Region

Jurisdiction

Regulator

2015-03-13 | Circular 6/2015

Added 2026-08-23

Circular 6/2015 — Modifies Circular 47/2008

The Bank of Mexico amends Articles 4 and 5 of Circular 47/2008 to adjust the bidding periods for U.S. dollar sales auctions. Article 4 establishes three specific two-minute submission windows on auction days: 9:00–9:02, 12:00–12:02, and 15:00–15:02 hours. Article 5 requires that assigned dollars be deposited into the institution's designated account at the Bank of Mexico's International Reserve Operations Sub-Management by the second immediate banking business day following the assignment date. These changes enter into force on March 17, 2015, applying to auctions conducted on that date and subsequent days.

Mexico

Banco de Mexico

2015, Year of the Generalissimo José María Morelos y Pavón

CIRCULAR 6/2015

Mexico City, March 13, 2015.

TO CREDIT INSTITUTIONS:

SUBJECT: MODIFICATIONS TO CIRCULAR 47/2008 (U.S. DOLLAR SALES AUCTIONS)

The Bank of Mexico, with the purpose of continuing the promotion of the sound development of the financial system, has deemed it convenient that the periods for the submission of bids corresponding to the U.S. dollar auctions referred to in Circular 47/2008 be adjusted to the operating conditions currently observed.

For the above reason, based on Articles 28, sixth and seventh paragraphs, of the Political Constitution of the United Mexican States; Articles 7, fraction X, 8, 14, and 24 of the Bank of Mexico Law; Article 22 of the Law for Transparency and Orderly Regulation of Financial Services; Articles 8, fourth and seventh paragraphs, 10, first paragraph, 14 Bis, in relation to Article 17, fraction I, and 19 Bis, fraction V, of the Internal Regulations of the Bank of Mexico, which grant the authority to issue provisions through the General Legal Directorate and the National Operations Directorate, respectively; as well as Article Second, fractions VI and X, of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, it has resolved to modify Articles 4 and 5 of the terms for the “U.S. Dollar Sales Auctions” set forth in Circular 47/2008, to read as follows:

“Interested institutions may submit their bids through the Dollar Auction Module of the Bank of Mexico Account Holder Service System (SIAC-BANXICO) or through any other electronic, computing, or telecommunications medium authorized for this purpose by the Bank of Mexico, in one or more of the following periods: from 9:00:00 to 9:02:00 hours for the first auction; from 12:00:00 to 12:02:00 hours for the second auction; and from 15:00:00 to 15:02:00 hours for the third auction, on the day on which they are held.”

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“The assigned dollars shall be deposited in the account designated by the institution previously to the Sub-Management of Operations Management of the International Reserve of the Bank of Mexico, on the second immediate banking business day following the date of assignment.”

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TRANSITIONAL PROVISION

SINGLE. This Circular shall enter into force on March 17, 2015. In virtue thereof, for clarity, auctions carried out on that date and on subsequent days shall be subject to the terms indicated in this Circular.