2026-06-11 | Circular 8/2026Added
The Bank of Mexico modifies the rules governing auctions of Monetary Regulation Bonds (BREMs) and government securities, introducing new definitions for instruments such as BONDES, CETES, DALI, INDEVAL, and TIIE de Fondeo. The regulation establishes that only credit institutions, investment funds, and other authorized financial entities may participate in these auctions, with investment funds required to submit bids through their respective asset management companies. It details the procedures for single-price and multiple-price auctions, mandates that all bids be competitive and submitted via the designated electronic system, and sets strict timelines for publishing auction results within 120 minutes after the submission deadline.
Monday, June 15, 2026 OFFICIAL GAZETTE 1 BANK OF MEXICO CIRCULAR 8/2026 addressed to credit institutions, brokerage houses, investment funds, and specialized investment societies for retirement funds, regarding the Modifications to Circular 6/2012 (Auctions of BREMs and government securities carried out by the Bank of Mexico).
At the margin a logo, which says: Bank of Mexico.- "2026, Year of Margarita Maza Parada".
CIRCULAR 8/2026 TO CREDIT INSTITUTIONS, BROKERAGE HOUSES, INVESTMENT FUNDS AND SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS:
SUBJECT: MODIFICATIONS TO CIRCULAR 6/2012 (AUCTIONS OF BREMS AND GOVERNMENT SECURITIES CARRIED OUT BY THE BANK OF MEXICO)
The Bank of Mexico, with the purpose of continuing to promote the sound development of the financial system and to protect the interests of the public, has resolved to establish an auction procedure for the purchase, in the secondary market, of Monetary Regulation Bonds and government securities, with the object of having this mechanism as an additional tool for the better implementation of the monetary policy of this Central Institute.
For the above reason, based on articles 28, paragraphs seventh and eighth, of the Political Constitution of the United Mexican States; 7th., sections I and VI, 8th., 14, 17 and 24 of the Bank of Mexico Law; 9th., paragraph second, of the Organic Law of Nacional Financiera; 6th., paragraph second, of the Organic Law of Federal Mortgage Society; 9th., paragraph second, of the Organic Law of the Banco del Bienestar; 9th., paragraph second, of the Organic Law of the National Foreign Trade Bank; 10, paragraph second, of the Organic Law of the National Bank of Public Works and Services; 8th., paragraph second, of the Organic Law of the National Bank of the Army, Air Force and Navy, and 22 of the Law for Transparency and Order of Financial Services, as well as 1, 4, first paragraph, 8, paragraphs fourth and eighth, 10, first paragraph, 14 Bis, first paragraph, in relation to 17, section I, and 19 Bis, section V, of the Internal Regulations of the Bank of Mexico, as well as 13, section II, of the Policies for public consultation of general nature provisions issued by the Bank of Mexico, which grant it the authority to issue provisions through the General Legal Directorate and the National Operations Management, respectively, as well as in article Second, sections VI and X, of the Agreement on the Attachment of Administrative Units of the Bank of Mexico, has resolved to modify articles 1, first paragraph, and the definitions of “BONDES”, “CETES”, “Single Account”, “Banking Business Days” and “UDIS”; 2, first paragraph and sections I, III and V; 3, 4, 5, 6, first paragraph, section I and second paragraph of section II, as well as section III; 7, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, and Annexes 1, 2 and 3, as well as add the definitions of “DALI”, “Advanced Electronic Signature”, “INDEVAL”, “System”, “Auctions” and “TIIE Funding” to article 1; articles 2 Bis, 3 Bis, 5 Bis, 5 Ter, 14 Bis, 15 Bis, as well as repeal the definition of “SIAC-BANXICO” from article 1; section IV of article 6; as well as articles 8 and 19 of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”, contained in Circular 6/2012, to remain in the following terms:
RULES FOR THE AUCTIONS OF MONETARY REGULATION BONDS AND GOVERNMENT SECURITIES CARRIED OUT BY THE BANK OF MEXICO
“CHAPTER I PRELIMINARY PROVISIONS”
“Definitions Article 1.- For the purposes of these Rules, the terms used herein, in singular or plural, shall have the meanings indicated below, without prejudice to the different treatment given to similar terms in other regulations:
BONDES: to the Development Bonds issued by the Federal Government of the United Mexican States in the national market, denominated in national currency, both at fixed interest rate —known as “BONOS M”—, as at variable interest rate —known as
2 OFFICIAL GAZETTE Monday, June 15, 2026
“BONDES F”—, as well as those denominated in UDIS at fixed interest rate —known as “UDIBONOS”—. … CETES: to the Certificates of the Treasury of the Federation denominated in national currency issued by the Federal Government of the United Mexican States, excluding those issued under programs of restructuring of credits in UDIS (Special CETES). Single Account: to the deposit account in national currency that credit institutions must open and maintain at the Bank of Mexico, in accordance with what is provided in the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development”, issued by the Bank of Mexico through Circular 3/2012, as they have been reformed or substituted. DALI: to the payment system known as “Securities Deposit, Administration and Settlement System” administered by INDEVAL. Banking Business Days: to the days on which financial entities subject to the regulation of the National Banking and Securities Commission are not obliged to close their doors nor suspend operations, in terms of the general provisions that, for such effect, are issued by said Commission. Advanced Electronic Signature: to that signature that complies with the requirements of Advanced Electronic Signature referred to in articles 89 and 97 of the Commercial Code, as it has been reformed or substituted. The data of the Advanced Electronic Signature must be verifiable through the corresponding digital certificate issued by the Tax Administration Service. INDEVAL: to S.D. Indeval Securities Depository Institution, S.A. de C.V. SIAC-BANXICO: Repealed. System: to the Bank of Mexico system that allows persons determined in these Rules to present bids, in accordance with the contract celebrated with the Bank of Mexico for such effects. Auctions: to the auctions foreseen in these Rules, whether of purchase, in which the Bank of Mexico aims to acquire Securities in the secondary market, or of sale, in which the Bank of Mexico aims to alienate Securities, jointly or separately. TIIE Funding: to the Interbank Equilibrium Interest Rate in national currency, at a term of one Banking Business Day, which publishes the Bank of Mexico in accordance with what is provided in Section IV of Chapter IV of Title Third of the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development”, issued by the same Bank through Circular 3/2012, including its modifications through subsequent resolutions or, if applicable, the instrument that substitutes it. UDIS: to the units of account whose value in national currency publishes the Bank of Mexico in the Official Gazette of the Federation, in accordance with articles Third of the “Decree by which obligations that may be denominated in investment units are established and reform and add various provisions of the Fiscal Code of the Federation and of the Income Tax Law”, published in the Official Gazette of the
Monday, June 15, 2026 OFFICIAL GAZETTE 3 Federation on April 1, 1995, and 20 Ter of the Fiscal Code of the Federation. …”
“Bidders Article 2.- Only the following intermediaries may be bidders and, therefore, participate in the auction procedures for purchase or sale of Securities foreseen in these Rules: I. Credit institutions; II. … III. Investment funds; IV. … V. Other financial entities expressly authorized for such effect by the Bank of Mexico, in terms of article 15 Bis of these Rules.”
“Conduct of Bidders Article 2 Bis.- The persons referred to in the previous article 2 must present all their bids on their own account, except when dealing with: I. Investment funds, who will present their bids through the respective fund operating societies that provide them with asset administration services, and II. Specialized investment societies for retirement funds, who will present their bids through the respective retirement fund administrators that manage and operate them.”
“Auctions Calls Article 3.- The Bank of Mexico will make available to the entities referred to in article 2 of these Rules the calls for Auctions, no later than, the Banking Business Day prior to the date of the respective Auction, through the Internet electronic page identified with the domain name: www.banxico.org.mx, of the System or through any other electronic, computing or telecommunications medium authorized for such effect by the Bank of Mexico. In these calls, the Bank will make known the necessary characteristics for the carrying out of the Auctions. The calls for Auctions may refer to Securities of different class and issuance. In case the Bank of Mexico decides that bids relative to the Auctions are presented in interactive form, it will make this known to interested parties in the corresponding call. In this supposition, while the Auction remains open, participating entities may observe information on the marginal assignment price or rate, with the purpose that they can enter new bids and improve those presented.”
“Types of Auctions Article 3 Bis.- Auctions may be: I. At single rate or price: those in which Securities will be assigned or accepted starting from the most convenient bid in terms of rate or price for the Bank of Mexico and all bids that result with assignment or acceptance will be attended to the same rate or price, as appropriate, of the last bid that is assigned or accepted, notwithstanding that it was partially attended in its amount. II. At multiple rates or prices: those in which Securities will be assigned or accepted starting from the best bid for the Bank of Mexico and the bids that result with assignment or acceptance will be attended to the discount rate or price requested.”
“Time Zone
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Article 4.- The schedules mentioned in these Rules will refer to the time zone of the City of Mexico.”
“CHAPTER II BIDS”
“Characteristics of Sale Auctions of Securities Article 5.- For Sale Auctions of Securities, the bidder must indicate the total nominal value and the issuance keys of the Securities he wishes to acquire, as well as the following: I. Regarding Single Rate or Price Auctions, in the case of sale of CETES, the lowest discount rate at which he is willing to buy the Securities object of the Auction; in the case of sale of BREMs and BONDES, the highest unit price at which he is willing to buy the Securities object of the Auction. II. Regarding Multiple Rates or Prices Auctions, in the case of sale of CETES, the discount rate at which he is willing to buy the Securities object of the Auction; in the case of sale of BREMs and BONDES, the unit price.”
“Characteristics of Purchase Auctions of Securities Article 5 Bis.- For Purchase Auctions of Securities, the bidder must indicate the total nominal value and the issuance keys of the Securities he intends to sell to the Bank of Mexico, as well as the following: I. Regarding Single Rate or Price Auctions, in the case of purchase of CETES, the highest discount rate at which he is willing to sell the Securities object of the Auction; in the case of purchase of BREMs and BONDES, the lowest unit price at which he is willing to sell the Securities object of the Auction. II. Regarding Multiple Rates or Prices Auctions, in the case of purchase of CETES, the discount rate at which he is willing to sell the Securities object of the Auction; in the case of purchase of BREMs and BONDES, the unit price.”
“Common Characteristics of Purchase and Sale Auctions of Securities Article 5 Ter.- The Bank of Mexico may determine, in each of the Auctions, the minimum or maximum discount rate or price at which it is willing to celebrate the respective operation. In these cases, bids with rates or prices lower or higher, as appropriate, will not be attended. The bids referred to in articles 5 and 5 Bis of these Rules may only be competitive. The amount specified in each bid may not exceed the amount announced in the call by the Bank of Mexico. Regarding CETES, the discount rate must be indicated expressed in percentage terms, annual, rounded to hundredths and based on years of three hundred sixty days. In the case of BREMs and BONDES, they must indicate the unit price, rounded to ten-thousandths, which must not include accrued but unpaid interest during the interest period. In the case of Securities with variable interest rate, the intermediaries indicated in section V of the first paragraph of article 2 of these Rules must comply with the limits and other requirements that, in their case, the Bank of Mexico determines.”
“Presentation Article 6.- The intermediaries provided for in article 2 of these Rules must present the bids observing the following: I. They must present their bids through the System on the date and within the term indicated for such effect in the corresponding calls. II. … The bids must be presented in the form, terms and conditions indicated in the respective calls, specifying the amount at nominal value of the Securities to sell or buy. The amount of each bid must be in multiples of one thousand pesos. In case the Securities being
Monday, June 15, 2026 OFFICIAL GAZETTE 5 auctioned are denominated in UDIS, the amount of the bids must be expressed in multiples of one thousand UDIS or in the multiples that the Bank of Mexico determines for such effect in the corresponding call, for the realization of the Auctions. III. In case bids cannot be presented through the System, or when the Bank of Mexico so determines, bidders may present them, exceptionally, through any other electronic, computing or telecommunications medium authorized for such effect by the Bank of Mexico, in which case they must confirm them through email directed to mercadodedinero@banxico.org.mx or through writing directed to the National Operations Management presented in closed envelope, no later than, at 14:00:00 hours of the same Banking Business Day of the Auction, using the model attached as Annex 1 and accompanying it with a presentation letter, as appropriate, to each of the Securities in question. The documents mentioned in the previous paragraph must be signed with autograph signature or Advanced Electronic Signature by the same representatives duly authorized by the bidder. Additionally, said documents must show the knowledge of signatures granted by the Bank of Mexico, in case of autograph signatures, for which said signatures must be previously registered in the Central Institute itself. IV. Repealed.”
“Effects Article 7.- The bids presented to the Bank of Mexico will produce the widest effects that correspond in law and will imply the acceptance of the bidder to all and each of these Rules, as well as to the terms and conditions established in the call in which the Bank of Mexico communicates the particular characteristics of the Auction in which participation occurs. Every bid will have obligatory character for the bidder who presents it and will be irrevocable.”
“CHAPTER III PROCEDURE AND RESULTS OF AUCTIONS”
“Article 8.- Repealed.”
“Assignment or Acceptance Article 9.- In the case of Sale Auctions, bids will receive assignment or acceptance according to the ascending order of the corresponding discount rates in case of CETES, or to the descending order of the corresponding prices when it is about BREMs and BONDES. For the case of Purchase Auctions, bids will receive assignment or acceptance according to the descending order of the corresponding discount rates in case of CETES, or to the ascending order of the respective prices when it is about BREMs and BONDES. In Single Rate or Price Auctions, the rate or price at which the Securities in question will be assigned or accepted will be that which corresponds to the last bid that receives assignment, even though this is partially attended. In Multiple Rates or Prices Auctions, the bids that receive assignment or acceptance will be attended to the discount rates or prices requested. In all cases, bids will be attended and receive assignment or acceptance without exceeding the maximum amount indicated in the call. Any assignment or acceptance of Securities will be effected in amounts, at nominal value, rounded to thousands of pesos or UDIS, as appropriate.”
“Common Provisions Article 10.- Auctions, additionally, will be subject to the following: I. In case of tied bids at any level and the amount to assign is not sufficient to attend such bids, they will be attended pro rata of their amount, except in cases where it is about Interactive Auctions, in which case the bids will be attended in the order in which they were received.
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II. The Bank of Mexico may limit or suspend the participation of some or some of the bidders in the Auctions in the following cases: a) The intermediaries have acted in collusion among themselves; have acted against the sound uses or practices of the market, or their operations do not adjust to said uses or practices. b) The participation of the intermediary in the Auction in question represents, in the judgment of the Bank of Mexico, a risk for monetary or exchange policy, the sound development of the financial system, the good functioning of payment systems or the protection of the interests of the public. c) The intermediaries fail to comply with what is stipulated in the contract referred to in article 14 Bis of these Rules. III. The Bank of Mexico reserves the right to declare any Auction void, in which case no bid will receive assignment or acceptance; leave without effect or reject the bids it receives regarding one or more issuances, in the cases it considers that: a) The bids fail to comply with these Rules or other applicable provisions; the bids do not adjust to what is indicated in the corresponding call; are not clearly legible; present amendments or corrections; are incomplete or, in some way, incorrect. b) The bids do not adequately represent market conditions, could lead to inconvenient effects in the same, or do not adjust to the sound uses or practices of the securities market. c) The participation of the intermediary in the Auction in question or the possibility that said intermediary receives assignment or acceptance could generate, in the judgment of the Bank of Mexico, risks or inconvenient effects for the securities market, monetary or exchange policy, the sound development of the financial system, the good functioning of payment systems or the protection of the interests of the public.”
“Results Article 11.- The Bank of Mexico will inform each bidder individually through the System or through any other electronic, computing or telecommunications medium authorized for such effect by the Bank of Mexico, starting from sixty minutes after the deadline for the presentation of bids of the Auction in question and, no later than, within one hundred twenty minutes following said deadline, the following: I. Regarding Sale Auctions of Securities, the quantity of Securities that, if any, the Bank of Mexico will deliver to the bidder and the total prices he must cover for these. II. Regarding Purchase Auctions of Securities, the quantity of Securities that, if any, the bidder must deliver to the Bank of Mexico and the total price that will be covered by this to the bidder that corresponds. The Bank of Mexico will make available to bidders, through the Internet electronic page or through any other electronic, computing or telecommunications medium authorized for such effect by the Bank itself, the general results of the Auctions, starting from sixty minutes after the deadline applicable for the presentation of bids of the Auction in question, and no later than within one hundred twenty minutes following said deadline. The information corresponding to the general results of an Auction will remain available to bidders through the mentioned medium until such time as the results of a new Auction are incorporated in the terms indicated.”
“CHAPTER IV GENERAL PROVISIONS”
“Publication of the Characteristics of Auctions Article 12.- For market information, the Bank of Mexico will make known to the general public the characteristics of the Auctions, through its Internet electronic page or through any other electronic, computing or telecommunications medium authorized for such effect by the Bank of Mexico itself.”
“Fortuitous Event or Force Majeure Article 13.- In the event that, due to fortuitous event or force majeure, the Internet electronic page or the System, as the case may be, cannot be used to make known the calls, carry out the Auctions, or
inform the results of these, the Bank of Mexico will promptly communicate the procedure to carry out the Auctions, make such calls or the results of the corresponding Auctions known.”
“Access, Identification, and Operation Keys Article 14.- The access, identification, and, where applicable, operation keys established for the use of the System or any other electronic, computing, or telecommunications medium, which are used for the purposes of these Rules, shall substitute for the handwritten signature; therefore, documentary or technical records in which they appear shall have full legal validity and produce the same effects that the laws grant to documents signed by the parties, and consequently, shall have equal probative value.”
“Obligation to Conclude a Contract Article 14 Bis.- To participate in the Auctions referred to in these Rules, bidders must conclude the respective contract with the Bank of Mexico, for which they must provide it, through the Operations Instrumentation Management, the name of the person(s) who intend(s) to sign it, attaching a simple copy of their official identification(s) and a certified and simple copy of the public instrument in which the granting of powers to exercise acts of dominion is recorded. The aforementioned documentation must be delivered at least ten Banking Business Days in advance of the date on which they intend to participate in the Auctions for the first time.”
“Payment of Securities Article 15.- Brokerage houses and credit institutions must authorize the Bank of Mexico to instruct INDEVAL to charge or credit, as appropriate, the deposit account for securities held in administration that INDEVAL itself maintains for them, for the amount of Securities corresponding. Likewise, they must authorize the Bank itself to charge or credit the amount of the cash settlement in the Single Account or national currency account that the Bank of Mexico maintains for them. For this purpose, credit institutions and brokerage houses must grant an authorization in favor of the Bank of Mexico, drafted in terms of the format included in Annex 2, a copy of which they must deliver to INDEVAL. The persons referred to in fractions III, IV, and V of Article 2 must deliver and receive the Securities corresponding through a credit institution or brokerage house with which they agree to carry out the operations referred to in these Rules, who must grant their authorization to the Bank of Mexico, drafted in terms of the model contained in Annex 3, for the same effects indicated in the first paragraph of this article. The authorizations that credit institutions or brokerage houses deliver to the Operations Management Management of the Bank of Mexico for the effects indicated in this article must be signed by whoever has powers to exercise acts of dominion in the name and representation of the credit institution or brokerage house in question. To accredit the aforementioned powers, the credit institution or brokerage house in question must present, to the Operations Instrumentation Management of the Bank of Mexico, certified and simple copies of the public instrument in which the granting of the aforementioned power is recorded, as well as a simple copy of the official identification of the attorney or attorneys who sign the authorization. The documentation that must be sent to the Bank of Mexico pursuant to the provisions of this article must be delivered with an advance of at least ten Banking Business Days to the date on which they intend to participate in the Auctions for the first time. To determine the national currency amount of BONDES denominated in UDIs, as well as to carry out charges related to operations carried out with said Securities, the equivalence applicable to UDIs on the value date of the settlement of such Securities shall be used.”
“Authorization to Submit Bids Article 15 Bis.- The Bank of Mexico may authorize other financial entities other than those indicated in fractions I to IV of Article 2 to submit bids in the Auctions in accordance with these Rules. For these purposes, entities interested in participating as bidders must submit their application to the Bank of Mexico, through the Directorate of Authorizations and Sanctions of Central Banking. The
8 OFFICIAL GAZETTE Monday, June 15, 2026 Bank of Mexico may, at any time, limit or revoke, as appropriate, the authorization it grants pursuant to this article.”
“CHAPTER V SETTLEMENT OF THE AUCTIONS”
“Reservation of Ownership Article 16.- The Bank of Mexico, based on articles 2312 and 2313 of the Federal Civil Code, shall reserve ownership of the Securities subject to the corresponding sale Auction, until the moment it receives from the bidder payment of the respective price.”
“Calculation of the Amount for Settlement Article 17.- The settlement of the purchase or sale operations of Securities referred to in these Rules shall be carried out through the DALI, in terms of what is established in the Internal Regulations of INDEVAL, on the date fixed in the corresponding call, through the respective deposit or charge in the account of each bidder. For the above purposes, all Securities that bidders who have received an allocation are obligated to deliver, in the case of Purchase Auctions, must be deposited in the Securities accounts corresponding, before the close of operations of the DALI on the day of the corresponding settlement. In the case of Auctions of BONDES with a fixed interest rate, the settlement must be carried out by adding to the assigned unit price, the accrued unpaid interest, from the date of their issuance or last interest payment, as appropriate, up to the settlement date, according to the following formula: Where: Iacc = Accrued interest denominated in national currency or in UDIs, as appropriate. VN = Nominal value of the title denominated in national currency or in UDIs, as appropriate. d = Natural days elapsed between the date of issuance or last interest payment, as appropriate, and the settlement date. c = Annual interest rate of the BONDES, expressed in annual percentage terms and rounded to two decimals. In the case of Auctions of BREMS and BONDES with a variable interest rate, the settlement must be carried out by adding to the assigned unit price, the accrued unpaid interest, from the date of their issuance or last interest payment, as appropriate, up to the settlement date, according to the following formula: Where: Iacc = Unpaid accrued interest in national currency. VN = Nominal value of the title in national currency. N = Number of natural days elapsed between the date of issuance of the title or the last interest payment, as appropriate, and the settlement date. R = Accrued annual interest rate, expressed in annual percentage terms rounded to two decimals, calculated according to the following formula: Where: i = Refers to each of the natural days between the date of issuance of the title or the last interest payment and the settlement date. It will take values from 1 to N.
Monday, June 15, 2026 OFFICIAL GAZETTE 9 = Operator that means performing the multiplication of the N factors in parentheses. For BREMS: ri = Annual interest rate, expressed in percentage terms rounded to two decimals at which brokerage houses and credit institutions carry out purchase, sale, and repurchase operations for a Banking Business Day with banking titles, known in the market as “Weighted Banking Funding Rate”, calculated and made known on day i by the Bank of Mexico, through its Internet electronic page or through any other electronic, computing, or telecommunications medium authorized for this purpose by the Bank of Mexico itself. In the latter case, the Bank of Mexico will promptly inform the means by which said rate will be disseminated. In the case of days that are not Banking Business Days, for the calculation of the aforementioned interest rate, the rate made known on the immediately preceding Banking Business Day corresponding shall be used. In the event that this interest rate cannot be determined or ceases to be made known, the Bank of Mexico will request in writing from two societies that administer systems to facilitate operations with securities (brokerage houses) selected at the proposal of the Association of Mexican Banks, A.C., the average of the purchase, sale, and repurchase operations for a Banking Business Day with banking titles. The Bank of Mexico will calculate the average of the two interest rates obtained for its determination and will make the result known in the form and means mentioned, as an interest rate substitute for the aforementioned one. For “BONDES F”: ri = Annual interest rate, expressed in percentage terms rounded to two decimals, based on wholesale peso funding operations carried out by banks and brokerage houses through repurchase operations for a Banking Business Day with titles issued by the Federal Government, the Bank Savings Protection Institute (IPAB), and the Bank of Mexico, known in the market as “TIIE de Fondeo”, calculated and made known on day i by the Bank of Mexico through its electronic page www.banxico.org.mx, in terms of what is established in the “Provisions applicable to the operations of credit institutions, multiple-object financial societies regulated that maintain patrimonial links with credit institutions and the National Financial Development Company for Agriculture, Rural, Forestry and Fisheries”, issued by the Bank of Mexico through Circular 3/2012, published in the Official Gazette of the Federation on March 2, 2012, as they have been modified by subsequent resolutions, or through any other electronic computing or telecommunications medium authorized for this purpose by the Bank of Mexico itself. In the latter case, the means by which said rate will be disseminated will be promptly informed. In the case of days that are not Banking Business Days, for the calculation of the aforementioned interest rate, the rate made known on the immediately preceding Banking Business Day corresponding shall be used.”
“Non-Compliance Article 18.- In the event that a bidder does not make the total payment of the Securities assigned to them or does not have the total amount of the Securities they must deliver in the designated account before the close of operations of the DALI on the day of the corresponding settlement, in accordance with what is provided in Article 17 of these Rules, the Bank of Mexico may, without the need for a judicial declaration, rescind the purchase and sale for the uncovered amount, for which the corresponding credits and charges will not be made in the securities deposit accounts at the corresponding securities deposit institution, in the Single Account or national currency account that the Bank of Mexico maintains for them, as appropriate. In the cases of non-compliance referred to in the previous paragraph, bidders must cover to the Bank of Mexico, as a conventional penalty, the equivalent to the minimum amount resulting between one percent of the amount of the payment that has not been made or of the Securities that have not been delivered to the Bank of Mexico in a timely manner and 1,350,000 UDIs, applying the national currency value of said investment unit corresponding to the date on which the non-compliance in question occurs, plus the contributions that, if any, are incurred. The amount referred to in the previous paragraph will be charged to the Single Account or national currency account that the Bank of Mexico maintains for the bidder who has failed to comply or to the account that it maintains for the credit institution or brokerage house that authorized it, in terms of the authorization model presented to the Bank itself pursuant to the format included in Annexes 2 or 3, as appropriate.
10 OFFICIAL GAZETTE Monday, June 15, 2026 Without prejudice to the foregoing, the Bank of Mexico may disqualify the bidder in question from participating in Securities Auctions.”
“Article 19.- Repealed.”
“ANNEX 1 REQUEST MODELS (LETTERHEAD OF THE FINANCIAL ENTITY) REQUEST TO ACQUIRE CERTIFICATES OF THE FEDERAL TREASURY (CETES) BANK OF MEXICO NATIONAL OPERATIONS MANAGEMENT 5 de Mayo Avenue, No. 6 Col. Centro, C.P. 06000, Mexico City Present REQUEST ON OWN ACCOUNT Mexico City, on __ of ________ of __ Bidder name: ________________________________________________________________ Bidder key at the Bank of Mexico: ________________________________________________ Key of the requested issuance: ________________________________________________________ Term of the requested issuance: ____________________________________________________ days. BIDS: Discount Rate Amount ._ _____________ thousands of pesos ._ _____________ thousands of pesos ._ _____________ thousands of pesos ._ _____________ thousands of pesos The RATES must be expressed in annual percentage terms with TWO decimals. The cited bids are mandatory and irrevocable; they will produce the broadest effects that correspond in law, and imply our acceptance of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”. Sincerely, (DENOMINATION OF THE BIDDER) (NAME, POSITION AND SIGNATURE OF AUTHORIZED OFFICIALS) NOTE: Unused spaces must be cancelled.
Monday, June 15, 2026 OFFICIAL GAZETTE 11 1 The present document must show the signature knowledge granted by the Bank of Mexico, so said signatures must be registered at the Bank of Mexico itself. (LETTERHEAD OF THE FINANCIAL ENTITY) REQUEST TO ACQUIRE BONDS OF FEDERAL GOVERNMENT DEVELOPMENT (BONDES) BANK OF MEXICO NATIONAL OPERATIONS MANAGEMENT 5 de Mayo Avenue, No. 6 Col. Centro, C.P. 06000, Mexico City Present REQUEST ON OWN ACCOUNT Mexico City, on __ of ________ of __ Bidder name: ________________________________________________________________ Bidder key at the Bank of Mexico: ________________________________________________ Key of the requested issuance: ________________________________________________________ Term of the requested issuance: ____________________________________________________ days. BIDS: Clean Price Amount _________________ _____________ thousands of pesos/UDIS 1 _________________ _____________ thousands of pesos/UDIS _________________ _____________ thousands of pesos/UDIS _________________ _____________ thousands of pesos/UDIS The PRICES must be expressed up to FIVE decimals. The cited bids are mandatory and irrevocable; they will produce the broadest effects that correspond in law, and imply our acceptance of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”. Sincerely, (DENOMINATION OF THE BIDDER) (NAME, POSITION AND SIGNATURE OF AUTHORIZED OFFICIALS) NOTE: Unused spaces must be cancelled. 1 In the case of BONDES denominated in UDIs.
12 OFFICIAL GAZETTE Monday, June 15, 2026 2 The present document must show the signature knowledge granted by the Bank of Mexico, so said signatures must be registered at the Bank of Mexico itself. (LETTERHEAD OF THE FINANCIAL ENTITY) REQUEST TO ACQUIRE MONETARY REGULATION BONDS (BREMS) BANK OF MEXICO NATIONAL OPERATIONS MANAGEMENT 5 de Mayo Avenue, No. 6 Col. Centro, C.P. 06000, Mexico City Present REQUEST ON OWN ACCOUNT Mexico City, on __ of ________ of __ Bidder name: ________________________________________________________________ Bidder key at the Bank of Mexico: ________________________________________________ Key of the requested issuance: ________________________________________________________ Term of the requested issuance: ____________________________________________________ days. BIDS: Clean Price Amount _________________ _____________ thousands of pesos _________________ _____________ thousands of pesos _________________ _____________ thousands of pesos _________________ _____________ thousands of pesos The PRICES must be expressed up to FIVE decimals. The cited bids are mandatory and irrevocable; they will produce the broadest effects that correspond in law, and imply our acceptance of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”. Sincerely, (DENOMINATION OF THE BIDDER) (NAME, POSITION AND SIGNATURE OF AUTHORIZED OFFICIALS)
Monday, June 15, 2026 OFFICIAL GAZETTE 13 NOTE: Unused spaces must be cancelled. 1 The present document must show the signature knowledge granted by the Bank of Mexico, so said signatures must be registered at the Bank of Mexico itself. (LETTERHEAD OF THE FINANCIAL ENTITY) REQUEST TO SELL CERTIFICATES OF THE FEDERAL TREASURY (CETES) BANK OF MEXICO NATIONAL OPERATIONS MANAGEMENT 5 de Mayo Avenue, No. 6, Col. Centro, C.P. 06000, Mexico City Present REQUEST ON OWN ACCOUNT Mexico City, on __ of ________ of __ The entity indicated below presents the following bid to participate in the Auction to which this refers, in conformity and for the purposes of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”, issued by the Bank of Mexico through Circular 6/2012, as they have been reformed. Bidder name: ________________________________________________________________ Bidder key at the Bank of Mexico: ________________________________________________ Key of the CETE issuance that is willing to sell: __________________________________ Term of the CETE issuance that is willing to sell: ______________________________ days. BIDS Discount Rate Amount ._ _____________ thousands of pesos ._ _____________ thousands of pesos ._ _____________ thousands of pesos ._ _____________ thousands of pesos The RATES must be expressed in annual percentage terms with TWO decimals. The cited bids are mandatory and irrevocable; they will produce the broadest effects that correspond in law, and imply our acceptance of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”. Sincerely, (DENOMINATION OF THE BIDDER) (NAME, POSITION AND SIGNATURE OF AUTHORIZED OFFICIALS)
14 OFFICIAL GAZETTE Monday, June 15, 2026 NOTE: Unused spaces must be cancelled. 1 The present document must show the signature knowledge granted by the Bank of Mexico, so said signatures must be registered at the Bank of Mexico itself. (LETTERHEAD OF THE FINANCIAL ENTITY) REQUEST TO SELL BONDS OF FEDERAL GOVERNMENT DEVELOPMENT (BONDES) BANK OF MEXICO NATIONAL OPERATIONS MANAGEMENT 5 de Mayo Avenue, No. 6 Col. Centro, C.P. 06000, Mexico City Present REQUEST ON OWN ACCOUNT Mexico City, on __ of ________ of __ The entity indicated below presents the following bid to participate in the Auction to which this refers, in conformity and for the purposes of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”, issued by the Bank of Mexico through Circular 6/2012, as they have been reformed. Bidder name: ________________________________________________________________ Bidder key at the Bank of Mexico: ________________________________________________ Key of the BONDE issuance that is willing to sell: _______________________________ Term of the BONDE issuance that is willing to sell: ____________________________ days. BIDS Clean Price Amount _________________ _____________ thousands of pesos/UDIS 1 _________________ _____________ thousands of pesos/UDIS _________________ _____________ thousands of pesos/UDIS _________________ _____________ thousands of pesos/UDIS The PRICES must be expressed up to FIVE decimals. The cited bids are mandatory and irrevocable; they will produce the broadest effects that correspond in law, and imply our acceptance of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”. Sincerely, (DENOMINATION OF THE BIDDER) (NAME, POSITION AND SIGNATURE OF AUTHORIZED OFFICIALS) NOTE: Unused spaces must be cancelled.
Monday, June 15, 2026 OFFICIAL GAZETTE 15
1 Regarding BONDS denominated in UDIS. 2 This document must show the signature knowledge granted by the Bank of Mexico, so said signatures must be registered with the Bank of Mexico itself.
(LETTERHEAD OF THE FINANCIAL ENTITY)
REQUEST TO SELL MONETARY REGULATION BONDS (BREMS)
BANK OF MEXICO NATIONAL OPERATIONS MANAGEMENT 5 de Mayo Avenue, No. 6 Col. Centro, C.P. 06000, Mexico City
Present
REQUEST FOR OWN ACCOUNT
Mexico City, on __ of ________ of ____
The entity indicated below presents the following position to participate in the Auction to which this refers, in accordance with and for the purposes of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”, issued by the Bank of Mexico through Circular 6/2012, as amended.
Bidder Name: ________________________________________________________________ Bidder Key at the Bank of Mexico: ________________________________________________ Key of the BREM issuance willing to be sold: _________________________________ Term of the BREM issuance willing to be sold: _____________________________ days.
BIDS
Clean Price Amount _________________ _________________ thousands of pesos _________________ _________________ thousands of pesos _________________ _________________ thousands of pesos _________________ _________________ thousands of pesos
The PRICES must be expressed up to FIVE decimal places.
The aforementioned bids are mandatory and irrevocable; they will produce the widest effects that correspond in law, and imply our acceptance of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”.
Sincerely, 1
(BIDDER'S NAME) (NAME, POSITION AND SIGNATURE OF AUTHORIZED OFFICIALS)
16 OFFICIAL GAZETTE Monday, June 15, 2026
NOTE: Unused spaces must be cancelled. 1 This document must show the signature knowledge granted by the Bank of Mexico, so said signatures must be registered with the Bank of Mexico itself.”
“ANNEX 2 MODEL OF AUTHORIZATION IN FAVOR OF THE BANK OF MEXICO TO CARRY OUT CHARGES AND CREDITS IN THE ACCOUNTS OF CREDIT INSTITUTIONS AND BROKERAGE HOUSES THAT SUBMIT BIDS
(LETTERHEAD OF THE CREDIT INSTITUTION OR BROKERAGE HOUSE)
Mexico City, on __ of ________ of ____
BANK OF MEXICO OPERATIONS MANAGEMENT DEPARTMENT 5 de Mayo Avenue, No. 6 Col. Centro, C.P. 06000, Mexico City
Present
(Full name of the institution or brokerage house) hereby grants a special and irrevocable power of attorney to the Bank of Mexico to instruct, on its behalf, (Full name of the securities depository institution) to carry out the charges and credits corresponding in the accounts it holds for us, with respect to the operations carried out with that Central Bank, in terms of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”, issued by said Bank through Circular 6/2012, as amended. For such purposes, that Central Bank will send the aforementioned instructions to said securities depository institution so that the respective records are made.
Additionally, this entity authorizes and instructs the Bank of Mexico irrevocably to carry out charges and credits in the national currency account that the Bank itself holds for it, up to the amounts of the cash differences resulting in favor or against this entity derived from the operations mentioned in the previous paragraph, as well as for any other amount that this company must cover by virtue of any non-compliance with the provisions of the aforementioned Rules.
(Full name of the institution or brokerage house) will be responsible for the charge and credit requests referred to in the previous paragraph that the Bank of Mexico carries out in compliance with the instructions that this intermediary formulates for it or that the Bank of Mexico itself requests of it.
Finally, we inform you that the authorizations and instructions referred to in this document may only be modified or revoked through written communication addressed to that Central Bank presented at least one Banking Business Day in advance of the date on which the respective modification or revocation is intended to take effect. It is understood that the modification or revocation will not be applicable with respect to the charges and credits resulting from the bids submitted by this company prior to such communication taking effect.
Sincerely,
(NAME, POSITION AND SIGNATURE OF PERSON(S) WITH AUTHORITY TO EXERCISE DOMINION ACTS)
Monday, June 15, 2026 OFFICIAL GAZETTE 17
C.c.p.: (Full name of the corresponding securities depository institution). For your information.”
“ANNEX 3 MODEL OF INSTRUCTION LETTER TO CHARGE THE ACCOUNTS OF CREDIT INSTITUTIONS OR BROKERAGE HOUSES ON BEHALF OF ANOTHER BIDDER
(LETTERHEAD OF THE CREDIT INSTITUTION OR BROKERAGE HOUSE)
Mexico City, on __ of ________ of ____
BANK OF MEXICO OPERATIONS MANAGEMENT DEPARTMENT 5 de Mayo Avenue, No. 6 Col. Centro, C.P. 06000, Mexico City
Present
(Name of the credit institution or brokerage house) authorizes and instructs the Bank of Mexico irrevocably to process, on our behalf, in the Cash Settlement and Securities accounts it holds for us (Full name of the securities depository institution), the settlement of the purchase or sale operations of Monetary Regulation Bonds, Treasury Certificates of the Federation denominated in national currency, Federal Government Development Bonds of the United Mexican States, denominated in national currency and in UDIS, both at fixed interest rate and at variable interest rate; that, as a result of the Auctions of said Securities in terms of the “Rules for the auctions of Monetary Regulation Bonds and government securities carried out by the Bank of Mexico”, issued by said Bank through Circular 6/2012, as amended, correspond to (Bidder Name). For such purposes, that Central Bank will send the necessary instructions to the aforementioned securities depository institution so that the respective records are made.
Additionally, the Bank of Mexico is authorized and instructed irrevocably to carry out charges and credits in the national currency account that the Bank itself holds for it, up to the amounts of the cash differences resulting in favor or against (Bidder Name) derived from the operations mentioned in the previous paragraph, as well as for any other amount that (Bidder Name) must cover by virtue of any non-compliance with the provisions of the aforementioned Rules.
Finally, we inform you that the authorizations and instructions referred to in this document may only be modified or revoked through written communication addressed to that Central Bank presented at least one Banking Business Day in advance of the date on which the respective modification or revocation is intended to take effect. It is understood that the modification or revocation will not be applicable with respect to the charges and credits resulting from the bids submitted by (Bidder Name) prior to such communication taking effect.
Sincerely,
(NAME OF THE CREDIT INSTITUTION OR BROKERAGE HOUSE) (NAME AND SIGNATURE OF AUTHORIZED OFFICIALS)
C.c.p.: (Full name of the securities depository institution). For your information. C.c.p.: (Bidder Name). For your information.”
TRANSITIONAL ARTICLES
FIRST. This Circular shall enter into force on August 17, 2026, with the exception of the following SECOND transitional article, which shall enter into force on the Banking Business Day following its publication in the Official Journal of the Federation.
SECOND. Intermediaries intending to participate in the Auctions referred to in these Rules must send to the Bank of Mexico's Operations Instrumentation Management the documentation mentioned in Article 14 Bis, no later than June 22, 2026. Likewise, said intermediaries must
18 OFFICIAL GAZETTE Monday, June 15, 2026
send the communications provided for in Annexes 2 and 3, as well as execute the contract referred to in Article 14 Bis of these Rules, no later than August 7, 2026.
Mexico City, on June 8, 2026.- BANK OF MEXICO: General Legal Director, Erik Mauricio Sánchez Medina.- Initials.- National Operations Manager, José Andrés Jiménez Guerra.- Initials.
For any queries regarding the content of this Circular, the Bank of Mexico is at your disposal through the Central Bank Authorizations and Sanctions Directorate at telephone (55) 5237-2000 extension 3200.
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