Regulatory Alerts2016-05-12 | Circular 9/2016Added
Circular 9/2016 — Rules for BREMS R Auctions Conducted by the Bank of Mexico
The Bank of Mexico establishes rules for auctions of Reportable Monetary Regulation Bonds (BREMS R) to allow credit institutions to fulfill monetary regulation deposit obligations. Credit institutions holding such deposits may submit bids via the SIAC-BANXICO system for bonds priced at $100.00 MXN, with allocations prorated if demand exceeds supply. The Bank settles transactions by charging the nominal value against the institution's special deposit account and crediting accrued interest, while imposing a 1% penalty on unpaid amounts in cases of default.
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Topics
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