IRSTIIEPR t 28 (t 28)/

46 Daily Swaps Loss and Profit 2. Determining Determinar la the pérdida Swap o loss ganancia or profit del Swap. Pérdida Variable y Ganancia Leg Loss Pata and Variable Profit VPS V = 100,000 VPF t VPV t n t=1 Pérdida Fixed y Leg Ganancia Loss and Pata Profit Fija VPS F = 100,000 VPV t VPF t n t=1

47 Marginalization of Exchange Contracts The marginalization model for the Swaps uses the maximum expected variation (VME) of each node, calculating losses and profits with a determined level of reliability and at a given temporary horizon (number of day to close the position): VME: Conditional VaR at 1% and 99%, taking the maximum from the two observations. Time horizon: 5 days Curves: IRSTIIEPR (project flows), OISTIIE (flows at present value) Contract Size: $100, Minimum Initial Contribution (AIM) AIM IndividualNODE= VME * Contract Size =VMENode*100,000 Opposed AIM = 2 * Parameter Opposed AIM

48 OTC SWAPS Marginalization Parameters of Representative Nodes AIM Opposing Opuesta AIM 16 Nodos Representative representativos nodes Swaps VME Individual AIM Individual AIM 3X X X X X X X X X X X X X Source:

49 Negotiation Marginalization of exchange contracts Grupo Product Producto Group 0.6 Clase Class Clase Real Class Real Larga Long Corta Short Long AIM Larga AIM Short AIM Corta AIM AIM Risk Riegso AIM 130X1 69X ,340 1, X1 74X1 4,000 7,092,000-1, X1 88X ,300-2, X1 91X ,300-2,246 Scenarios, Prod. Grp. Larga Long Short Corta Riesgo Risk Opposed Opuesta U5 Swaps 7,420,600-16,340 7,404, D5* Swaps - 7,420,600 16,340-4,442,556 *Regarding a debit, apply factor of Product Group= 0.6 Max(U5,D5) 7,404,260 AIMT=Max(U5,D5)+Opuesta Opposed $ 7,404,580

50 Marginalization Exchange Contracts + Future on TIIE28 Negotiation Scenarios Clase Class Clase Real Class Real Serie Long Larga Corta Short Long AIM Larga AIM AIM Short Corta AIM AIM Risk Riegso AIM TE28 AB , TE28 EN , TE28 FB , TE28 DC , X1 69X ,040 1, X1 74X ,300-1, X1 88X1-1,000-2,163,000 2, X1 91X1-1,200-2,695,200 2,246 TIIE28 Larga Long Short Corta Riesgo Risk Opposed Opuesta U5* TE28 116,400-1, ,200 1,440 D5 TE28-116,400 1,200-69,120 Swaps Larga Long Short Corta Riesgo Risk Opposed Opuesta U5 Swaps 177,300-4,956,240-2,867,364 3,200 D5* Swaps - 177,300 4,956,240 4,778,940 *Regarding a debit, apply factor of Product Group= 0.6 Prod. Grp. Riesgo Risk U5 S - 2,752,164 D5 S 4,709,820 Opposed Opuesta 4,640 Max(U5,D5) 4,709,820 AIMT=Max(U5,D5)+Opuesta Opposed $ 4,714,460 Sin w/o Gpo Prod. Prod. Grp. $ 4,898,780 Beneficio Benefit $ 184,320

51 Intraday settlements Intraday settlements will be made periodically with the purpose of eliminating the counterparty risk. Asigna being the AAA Counterparty, the credit risk is mitigated and the use of lines of credit is substituted for margins with the possibility of using collateral instead of cash. The credit quality of the counterparty (Asigna) is maintained throughout the life of the contract Market Opening Market Closing Intraday Settlement Intraday Settlement Intraday Settlement Intraday Settlement Intraday Settlement

52 Backloading Process The Backloading process will allow the input of transactions previously agreed upon and with accrued coupons. In the determination of requirements, the compensation between positions of long and short contracts belonging to the same Product Group will be taken into consideration. 1 The Clearing Partners notify Asigna the position they intend to input through the process of Backloading a previous day. 2 Asigna estimates the contributions requirement and reports it to each Clearing Partner, considering what is notified as Backloading and the existing positions to include the compensation benefit per product group. 3 Each Clearing Partner notifies its clients, to foresee the intraday requirements

53 Fiscal Treatment JORGE CORREA Creel, Garcia-Cuellar, Aiza y Enriquez

54 Fiscal Situation - Price Alignment Interest (PAI) Understanding that the Accrued Variation Margin constitutes a credit, the PAI would be a yield derived from such credit and, as a result, it should be treated as interest.

55 Fiscal Situation Income Tax (ISR) Income PAI Type of fiscal revenue Interest Residents in Mexico Residents abroad Non-Lucrative Legal Person Legal Person Person Basis Taxable income: Actual interest (earned). Deduction: Non deductible. Withholding: From the clearing partner or global accounts manager, at a rate of 0.60% on capital. Taxable income: Nominal interest (accrued). Deduction: As per LISR requirements. Withholding: From the clearing partner or global accounts manager, at a rate of 0.60% on capital. Annual adjustment for inflation: Valuation Margin must be considered for the calculation of the annual adjustment, accruing it or deducting it, as the case may be Articles 18, 25, 27, 28, 44, 45, 54 and 134 of the Law on Income Tax (ISR). Article 21 of the Federal Revenue Act (LIF). Rule of the Fiscal Miscellaneous Resolution (RMF) for Natural and Legal Person Taxable income: Interest. Deduction: Does not apply Withholding: From the clearing partner or global accounts manager, applying a rate of 4.9% and up to 40% under the LISR or, as the case may be, under the appropriate treaty. Basis Exempt and Non-Exempt Basis Articles 153, 166 and 171 of the Law on Income Tax (ISR). Exempt: * SIEFORES * Authorized donees * Debt investment or variable income funds * Public interest entity Withholding: To nonexempt non-lucrative legal persons, from the clearing partner or global accounts manager, at a rate of 0.60% on capital. Distributable remnant: Non-deductible expenditures (interests) of authorized donees or debt investment or variable income funds may be computed to calculate the distributable remnant. Articles 79, 81 and 86 and171 of the Law on Income Tax (ISR).

56 Fiscal Situation Value Added Tax (IVA) The payment for PAI would be subject to IVA at a rate of 16%. Nonetheless, if the payee or the payer of the PAI is a certain institution from the financial system, such payment would be exempt.

57 Fiscal Situation Items to be regulated There are certain items which are still not regulated and which, as a result, have been discussed with the fiscal authorities, such as: IVA Exemption. Transparency of clearing houses and clearing partners. Withholding rate for residents abroad. Calculation of the annual adjustment for inflation.

58 Q & A

59 Webinar: TIIE Swaps Settlement Thank You for your participation. November, 2015.