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Mexican brokers push back rule to force bids on new exchange

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La Bolsa Mexicana de Valores SAB in Mexico City.

Photographer: Cesar Rodriguez / Bloomberg

Mexico’s largest brokerage firms won the first round against a government plan to funnel more bids to the country’s new stock exchange, a move they said would increase costs and undermine best execution requirements.

Barely a month after proposing a rule that would have forced local brokers to send at least 30% of passive offers to every exchange operating in the country, the government withdrew the draft rules from public consultation at the end of the week. last.

The decision came afterGrupo Bursatil Mexicano, Mexico’s most active trading house, as well as the brokerage houses ofGrupo Financiero Banorte SAB andCitigroup Inc.’s local unit, Banamex, has filed complaints, according to records on the government website. The country’s brokerage association, AMIB, filed its own comment, asking finance officials to withdraw the project and take other steps to promote competition.

The proposed rule would have sent more orders to the upstart Biva exchange, which started operating in 2018 in a challenge to theBolsa Mexicana de Valores SAB, previously the only stock exchange in the country. So far, Biva has struggled to win more than 20% of total bids in any one session and averaged just over 6% of trades per day in March, according to its website.

Regulator CNBV defended the proposal, saying the existence of two exchanges has helped reduce fees for market participants, cut listing costs for companies by more than 40% and provide a safeguard in the event of a loss. ‘exchange.failures. He also said the proposed rules did not guarantee Biva a 30% market share, but would instead require efforts to reach that level without violating best execution rules.

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