MexDer Mexican Derivatives Exchange. Interactive Brokers Webinar January 20, 2008
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1 MexDer Mexican Derivatives Exchange Interactive Brokers Webinar January 20, 2008
2 MexDer s de la History lámina Título 1998 Open Outcry Trading starts. Listing MXP/US Dollar Future Contract Interest Rates and Index Futures Contracts Listing Electronic Trading Local Market Makers Partnership with MEFF for the Options Market 2004 Development and launching of the equity options market Omnibus Accounts Remote Participants Emerging Market of the year Bolsa Mexicana Group IPO.. 1
3 Clearing Título House de la - Asigna lámina SELLER BUYER SELL BUY Local Rating Global Rating AAA (Mex) BBB/A-3 foreign currency MxAAA/mxA-1+ local currency BBB+/A-2 local currency. Fitch Rating Standard & Poor s Moody s AAA.MX A1 2
4 Título de la lámina Collaterals Accepted. Deposited in Mexico: Eligible Mexican Stocks. Eligible Mexican Bonds. Cetes (Mexican Treasury Bills).. Deposited in the U.S: US Dollar (cash). T-Bills. T-Notes. 3
5 Currencies Mexican Peso / U.S. Dollar Título Our de Products la lámina Futures Contracts Mexican Peso / Euro Indices IPC (Mexican Stock Exchange Index) Individual Stocks Cemex CPO, Femsa UBD, Gcarso A1, Telmex L, Amx L Fixed Income 28 days TIIE (Interbank Interest Rate) 10 year Interest Rate Swap Futures based on the 28 day TIIE 91 days Cetes (MXP Treasury Bill) 3 year Fixed Rate in MXP (M3) 10 year Fixed Rate Bond in MXP (M10) Inflation Index (UDI). 4
6 Currencies Título Our de Products la lámina Options Contracts Mexican Peso / U.S. Dollar Indices Futures on IPC Individual Stocks Amx L Naftrac 02 Walmex Cemex. 5
7 MexDer Ticker Symbol: 28-day TIIE Título Futures de Contracts la lámina TE28 Liquidity and market depth. Quotation: Interest rate Up to 120 monthly maturities. Size: $100,000 MXP Most traded contract in MexDer. Tick: One bp (0.01) Monthly, Maturity Months: up to 10 years Settlement: Cash Reliable. 07:30-14:15 hrs. Trading Hours: AMV Traded (GMT -06:00) (thousands of contracts) VOLUME OPEN INTEREST Bloomberg < MMDD > DOA <CMDTY> CT 25,000,000 60,000,000 Reuters MXN/FUTEX1 0#TII: 20,000,000 50,000,000 40,000,000 15,000,000 30,000,000 10,000,000 20,000,000 It is the 28-day interbank interest rate, 5,000,000 10,000,000 computed on a daily basis by the Central Bank based on quotations submitted by local banks.. VOLUME Best Benchmark of the Mexican Interest Rate Market. OPEN INTEREST 6
8 MexDer Ticker Symbol: Título de la lámina 10 Year TIIE Swap Futures Contract SW10 Interest rate costs. Reduced counterparty risk, Credit Lines. $1,000,000 MXP Anonymous and transparent market bps. Arbitrage opportunities. Quotation: Size: Tick: 28 Day TIIE Futures + 10 Year Swap Futures Cash 100, Year Swap Futures 90, Day TIIE Future 80,000 07:30-14:15 hrs. 70,000 (GMT -06:00) 60,000 50,000 SWTA <CMDTY> Bloomberg < MMDD > 40,000 CT 30,000 Reuters MXN/FUTEX1 0#SW10: 20,000 10, Maturity Months: Settlement: Trading Hours: Monthly or Quarterly maturities for up to one years VOLUME (thousands) Another hedging mechanism. Efficiency in initial Margins and trading Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 7
9 Open Interest on the TIIE Título 28 day de la Futures lámina Contract OI Distribution February 2005 OI Distribution December 2008 Total (Contracts) 2.95% 2.74% Total (Contracts) 28,395,933 46,177, % 86.02% 94.31%. 8
10 VOLUMEN Título 10-Year Bond Título Futures de Contracts la lámina AMV Traded (thousands of contracts) (M10) 10-year Bond OPEN INTEREST 300, , , , , ,000 From 2006 to 2008: 80, ,000 60,000 The monthly average volume has 100,000 40,000 increased in more than 537%. 50,000 20, Foreign Investment in MXP Debt Government Securities by October federal government securities in Mexico. 0 Source: Mexican Stock Exchange.. 10 year fixed rate bond issued by the Mexican One of the most actively traded fixed income A benchmark for Mexican domestic interest rates. OPEN INTEREST USD Billion Pension Funds actively trading this product. Arbitrage opportunities Most efficient way to hedge and short positions. Dic-02 Dic-03 Dic-04 Dic-05 Dic-06 Dic-07 Oct-08 9
11 Título de la lámina Open Interest 10 Year Bond Futures. 10
12 VOLUME Título 100,000 AMV Traded (thousands of contracts) IPC Index Título Futures de Contracts la lámina The IPC is a capitalization Index and the leading indicator of the Mexican Stock Exchange performance. The IPC indicates the market return based 90,000 90,000 80,000 80,000 on price variations in a balanced, weighted 70,000 70,000 and representative sample of the stocks 60,000 60,000 listed on the Mexican Stock Exchange. 50,000 50,000 40,000 40,000 The easiest and cheapest way to hedge and 30,000 30,000 20,000 20,000 short the Mexican equity market. 10,000 10,000 From 2006 to 2008 the Open Interest has increased in more than 184% MexDer IPC From 2007 to 2008 the Open Interest Ticker Symbol: increased in more than 80%. Quotation: IPC Points Active participation of local and foreign Size: IPC x $10 MXP investors. Tick: 1 point Foreign holdings in equities, as a Quarterly, percentage f the Market Cap by October Maturity Months: up one year Settlement: Cash Foreign Holdings in Equities 79.5 Billion Trading Hours: 07:30-15 hrs. USD. (GMT -06:00) ISA Bloomberg < MMDD > <INDEX> CT. Reuters MXN/FUTEX1 IPC Index OPEN INTEREST 0#IPC: 100,000 OPEN INTEREST Source: Mexican Stock Exchange. Local Holdings in Equities Billion USD. 11
13 Open Interest on IPC Título Index de Futures la lámina and Volatility Opportunities OI Distribution February 2005 OI Distribution December % Total (Contracts) 4, % Total (Contracts) 48.85% 88,001 82% 9.37% VIMEX VIX Jan-06 Feb-06 Apr-06 May-06 Jul-06 Aug-06 Sep-06 Nov-06 Dec-06 Feb-07 Mar-07 May-07 Jun-07 Aug-07 Sep-07 Volatility Index Mexico (VIMEX) vs VIX Nov-07 Dec-07 Feb-08 Mar-08 May-08 Jun-08 Aug-08 Sep-08 Nov-08 Dec-08 VIX is a registered trademark of Chicago Board of Options Exchange, Incorporated. 12
14 Quotes Título Liquidity - Constant bids and asks in the front maturities and in a wide range of strike prices (over 500,000 quotes daily). Título de la lámina Options on the IPC Future Tick: 1 point The number of participants doubled last Quarterly, year. Maturity Months: up to one year For 2008, volatility for the IPC index was Settlement: Cash 38.73% on average 07:30-15 hrs. Trading Hours: (GMT -06:00) ISA Orders and Trades in Options Markets Bloomberg < MMDD > <INDEX> OMON Quotes No. Trades Reuters MXN/FUTEX1 0#IPC*.XD: the IPC Index. 20 1, , , , , , , ,000 Sep-06 Sep-06 Oct-06 Nov-06 Dec-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 Apr-07 May-07 Jun-07 Jul-07 Jul-07 Aug-07 Sep-07 Oct-07 Oct-07 Nov-07 Dec-07 Jan-08 Jan-08 Feb-08 Mar-08 Apr-08 May-08 May-08 Jun-08 Jul-08 Aug-08 Aug-08 Sep-08 Oct-08 Nov-08 Nov-08 Dec-08 No. Trades MexDer Ticker Symbol: Style: Size: IPC Options were launched on March On December 2006 we changed the underlying of this contract, from the spot IPC Index to the Future on This contract gives access to volatility trading on the IPC and represents an efficient hedging tool for Mexican equities. IP European IPC x $10 MXP 13
15 Structural de la Changes lámina Título Give Ups. FIA standard agreement. Omnibus Accounts with segregation (CFTC Rule 30.7) CFTC No-Action Letters (IPC futures & screens). FIX Access. Collaterals accepted in the US. More local participants (Pension & Mutual Funds).. 14
16 Título de la lámina Tax treatment for Foreigners Capital gains in fixed income derivatives traded in MexDer are not subject to withholding taxes! (Since 2006) Includes: Fixed income: CETES, M Bonds and TIIE Futures. Futures and Options on the Mexican Stock Exchange Index (Equities) are tax free. Single Stocks Options are not subject to withholding. taxes.(2008) 15 15
17 Título de la lámina Segregation In accordance to the CFTC s rule 30.7, two accounts are allowed: One for Proprietary trading. One for Customer trading.. 16
18 de la lámina Título Final Remarks. 17
19 de la lámina Final Remarks Título Volatility and Liquidity in the underlying instruments. Foreign investors have an increasing interest to invest in Mexican assets as a result of: Economic stability. Investment grade status and global asset allocation. Growing liquidity in MXP denominated securities. (Bonds and Equities) The need hedge market risks of Mexican securities. CFTC s no action letter of the IPC.. 18
20 What makes MexDer Título so de attractive? la lámina Título Volatility Trading Arbitrage Opportunities 100% Electronic Trading Liquidity No withholding taxes OTC Credit Limitations Migration to Listed Markets Give ups MexDer, The leading market place for trading derivatives on Mexican benchmarks.. 19
21 Título de la lámina How to participate in MexDer through Interactive Brokers Introducing Cynthia Tomain for Interactive Brokers. 20
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