Regulatory Alerts2017-03-30 | Circular 6/2017Added
Circular 6/2017 — Modification to Circular 3/2017 (Rules for Foreign Exchange Cover Auctions)
The Bank of Mexico modifies the Rules for Foreign Exchange Cover Auctions to establish a market-aligned exchange rate as the reference for settlement, aiming to reduce transaction costs for credit institutions. The amendment introduces new auction types, specifically 'Maturity Auctions' and 'Initiation Auctions', and defines the 'Forward Exchange Differential Unit' for calculating bids. It updates assignment criteria, settlement procedures, and the calculation of revaluation exchange rates using Thomson Reuters data, while adding new confirmation templates and deposit segregation requests to the annexes.
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