Regulatory Alerts2008-10-30 | Circular 52/2008Added
Circular 52/2008 — Rules for Purchase Auctions of Savings Protection Bonds (BPAS)
The Bank of Mexico establishes rules for conducting purchase auctions of Savings Protection Bonds (BPAS), defining eligible bidders such as credit institutions and brokerage houses, and specifying auction types including single-price, multiple-price, and fixed-price formats. The document mandates that bids be submitted via the SIAC-BANXICO system or in writing, outlines assignment procedures based on price priority and pro-rata allocation for ties, and sets settlement requirements through Indeval with a 1% conventional penalty for failure to deliver bonds. Results are communicated within sixty minutes of the submission deadline, and the rules became effective on October 30, 2008.
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