Rules Governing Participants in the Derivatives Contracts Market

(19) RULES GOVERNING PARTICIPANTS IN THE DERIVATIVES CONTRACTS MARKET Published in the Official Gazette of the Federation on December 31, 1996, modified through Resolutions published in the said Gazette on August 12 and December 30, 1998, December 31, 2000, May 14, 2004, May 19, 2008, August 24 and November 25, 2010, October 13, 2011; May 15, 2014 and June 8, 2020, respectively.

INDEX
OF PRELIMINARY PROVISIONS
OF THE EXCHANGES
OF THE CLEARING MEMBERS
OF THE CLEARING HOUSES
OF THE OPERATORS
OF THE GLOBAL ACCOUNTS
OF THE GENERAL PROVISIONS
OF THE POWERS OF THE AUTHORITIES
TRANSITORY
CONSIDERATIONS

(19) RULES GOVERNING PARTICIPANTS IN THE DERIVATIVES CONTRACTS MARKET OF THE PRELIMINARY PROVISIONS FIRST.- For brevity, in these Rules, the following terms shall be understood as:
(16) Underlying Asset(s): That good, rate, title, price, index, derivative financial instrument, or any other variable that determines the value subject to a Derivatives Contract.
(17) Agreement: The convention for channeling orders entered into between an Exchange and any derivatives exchange of Recognized Foreign Derivatives Markets, whose object is to mutually channel electronic buy and sell orders on Derivatives Contracts listed on both exchanges and to carry out any act aimed at instrumenting the aforementioned agreement.
(19) Contribution(s): Cash, securities, or any other good approved by the Authorities, which must be delivered as collateral to Clearing Members and, where applicable, to Operators to ensure compliance with the obligations corresponding to Open Contracts whose settlement must be carried out in Clearing Houses.
(19) Minimum Initial Contribution(s): The Contribution that each Clearing Member must deliver to the Clearing House for the positions it holds. The amount of the Minimum Initial Contributions shall be determined by the Clearing House itself using a methodology that must be approved by the Bank of Mexico, prior to the opinion of the National Banking and Securities Commission.
Authorities: Jointly or independently, the Ministry of Finance and Public Credit, the National Banking and Securities Commission, and the Bank of Mexico.
(16) Exchange(s): The anonymous company constituted in terms of these Rules, whose object is to provide the facilities and other services for Derivatives Contracts to be quoted and traded.
(19) Clearing House(s): The trust constituted in terms of these rules, which has the following activities:
(19) I. Clear and settle Derivatives Contracts listed on the Exchange and Derivatives Contracts executed through Trading Platforms and, where applicable, Foreign Platforms, or clear and settle only Derivatives Contracts executed through these two types of Platforms; (19) II. Act as counterparty in each transaction executed on the Exchange or negotiated through Trading Platforms or Foreign Platforms, once the terms and conditions provided in the internal regulations of the Clearing House itself have been met, and (19) III. Provide registration and custody services regarding Derivatives Contracts and other derivative operations. (19) Furthermore, it may provide other services provided for in these rules. (19) Client(s): Persons who enter into Derivatives Contracts listed on the Exchange, through a Clearing Member, or an Operator acting as a broker for a Clearing Member, and whose counterparty is the Clearing House. Similarly, credit institutions and stockbrokers, or any person authorized to enter, in accordance with applicable provisions, Derivatives Contracts through Trading Platforms, or Foreign Platforms, whose clearing and settlement are carried out through a Clearing Member in the Clearing House, which will be the counterparty of each of the aforementioned operations. (16) Furthermore, for the purposes of these Rules, persons who transmit orders through Operators and Clearing Members to enter into Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets with which the Exchange has entered into an Agreement shall also be considered Clients. (19) Open Contract(s): Those Derivatives Contracts listed on the Exchange entered into by a Client through a Clearing Member, or Derivatives Contracts executed through Trading Platforms or Foreign Platforms regarding which the Cancellation Date has not been presented. (19) Derivatives Contract(s): The instrument that documents the general terms and conditions of negotiation of Futures Contracts, Options Contracts, Swap Contracts, or combinations thereof and other financial operations known as derivatives, whose valuation is referred to one or more Underlying Assets, provided that they are cleared and settled in the Clearing House. (19) For the purposes of this definition, it is considered:
(19) a) Future(s) Contract(s): That contract listed on the Exchange to buy or sell an Underlying Asset, at a certain price, whose settlement will be carried out on a future date.
(17) For the purposes of these Rules, if the Futures Contract stipulates payment by differences, the delivery of the Underlying Asset will not be carried out.
(19) b) Option(s) Contract(s): That contract in which the buyer, by paying a premium, acquires from the seller the right, but not the obligation, to buy (CALL) or sell (PUT) an Underlying Asset at an agreed price (exercise price) on a future date, and the seller undertakes to sell or buy, as appropriate, the Underlying Asset at the agreed price. The buyer may exercise this right as agreed in the respective contract, regardless of whether it is traded on the Exchange or on Trading Platforms. (17) For the purposes of these Rules, if the Options Contract stipulates payment by differences, the delivery of the Underlying Asset will not be carried out. (19) c) Swap Contract(s): That contract in which the parties agree to exchange cash flows on future dates during a specific period, regardless of whether it is traded on the Exchange or on Trading Platforms. (18) Future(s) Contract(s): Repealed. (18) Option(s) Contract(s): Repealed. (16) Global Account(s): The account administered by an Operator or a Clearing Member where operations with Derivatives Contracts listed on the Exchange of one or more Clients are registered following their instructions individually and anonymously. (23) Business Days: The days in the calendar on which Credit Institutions are not obliged to close their doors and suspend operations in accordance with the general provisions issued by the National Banking and Securities Commission based on Article 95 of the Credit Institutions Law.

(19) Excess(es) of the Minimum Initial Contribution(s): The difference between the initial contribution requested from the Client by the Clearing Member and the Minimum Initial Contribution requested from the Clearing Member by the Clearing House, which the corresponding Clearing Member may administer.
(19) Cancellation Date: The day on which a Derivatives Contract entered into by a Client on the Exchange, on a Trading Platform, or on a Foreign Platform is extinguished due to the expiration of the term of such operation, early maturity, or the execution of a contrary transaction of the same type whose settlement is through the same Clearing Member, which eliminates the risk exposure of the cancelled operation in its entirety. Trustor(s) of the Clearing House: Persons who affect resources to the patrimony of the Clearing House. (19) Contribution Fund: The fund constituted in the Clearing House with the Minimum Initial Contributions delivered by Clearing Members to the Clearing House. (19) Clearing Fund: The fund constituted in the Clearing House, with resources additional to the Minimum Initial Contributions that the Clearing House itself requests from each Clearing Member in terms of the methodology it establishes. The Clearing House must submit the aforementioned methodology, as well as its modifications, for approval by the Bank of Mexico, which, for such purposes, will hear the opinion of the National Banking and Securities Commission. (20) Complementary Fund: The fund constituted in the Clearing House with resources resulting from any charge made by it for non-compliance with the Internal Regulations or the manual of procedures and operations policies. (16) Market Maker: The Operator who obtains approval from the Exchange to act with such status and who must maintain permanent and on its own account, buy and sell quotes for Derivatives Contracts listed on the Exchange. (20) Settlement at Maturity: The Underlying Asset or the sums of money from the reference price per unit of Underlying Asset that must be requested, received, and delivered, as appropriate, resulting from the expiration of the term of the Derivatives Contract. (19) Daily Settlement(s): The sums of money that must be requested, received, and delivered daily, as appropriate, resulting from the daily valuation carried out by the Clearing House regarding operations with Derivatives Contracts in which it acts as counterparty, due to variations in the closing price of each Open Contract with respect to the closing price of the immediate previous business day or, where applicable, with respect to the transaction price. (19) Extraordinary Settlement(s): The sums of money required by the Clearing House regarding operations with Derivatives Contracts in which it acts as counterparty, under the special circumstances provided for in the internal regulations of the Clearing House. (19) Recognized Foreign Derivatives Market(s): Markets established in countries whose financial authorities are designated members to form the Council of the International Organization of Securities Commissions, as well as any other market recognized by the Bank of Mexico in terms of the thirty-ninth bis rule. (19) Operator(s): Credit institutions, stockbrokers, and other legal entities that may or may not be
members of the Exchange, whose function is to act as brokers for one or more Clearing Members and, where applicable, as administrators of Global Accounts, in the execution of Derivatives Contracts listed on the Exchange, and which may have access to the Exchange's electronic trading system. (16) Furthermore, the financial entities and persons referred to in the previous paragraph may register and transmit orders regarding Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, provided that the Exchange has entered into an Agreement. (16) When Operators enter into Derivatives Contracts on their own account, they shall act as Clients. (16) Floor Operator(s): The natural person hired by an Operator or a Clearing Member, to execute orders for the execution of Derivatives Contracts listed on the Exchange, through the Exchange's electronic trading systems, as well as to transmit orders for the execution of Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, provided that the Exchange has entered into an Agreement. (20) Trading Platform(s): Those societies that administer systems to facilitate operations with securities constituted in terms of the Securities Market Law and regulated by the National Banking and Securities Commission, which have as their object, among other activities, disseminating quotes for the negotiation and execution of Derivatives Contracts. (20) Foreign Platform(s): Those entities constituted in other countries that carry out similar or equivalent operations to Trading Platforms and that are recognized by the National Banking and Securities Commission. Exchange Member(s): Persons who participate in the capital of the Exchange. (19) Clearing Member(s): The trust that, in terms of these rules, has the purpose of settling and, where applicable, executing on its own account, on behalf of Clients, or on behalf of both, Derivatives Contracts listed on the Exchange, as well as transmitting on its own account, on behalf of its Clients, or on behalf of both, orders for the execution of Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, provided that the Exchange has entered into any Agreement. Furthermore, it shall have the purpose of settling on its own account, on behalf of Clients, or on behalf of both, Derivatives Contracts negotiated through Trading Platforms or Foreign Platforms. Investment Unit(s): The unit of account, whose value in national currency is published by the Bank of Mexico in the Official Gazette of the Federation. (19) SECOND.- These rules aim to regulate natural and legal persons, as well as Clearing Houses and other trusts that intervene in Derivatives Contracts regarding which the respective Clearing Houses are constituted as counterparty. (17)Furthermore, they establish minimum guidelines for the execution of Agreements by Exchanges, as well as for the provision of services by Operators and Clearing Members to transmit
orders on their own account, on behalf of their Clients, or on behalf of both, for the execution of Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, with which the Exchange has entered into any of the aforementioned Agreements. THIRD.- Persons who wish to constitute a company whose object is to act as an Exchange, as well as multiple banking institutions that wish to act as trustees in trusts whose purpose is to operate as a Clearing House, must submit, for each company and trust, the corresponding written authorization request to the Ministry of Finance and Public Credit, accompanied by the documentation referred to in these Rules. The aforementioned Ministry will grant or deny the respective authorization at its discretion, having previously heard the opinion of the National Banking and Securities Commission and the Bank of Mexico. OF THE EXCHANGES FOURTH.- Persons who wish to constitute an Exchange must accompany the request referred to in the third rule, for its approval, the following documentation; a) Draft of the constitutive deed of the company. In the event that it is a variable capital company, the deed must stipulate that the mandatory minimum capital must be integrated by shares without withdrawal rights, and that the amount of capital with withdrawal rights, in no case, may be higher than the paid capital without withdrawal rights; b) List of shareholders who will constitute the company and the capital each of them will contribute, as well as the list of councilors and executives who will be appointed; c) Draft of the internal organization and functioning regulations; d) The requirements that must be met to be a Member of the Exchange; (6) e) The rights and obligations of Exchange Members, Operators, and Floor Operators; (6) f) The draft contract that would govern operations between the Exchange and the Clearing House, as well as between the Exchange, Operators, and Clearing Members; (1) g) Draft of the internal regulations containing the self-regulatory norms and procedures that will determine the functioning of the Exchange, prepared in accordance with the prudential norms, if any, established by the National Banking and Securities Commission. h) The policies and procedures manuals prepared in accordance with the prudential norms, if any, established by the National Banking and Securities Commission; (20) In any case, the policies and procedures manuals must include business recovery plans to ensure continuity in the provision of their services. (19) i) Description of the audit programs that will be carried out on Operators and Clearing Members, the latter only in their capacity as Operators, and j) Description of the programs that will be implemented to monitor that price formation processes are carried out with transparency, correctness, and integrity. The Ministry of Finance and Public Credit may request additional information to the aforementioned. (19) Once the constitutive deed is approved,
it must be registered in the Public Commerce Registry. Furthermore, Exchanges must notify the Authorities of any modifications they make to the documentation indicated in this rule, within ten business days following the date on which they make them. The Authorities may object to the aforementioned modifications or request modifications to the documentation within twenty business days following the date on which the corresponding notice is received, when the modifications do not comply with or contravene what is established in these rules and other applicable provisions. (6) The share capital of Exchanges shall be integrated by ordinary shares. (6) Shares shall be of equal value and confer the same rights and obligations to their holders. (6) Ordinary shares may be acquired by Operators, Clearing Members, and by other natural or legal persons authorized by the Exchange in terms of its bylaws. (8) Penultimate paragraph.- Repealed. (8) Last paragraph.- Repealed. FIFTH.- Exchanges that have received the authorization referred to in the third rule, shall have the following obligations:
(16) a) Provide adequate facilities, mechanisms, and procedures to execute Derivatives Contracts listed on the Exchange, as well as to channel orders for the execution of Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, in cases where Exchanges have entered into an Agreement; (19) b) Create the necessary committees to address, at least, matters related to finance, admission, litigation and discipline, ethics, self-regulation, and conciliation and arbitration. In the integration of the committees, it must be ensured at all times that conflicts of interest do not arise. Furthermore, a responsible person must be designated before the Exchange for each of the committees; c) Conciliate and decide, through the committees established for such purposes, or panels of arbitrators, the differences that, where applicable, arise from operations executed on the Exchange; (19) d) Carry out permanent audit programs on Operators and Clearing Members, the latter only in their capacity as Operators; (1) e) Monitor the transparency, correctness, and integrity of price formation processes, the strict observance of applicable regulations in the contracting of operations, that activities and said operations on the Exchange do not deviate from stock market usages and sound market practices, and comply with applicable provisions, as well as establish, within the guidelines, if any, determined by the Authorities, the corresponding conventional penalties; (19) f) Design Derivatives Contracts intended to be listed on the Exchange itself and, with the prior approval of the corresponding Clearing House, submit them to the Bank of Mexico for authorization before being listed. For such purposes, the Bank of Mexico will hear the opinion of the National Banking and Securities Commission; (21) g) Repealed; (19) h) Monitor operations on the Exchange; (16) i) Maintain documentation of activities and historical records regarding all operations executed on the Exchange or, where applicable, through systems for channeling electronic buy and sell orders for Derivatives Contracts,

established under an Agreement, and report to the Authorities, at the frequency requested by them; j) Have an internal control system that allows for precise follow-up and knowledge of complete information on each transaction; (21) k) Repealed; (19) l) Publish their financial statements and present to the Authorities the result of an external audit carried out by one of the firms approved by said Authorities, conducted at least once a year, and (20) m) Suspend the operation of Clients, Clearing Members, or Operators once the Clearing House informs them that said participants have reached the exposure limits referred to in Rule Twenty, subsection m), or when there are payment defaults regarding requirements issued by said Clearing House.

(17) FIFTH BIS.- To enter into Agreements with any exchange in Recognized Foreign Derivatives Markets, Stock Exchanges must notify the Ministry of Finance and Public Credit, the National Banking and Securities Commission, and the Bank of Mexico, prior to the celebration of said Agreements.

(17) The notice referred to in the preceding paragraph must be presented through the Ministry of Finance and Public Credit, with an advance of at least fifteen business days from the date on which the Agreement is intended to be celebrated, and must be accompanied by a description of the main characteristics of said legal instrument, in which it is contemplated that Derivatives Contracts will be governed by the applicable provisions in the country where said Contract is settled, as well as the definitive draft of said Agreement.

(17) The Ministry of Finance and Public Credit, on its own initiative, or at the request of the National Banking and Securities Commission, or the Bank of Mexico, may request at any time from Stock Exchanges additional information and documentation regarding the celebration and implementation of the Agreement. Without prejudice to this, Stock Exchanges must send a simple copy of the Agreement to the Ministry of Finance and Public Credit within ten business days following its signing.

(17) The Ministry of Finance and Public Credit, with the opinions of the National Banking and Securities Commission, and the Bank of Mexico, in protection of the interests of Clients, before the date on which the respective Agreement is intended to be celebrated, will have the authority to require the Stock Exchange that the celebration of said Agreement not take place, when it considers that the celebration of the Agreement does not comply with what is provided for in these Rules and other applicable provisions.

(17) In the event that Stock Exchanges do not receive said written requirement from the Ministry of Finance and Public Credit within the timeframe mentioned in the second paragraph of this Rule, the Stock Exchange may celebrate the Agreement in question.

SIXTH.- Stock Exchanges must, at all times, maintain a minimum capital equivalent in national currency to four million Investment Units. Said minimum capital must be fully subscribed and paid. The minimum capital must be integrated by shares without withdrawal rights.

(2) Stock Exchanges will require authorization from the National Banking and Securities Commission to invest their capital in securities representing the social capital of companies that provide them with complementary or auxiliary services in their administration or in the realization of their object.

ON CLEARING MEMBERS

(20) SEVENTH.- Credit institutions and brokerage houses that wish to act as fiduciaries in trusts to operate as Clearing Members must obtain, for each trust constituted to be a Clearing Member, the corresponding approval from the Clearing House and from the Stock Exchange in the event that they intend to carry out operations in it, under the terms provided in their internal regulations. In no case may the same Clearing Member clear Derivatives Contracts in more than one Clearing House.

(20) Clearing Members that constitute a Clearing House must obtain the respective approval from the Stock Exchange.

(20) EIGHTH.- Any person may constitute Clearing Members, through institutions of multiple banking or brokerage houses in their capacity as fiduciaries.

(20) Clearing Members may clear Derivatives Contracts for their own account, for third parties, or for both. For the celebration of Derivatives Contracts for their own account and for third parties, Clearing Members must observe what is provided in Rule Ninth.

(20) Regarding development banking institutions, they may act as fiduciaries in Clearing Members provided that they clear exclusively operations for third parties.

(20) Clearing Members that participate in Clearing Houses that clear and settle Derivatives Contracts originating from Stock Exchanges and Trading Platforms, are obligated to provide their services regarding both types of Derivatives Contracts.

(20) In the constitutive contract of the respective trust, the adherence of third parties with the status of both settlors and beneficiaries may be provided for, after its constitution.

(20) Operations for own account will be considered those cleared by the Clearing Member when they have been celebrated by the settlors who constituted it or by the members of the Business Group to which they belong. Understanding as Business Group that which is established for this effect in article 2, fraction X of the Securities Market Law. The remaining operations will be considered as operations for third parties.

(20) Clearing Members, if applicable, must provide in their constitutive contracts, clauses aimed at avoiding conflicts of interest in the celebration of operations for own account and for third parties.

(20) Financial entities that are part of a financial group, whose multiple banking institution or brokerage house acts as fiduciary and settlor in a Clearing Member, may clear Derivatives Contracts listed on the Stock Exchange, through said Clearing Member.

(20) Clearing Members may administer Global Accounts subject to what is provided in these Rules and in other applicable provisions.

(20) Likewise, foreign entities that operate in any of the Recognized Foreign Derivatives Markets may act as administrators of Global Accounts, provided that they comply with the regulation provided for Clearing Members or for Operators, as well as with other applicable provisions.

(20) Clearing Members may transmit, for their own account, for their Clients, or for both, orders for the celebration of operations with Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets with which the Stock Exchange has celebrated an Agreement. Likewise, Clearing Members may celebrate any legal act necessary for the execution of orders in said markets.

(19) NINTH.- Multiple banking institutions and brokerage houses that act as settlors of Clearing Members may only celebrate and clear Derivatives Contracts for their own account, whose Underlying Asset is some good or right on which said financial entities are authorized to operate in accordance with applicable provisions. The same limitation will be applicable in cases where Clearing Members celebrate Derivatives Contracts for their own account listed on exchanges of Recognized Foreign Derivatives Markets.

(19) Clearing Members may celebrate and clear operations for third parties, regardless of the Underlying Asset that is the object of the Derivatives Contracts, except when the third party is a financial entity, in which case, the Underlying Assets can only be goods or rights on which they are authorized to operate in accordance with the provisions governing them. The same limitation will be applicable in cases where Clearing Members celebrate Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, for third parties that are financial entities.

(19) TENTH.- Credit institutions and brokerage houses that wish to act as fiduciaries in trusts that operate as Clearing Members must send to the Ministry of Finance and Public Credit, the approvals referred to in Rule Seventh along with the following documentation: a) draft trust contract; b) general plan of operation and the manuals of policies and procedures for operation and liquidity; c) a detailed report on the administration and risk control systems, and d) draft adherence agreements that they will use with their Clients for the celebration of Derivatives Contracts listed on the Stock Exchange and their settlement, as well as the settlement of Derivatives Contracts celebrated through Trading Platforms, as well as, if applicable, Foreign Platforms and any other information that said Ministry deems convenient.

(19) The Ministry of Finance and Public Credit, having previously heard the opinion of the National Banking and Securities Commission and the Bank of Mexico, reserves the right to veto said approvals, when it considers that the settlors, or well, the members of the technical committee, do not have sufficient technical or moral quality for the performance of their functions, or when the approval procedure has not adjusted to the internal regulations of the Clearing House, as well as, if applicable, the Stock Exchange in question. If within a period of 90 natural days, counted from the date of receipt of the approvals and the cited documentation, the Ministry of Finance and Public Credit does not exercise its right of veto, the respective trust may begin operations.

(19) Clearing Members must notify the Authorities about the modifications they make to the documentation indicated in this Rule, within ten business days following the date on which they make them. The Authorities may object to said modifications or request modifications to the documentation, within twenty business days following the date of receipt of the corresponding notice, when they consider that the modifications do not adjust to or contravene what is established in these Rules and other applicable provisions.

(14) ELEVENTH.- Repealed.

(13) TWELFTH.- Clearing Members must at all times maintain a minimum equity, according to the following:

(19) a) Regarding Clearing Members that exclusively clear Derivatives Contracts celebrated for their own account, the minimum equity will be the greater of: i) the equivalent in national currency to two million five hundred thousand Investment Units; or ii) the amount determined in terms of the methodology established by the Clearing House, which must be approved by the Bank of Mexico, hearing the opinion of the National Banking and Securities Commission.

(19) b) Regarding Clearing Members that exclusively clear Derivatives Contracts celebrated for Client accounts, the minimum equity will be the greater of: i) the equivalent in national currency to five million Investment Units; or ii) the amount determined in terms of the methodology established by the Clearing House, which must be approved by the Bank of Mexico, hearing the opinion of the National Banking and Securities Commission, and

(19) c) Regarding Clearing Members that clear Derivatives Contracts celebrated for own account and for Client accounts, the minimum equity will be the greater of: i) the equivalent in national currency to five million Investment Units; or ii) the amount determined in terms of the methodology established by the Clearing House, which must be approved by the Bank of Mexico, hearing the opinion of the National Banking and Securities Commission.

(20) Any modification to the methodologies referred to in the preceding subsections must have the approval of the Bank of Mexico, which for such effect, will hear the opinion of said Commission.

(13) In all cases, Clearing Members that carry out operations for own account and for third parties, must separate their equity, differentiating the portion for operations for own account and for operations for third parties.

(13) One hundred percent of the minimum equity of the trust must be contributed in cash and maintained invested in bank demand deposits, government securities with a maturity of less than 90 days, or repurchase agreements for said period on said securities. Notwithstanding the above, up to thirty percent of said equity and the excess thereof may be invested in Stock Exchange shares, fiduciary right certificates of Clearing Houses, as well as in other assets approved by the Authorities.

(13) The contributions that the Clearing Member makes to the Contributions Fund and to the Compensation Fund, as well as the Excesses of the Minimum Initial Contributions, will not count as minimum equity.

THIRTEENTH.- Clearing Members must deliver to the Clearing House to ensure the fulfillment of the operations in which they intervene: a) Minimum Initial Contributions; b) Daily Settlements, and c) Extraordinary Settlements.

They will also contribute to the Clearing House, the amounts that it requires from them for the Compensation Fund.

(19) The Contributions that the Clearing House receives in accordance with this Rule, must be invested in bank demand deposits, government securities with a maturity of up to three months, or repurchase agreements for said period on said securities, as well as in other securities that, if applicable, are approved by the Authorities.

(17) THIRTEENTH BIS.- Clearing Members that transmit or carry out any other operation for the execution of orders for the celebration of Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, in no case may commit or pledge the resources referred to in the previous Thirteenth Rule, to meet the obligations derived in said markets.

(17) Additionally, prior to the first time they execute the orders referred to in the preceding paragraph, they must inform their Clients that:

(17) I. The celebration of Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets will be subject, regarding their settlement and other aspects, to the norms applicable to the foreign market in question.

(17) II. Such operations do not have the backing of the Clearing Houses nor the Stock Exchanges and are not supervised by the Authorities.

(17) In all cases, they must keep a record of said information.

(19) FOURTEENTH.- Clearing Members must keep operational and accounting records that allow them to clearly and precisely identify: i) the characteristics of each of the operations they carry out either for own account or for third parties, as appropriate, as well as to distinguish the amounts delivered to them for such operations by concept of Minimum Initial Contributions, Excesses of Minimum Initial Contributions, contributions to the Compensation Fund, as well as any other amount they receive; ii) any act for the execution of orders for operations with Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, and iii) the operations that come from the Stock Exchange, from the Trading Platforms and, if applicable, from the Foreign Platforms.

(19) The Excesses of Minimum Initial Contributions must be invested in bank demand deposits, government securities with a maturity of up to three months, or repurchase agreements for said period on said securities, as well as in other securities that, if applicable, are approved by the Authorities.

FIFTEENTH.- Clearing Members will have the following obligations:

(1) a) Settle and, if applicable, celebrate the operations referred to in these Rules, adjusting to the applicable provisions;

b) Satisfy the equity requirements of the Clearing House, described in Rule Nineteenth;

(19) c) Request and deliver to their Clients, the Daily Settlements corresponding to them, the Settlements at Maturity and, if applicable, the Extraordinary Settlements;

d) Return to their Clients the Contributions once their obligation has been extinguished;

(13) e) Respond up to the limit of their equity to the Clearing House regarding the operations they celebrate, in terms of what is provided in articles 106, fraction XIX, subsection b) of the Credit Institutions Law and 186, fraction III of the Securities Market Law, as appropriate;

f) Respond jointly before the Clearing House for the default of the operations carried out by it;

(19) g) Evaluate the financial situation of their Clients, as well as have a comprehensive risk management framework, subject to what is provided in prudential norms issued by the National Banking and Securities Commission in terms of Rule Thirty-Ninth;

(19) h) Grant the same treatment to Derivatives Contracts that are brought to the Clearing House for settlement regardless of whether they have been celebrated through Stock Exchanges, Trading Platforms, or Foreign Platforms, as well as granting similar treatment in the provision of their services to Clients;

(13) i) Inform the Clearing House within a period not exceeding one business day, if their equity is below the minimum required in Rule Twelfth;

(19) j) Inform the Clearing House immediately when any of their Clients fails to meet their obligations.

(19) k) Submit to the permanent audit programs that the Clearing House establishes to monitor their good performance, as well as, if applicable, the Stock Exchange in which they carry out operations;

(19) l) Agree in the trust contracts referred to in subsection a) of Rule Tenth that they must: I.- Comply with the measures implemented by the Clearing House to ensure the financial integrity of said Clearing House, such as, among others, the mutualization of risks among Clearing Members; II.- Submit to the administrative intervention of the Clearing House when the equity of the Clearing Member in question is below the minimum established, or when the circumstances provided for in the internal regulation of said Clearing House occur; III.- Accept that the Clearing House may assign, on its behalf, Open Contracts to another or other Clearing Members, when the circumstances indicated in the immediate preceding numeral occur, for which they must grant it an irrevocable mandate, before operations begin, IV.- Observe the instructions given by said Clearing House regarding the settlement of Derivatives Contracts listed on the Stock Exchange or celebrated through Trading Platforms or Foreign Platforms, when it is not possible or convenient to carry out the assignment referred to in the previous numeral III and V.- Clearing Members that carry out operations with Derivatives Contracts listed on exchanges of Recognized Foreign Derivatives Markets, must agree on the establishment of segregated accounts that allow identifying resources coming from this type of instrument with respect to those destined for Derivatives Contracts;

(19) m) Send to the Clearing House their quarterly and annual financial statements, so that this makes them available to the public on its electronic page on the worldwide network called Internet, free of charge, and

(10) n) Notify the National Banking and Securities Commission of the opening and closing that, if applicable, they carry out of Global Accounts.”

(19) SIXTEENTH.- When the same multiple banking institution or brokerage house is both settlor and fiduciary of a Clearing Member that clears Derivatives Contracts exclusively for its own account, and at the same time is fiduciary of another Clearing Member that clears such Contracts for Client accounts, it must be agreed in the corresponding trust contracts that, in the event that the Clearing Member for Client accounts loses the minimum equity required to operate in accordance with these Rules, the excesses of the minimum equity maintained by the Clearing Member for own account will be used to cover the losses of the Clearing Member for Client accounts to the extent possible. In the event that the Clearing Member for own account loses the minimum equity, the equity of the Clearing Member for Client accounts will not be used to cover the losses of the former.

(19) In the trust contracts relating to Clearing Members that carry out operations exclusively for own account, it must also be agreed that, in the event that the event referred to in the preceding paragraph occurs, and the Clearing Member that carries out operations exclusively for third parties had to be extinguished, the fiduciary, in order to reduce the risks to which the latter are exposed, will celebrate new operations with Derivatives Contracts, exclusively for the purpose of closing the respective positions and maintaining the corresponding fiduciary trust to the extent that it allows it to comply with the operations celebrated prior to said extinction. Likewise, it must be agreed that the fiduciary, in

In cases where positions cannot be closed, it shall adopt those measures indicated by the Clearing House in accordance with its internal regulations to carry out the early liquidation of Derivatives Contracts positions.

(13) In the case of Clearing Partners that liquidate operations both on their own account and for third parties, it must be stipulated in the trust agreement that, in the event that the Clearing Partner loses the portion of equity corresponding to operations on behalf of third parties, it must use the resources from the portion of equity for operations on its own account to cover the corresponding losses. Likewise, it must be stipulated that resources from the portion of equity for operations on behalf of third parties cannot be used to liquidate defaults arising from payment obligations of operations on its own account.

(19) It must also be stipulated in the trust agreements referred to in the preceding paragraph that, in the event that the Clearing Partner has to be extinguished due to the loss of the minimum equity necessary for its operation, whether due to a default of operations on its own account or operations on behalf of Clients, the trustee, in order to reduce the risks to which it is exposed, will enter into new operations with Derivatives Contracts, as appropriate, exclusively for the purpose of closing its positions and maintaining the respective fiduciary trust that allows it to comply with the operations entered into prior to the aforementioned extinction. Likewise, it must be stipulated that in cases where the trustee cannot close positions, it shall adopt those measures indicated by the Clearing House in accordance with its internal regulations to carry out the early liquidation of Derivatives Contracts positions.

(13) Furthermore, what is provided in this rule is without prejudice to the power of the Clearing House to order, for the effects indicated in the preceding paragraph, the closure of positions of the Clearing Partner in question, in accordance with what is stated in subsection l), fraction IV, of the fifteenth of these Rules, as well as other measures it issues for the sound operation of both said Clearing House and the Exchange, in accordance with these Rules and other applicable provisions.

(13) The execution of the measures referred to in the preceding paragraphs shall be without prejudice to the right of the trustees to exercise the corresponding property actions.

ON CLEARING HOUSES

SEVENTEENTH.- Multiple banking institutions that wish to act as trustees in trusts intended to operate as a Clearing House must accompany the application referred to in the third rule, for its approval, with the following documentation:

(19) a) Draft trust agreement, in which it must be indicated whether it will clear and liquidate Derivatives Contracts listed on the Exchange and Derivatives Contracts negotiated through Trading Platforms or exclusively the latter, and, if applicable, through Foreign Platforms;

b) Draft internal regulations;

(19) c) A description of the mechanisms that will be used for: i) the receipt of Derivatives Contracts in which the Clearing House acts as counterparty to Clients, either directly, when they are concluded on the Exchange or through novation when they are Derivatives Contracts concluded through Trading Platforms or Foreign Platforms; ii) to carry out the clearing and liquidation of such contracts, as well as, iii) the receipt and delivery of Minimum Initial Contributions, Daily Liquidations, and Liquidations at Maturity;

(19) d) Draft permanent audit programs that will be applied to Clearing Partners and to Operators managing Global Accounts, regarding their responsibilities related to such accounts, as well as the mechanisms that allow monitoring the financial situation of said Clearing Partners;

e) The measures that would be adopted in the event of default or insolvency of one or more Clearing Partners, designing a safety net for such purposes;

(19) f) The manuals of operational policies and procedures in which the following are described:

(19) 1. The policies, procedures, and systems for the comprehensive management of the risks to which the Clearing House is exposed, including credit, liquidity, operational, legal, and business risks.

(19) In the particular case of credit risk, the Clearing House must have policies, procedures, and mechanisms for measuring, administering, and monitoring said risk.

(19) With respect to liquidity risk, Clearing Houses must establish a plan containing, at a minimum, the procedures to manage and monitor their liquidity needs in various market scenarios, as well as the procedures and mechanisms they will use to obtain said liquidity;

(19) 2. The communication norms and procedures to facilitate the registration, payment, clearing, and liquidation of operations;

(19) 3. The schedules in which the clearing and liquidation of Derivatives Contracts will take place;

(19) 4. Business recovery plans to ensure the continuity of providing their clearing and liquidation services, as well as the registration and custody of information services for Derivatives Contracts and other derivative operations, in accordance with the prudential norms established by the National Banking and Securities Commission in accordance with these rules, and

(19) 5. The mechanisms and systems that will be used for the storage, custody, and administration of the information it receives.

(19) The liquidity plan referred to in item 1 above, as well as its modifications, must be submitted for approval by the Bank of Mexico, having previously heard the opinion of the National Banking and Securities Commission.

(19) g) The draft contract that will govern operations between the Clearing House and Clearing Partners, as well as the draft contracts that will be used for the conclusion of Derivatives Contracts, and the novation of Derivatives Contracts that have been concluded through Trading Platforms and, if applicable, Foreign Platforms.

(20) h) The tariffs they intend to apply for the provision of their services, understanding that those generated by the clearing and liquidation of Derivatives Contracts can only be charged to Clearing Partners;

(20) i) The necessary security measures to preserve the confidentiality of information, and

(20) j) The formats for the registration of information that must be kept available to the Authorities, as well as the type of information that will be disseminated to the public in terms of subsection w), items 1 and 2 of the twentieth of these rules.

(19) Clearing Partners that intend to constitute a Clearing House, in addition to accompanying their application with what is indicated in subsections a) to j) above, must present together with the corresponding request, the policies and procedures to be followed to resolve conflicts of interest, which may arise in the performance of their operations as Clearing Partners and as trustees in trusts acting as a Clearing House.

The Ministry of Finance and Public Credit may request additional information to that mentioned above.

(19) The Clearing House must notify the Authorities about the modifications it makes to the documentation indicated in this rule, with the exception of the policies and procedures manuals, within ten business days following the date on which they are made, without prejudice to the authorization of the liquidity plan that must be obtained in terms of this rule. The Authorities may object to said modifications or request modifications to the documentation within twenty business days following the date on which it receives the corresponding notice, when they consider that the modifications do not comply with or contravene what is established in these rules and other applicable provisions, as well as the sound market practices and usages.

(20) In the event of modifications to the tariffs referred to in subsection h) of this rule, the notice referred to in the preceding paragraph must only be sent regarding those related to clearing and liquidation services, as well as registration and custody services for Derivatives Contracts and other derivative operations.

(20) SEVENTEENTH BIS.- The Technical Committee of the Clearing House must:

(20) a) Resolve requests for the admission of Clearing Partners and Operators managing Global Accounts, as well as determine the amount they must contribute to the trust.

(20) b) Maintain a register of Clearing Partners and Operators managing Global Accounts, as well as authorize and suspend their registration, notifying the Authorities thereof no later than the business day following the date on which such acts are performed.

(20) c) Set the tariffs, fees, or commissions that the Clearing House will charge for the services it provides.

(20) d) Approve the internal regulations of the Clearing House, as well as its operational policies and procedures manuals.

(20) e) Verify the performance of audits of its Clearing Partners and Operators managing Global Accounts.

(20) f) Appoint the person responsible for the administration and operation of the Clearing House who performs functions equivalent to those of a general manager, who meets the requirements referred to in these rules.

(13) EIGHTEENTH.- Clearing Partners, as well as those persons authorized for this purpose by the Ministry of Finance and Public Credit, having previously heard the opinion of the National Banking and Securities Commission and the Bank of Mexico, may be settlors of Clearing House trusts.

(19) The respective trust agreement must stipulate that those who contribute resources to the trust's equity and do not have the status of Clearing Partner may jointly appoint members of the technical committee in proportion to their participation in the equity, provided that their number does not exceed fifty percent plus one of the members, but in any case they must appoint at least three members. At least two-thirds of them must be independent members according to the criteria established by the prudential norms issued by the National Banking and Securities Commission, including in those criteria persons related to the settlors who do not have the status of Clearing Partner. For the purposes of this rule, related persons with respect to settlors who do not have the status of Clearing Partner are understood to be those provided for in Article 2, fraction XIX of the Securities Market Law.

(13) Clearing Partners, collectively, may appoint members of the Technical Committee of the Clearing House with which they operate for the remaining portion of those designated by the settlors referred to in the preceding paragraph.

(13) For the validity of the agreements adopted by the Technical Committee of the Clearing House, the favorable vote of at least fifty percent of the members of said committee and at least one of the members designated by the Clearing Partners in terms of this Rule is required.

(20) EIGHTEENTH BIS.- In no case may the following be members of the Technical Committee:

(20) a) The officials and employees of the Clearing House, with the exception of the person responsible for the administration and operation of said house and the executives who hold positions with the hierarchy immediately inferior to that of the latter, provided that these do not constitute more than one-third of the Technical Committee;

(20) b) The spouse, concubine, or concubine of any member of the Technical Committee, as well as persons related by blood, affinity, or civil law up to the fourth degree, with more than two members of the Technical Committee;

(20) c) Persons who have pending litigation against the Clearing House;

(20) d) Persons sentenced for property crimes, as well as those disqualified from exercising commerce or holding a position or commission in public service, or in the Mexican financial system;

(20) e) Bankrupts;

(20) f) Public officials who perform inspection and supervision functions in the Clearing House, or who issue regulations applicable to it, and

(20) g) Persons who have held the position of external auditor of the Clearing House, Clearing Partners, the Exchange, or persons related to the latter, during the twelve months immediately prior to the date of appointment.

(20) For the purposes of this rule, related persons are understood to be those provided for in Article 2, fraction XIX of the Securities Market Law, in relation to the Exchange.

(20) The majority of the members of the Technical Committee must be residents in the national territory, in terms of what is provided by the Federal Tax Code. Furthermore, such appointments must fall upon persons who possess technical quality, honorability, and satisfactory credit history, as well as extensive knowledge and experience in financial, legal, administrative matters, as well as risk management and clearing and liquidation services.

(20) EIGHTEENTH BIS 1.- The Clearing House must have a Compliance Comptroller responsible for monitoring and ensuring compliance with the applicable regulations to the Clearing House by Clearing Partners, their employees and executives, Operators managing Global Accounts regarding their responsibilities related to such accounts, their employees and executives, as well as employees and executives of the Clearing House itself. Likewise, the Compliance Comptroller must report the results of their functions at least monthly to the National Banking and Securities Commission and to the Technical Committee when it is in session, or with less advance notice if circumstances warrant.

(20) The appointment of the Compliance Comptroller must fall upon a person who:

(20) a) Has recognized prestige in financial matters, does not participate in the capital or equity of Operators, Exchanges, Trading Platforms, Clearing Partners, or financial entities that invest in the capital or equity of the latter, does not hold at the time of appointment or has not held during the twelve months prior to said appointment, positions, jobs, or commissions in any of the aforementioned entities;

(20) b) Is not part of the Technical Committee of the Clearing House, and

(20) c) Is not a spouse, concubine, or concubine, or has blood, affinity, or civil kinship up to the fourth degree with respect to any of the persons referred to in the preceding subsections.

(20) The appointment, suspension, or dismissal of the Compliance Comptroller corresponds to the Technical Committee, who will designate them by majority vote.

(20) The Compliance Comptroller must attend Technical Committee sessions with voice but without vote.

(20) EIGHTEENTH BIS 2.- The person designated as responsible for the administration and operation of the Clearing House must:

(20) a) Actively participate in the risk management process and particularly in the generation and updating of the comprehensive framework for the management of the risks of the Clearing House itself referred to in these rules, as well as the execution of the safety net;

(20) b) Implement within the Clearing House the measures agreed upon by the Technical Committee;

(20) c) Guarantee the coherence of the Clearing House's activities with its objectives and strategy, as defined by the Technical Committee;

(20) d) Define and establish internal control procedures that favor the objectives of the Clearing House;

(20) e) Periodically evaluate internal control procedures;

(20) f) Ensure that sufficient resources are allocated to risk management and the verification of compliance with regulations, and

(20) g) Monitor that adequate measures are adopted against the risks involved in activities that have been approved.

(20) The appointments of the person responsible for the administration and operation of the Clearing House who performs functions equivalent to those of a general manager of the Clearing House and of the executives who hold positions with the hierarchy immediately inferior to that of the latter, must fall upon persons who possess honorability and satisfactory credit history, who are residents in the national territory in terms of what is provided by the Federal Tax Code, have provided at least five years of their services in high-level decision-making positions, whose performance requires knowledge and experience in financial and administrative matters, as well as who do not have any of the impediments for being members of the Technical Committee indicated in subsections c) to g) of the eighteenth bis rule.

(20) EIGHTEENTH BIS 3.- The Clearing House must verify that persons designated as members of the Technical Committee, Compliance Comptroller, person responsible for the administration and operation of the Clearing House, and executives with the hierarchy immediately inferior to the latter, meet the requirements indicated in these rules prior to the start of their tenure and during its development.

(20) In any case, the persons mentioned in the preceding paragraph must declare in writing to the Clearing House that they meet the requirements indicated in these rules, that they are up to date with their credit obligations of any kind, as well as that they know the rights and obligations they assume upon accepting the corresponding position.

(20) The Clearing House must inform the National Banking and Securities Commission of the appointments, resignations, and removals of members of the Technical Committee, the Compliance Comptroller, the person responsible for the administration and operation of the Clearing House, and executives with the hierarchy immediately inferior to the latter, within ten business days following the occurrence of such event, expressly stating, in the case of appointments, that the persons meet the applicable requirements.

(19) NINETEENTH.- The equity of each Clearing House will be integrated at least by the minimum equity, the Contributions Fund, the Compensation Fund, and the Complementary Fund.

(19) The initial minimum equity will be equivalent in national currency to fifteen million Investment Units. Additionally, the Bank of Mexico, based on the methodology it issues for such purpose and having previously heard the opinion of the National Banking and Securities Commission, may require, based on the financial, operational, and business risks incurred, that said minimum equity be increased. For such purposes, the Bank of Mexico will take into account, among other aspects, the type of Derivatives Contracts it clears and liquidates, the risk exposure of its Clearing Partners' positions, the resources that make up the Contributions Fund, the Compensation Fund, and the Complementary Fund, as well as international standards in the matter.

(19) One hundred percent of the minimum equity referred to in the preceding paragraph must be contributed in cash and kept invested in bank deposits of money at sight, government securities with a maturity of up to three months, or repurchase agreements for said period on such securities. Notwithstanding the foregoing, up to ten percent of the aforementioned minimum equity and the excess thereof may be invested in other assets approved by the Bank of Mexico, having previously heard the opinion of the National Banking and Securities Commission.

The liquid funds, securities, yields, and other accessories generated by the investment of the trust's equity, as well as the rights and other resources delivered to the trust for the fulfillment of its purposes, must be fully identified and separated by each settlor.

(20) The methodology used by the Clearing House to determine the amount of Minimum Initial Contributions requested from Clearing Members must be approved by the Bank of Mexico, having previously heard the opinion of the National Banking and Securities Commission. Any modification that the Clearing House makes to said methodology must also be submitted previously for approval by the Bank of Mexico, with the prior opinion of said Commission.

(20) In any case, the Clearing House must ensure, with a high degree of confidence, that it has the necessary resources to cover the risk of its current and future credit exposures vis-à-vis its Clearing Members; for this purpose, it must consider a wide range of financial stress scenarios, including at least the default of the Clearing Member with the greatest credit exposure.

(20) Under no circumstances may the resources comprising the equity of the Clearing House be used for purposes other than those to which they are destined in accordance with the provisions governing them.

TWENTIETH.- Clearing Houses that have received the authorization referred to in the third rule shall have the following obligations:

(19) a) Establish in their internal regulations the necessary mechanisms to effect the clearing and settlement of Derivatives Contracts, executed in Exchanges or through Trading Platforms and Foreign Platforms, as the case may be, once the Clearing Members and their Clients have complied with what is provided by the Clearing House itself. Clearing Houses shall be obligated to process the Derivatives Contracts that the Bank of Mexico determines, through general provisions that shall be considered as standardized derivative operations, which are executed in an Exchange or through Trading Platforms and, where applicable, Foreign Platforms;

(19) b) Act as the counterparty to Clients with respect to Derivatives Contracts brought to them by Clearing Members for clearing and settlement, prior to compliance with the corresponding requirements, whether they have been executed directly with the Clearing House through the Exchange or if their novation must be effected having been carried out through Trading Platforms or Foreign Platforms;

(19) c) Demand, receive, and safeguard the Minimum Initial Contributions, Daily Settlements, Maturity Settlements, and Extraordinary Settlements delivered to them by Clearing Members;

(19) d) Administer and safeguard the Clearing Fund, the Contribution Fund, and the Supplementary Fund, for which purpose it must have an account administration system that allows it to keep a segregated record of the operations and resources delivered to it by Clearing Members, whether on their own account or on behalf of their Clients;

e) Draft and submit to the Authorities the statutory requirements and other requirements that Clearing Members must comply with;

(19) f) Agree on the possibility of information exchange or interconnection agreements with other Clearing Houses or other institutions abroad, which act as central counterparties with respect to derivative operations recognized by the Bank of Mexico in terms of the general provisions issued for this purpose. In these cases, they must also observe what is provided in the last paragraph of the thirty-sixth rule;

(19) g) Have mechanisms that allow them to follow up on the financial situation of Clearing Members in terms of the Twelfth Rule, informing the National Banking and Securities Commission and the Bank of Mexico when any Clearing Member is below the minimum equity on the same day it occurs;

(9) h) Establish permanent audit programs for Clearing Members and for Operators who manage Global Accounts;

i) Establish the necessary internal controls so that officials and employees in charge of their administration and operation cannot be in charge of the administration and operation of any Clearing Member;

j) Implement, monitor, and sanction the measures that must be adopted to ensure the financial integrity of the Clearing House, such as, among others, the determination of Contributions, the mutualization of risks among Clearing Members, as well as other complementary corrective measures.

(19) k) Agree in their constitutive contract that the Clearing House itself may intervene administratively in Clearing Members, when the circumstances provided for in its internal regulations arise, in order to apply the necessary corrective measures for the sound operation of the Clearing House;

(19) l) Define the measures that must be adopted in the event of default or insolvency of any Clearing Member, designing a safety net. Likewise, design the safety net that must be applied in the event of default by Clients of Global Accounts. The safety net must contemplate the carrying out of tests to ensure the effectiveness of execution procedures as well as their periodicity.

(19) m) Determine a limit of exposure to risk per Client, Clearing Member, or Operator, the latter when operating on their own account, and immediately inform the Exchange or the Trading Platforms and, where applicable, Foreign Platforms, when such limits are reached. Likewise, it must inform the Exchange, the Societies and entities abroad referred to when there are payment defaults of requirements formulated by the Clearing House itself. Likewise, it must define the operation limit corresponding to each Client of Global Accounts for each Derivatives Contract listed in the Exchange from which their identity must be reported to the Clearing House itself;

(19) n) Fix a maximum total number of Open Contracts, for those Derivatives Contracts, whose Underlying Asset justifies such a measure, based on the existence of the Underlying Asset in question in the market, and the Cancellation Date of such Contracts;

(11) o) Create at least the committees indicated below:

(19) 1. The first shall determine, apply, and monitor the integrity and proper functioning of the safety net, as well as the risk management system. Said committee must be composed mainly of persons who have independence both with respect to the settlors, as well as with respect to the Clearing Members, and the rest by persons designated by the Clearing Members;

(11) 2. The second shall issue operational, prudential, and self-regulatory rules, in accordance with the minimum guidelines established for this purpose by the National Banking and Securities Commission. Said committee must be composed of at least two-thirds by persons designated by the clearing members;

(19) 3. The third shall audit and monitor the financial situation of the Clearing House. This committee must be composed of at least two-thirds by persons who have independence both with respect to the settlors, as well as with respect to the clearing members, and

(11) 4. The fourth shall apply the corresponding disciplinary measures for the respective non-compliance with the cited rules. This committee must be composed of at least two-thirds by persons who have independence both with respect to the settlors, as well as with respect to the clearing members.

(20) Additionally, the Clearing House may have a committee in charge of analyzing matters involving the Exchanges and, where applicable, the Trading Platforms. The committee in question may be integrated by a representative of each of said Exchanges, Trading Platforms, by a representative of each Clearing Member, as well as by the personnel of the Clearing House itself corresponding depending on the matters to be addressed.

The National Banking and Securities Commission may, through general provisions, issue criteria on the integration and functioning of said committees.

p) Provide to the Authorities, with the frequency and in the manner requested, information on its activity and that of the Clearing Members;

(21) q) Repealed;

r) Publish its financial statements and present to the Authorities the result of an external audit carried out by one of the firms approved by said Authorities, carried out at least once a year, and

(19) s) Have an electronic page on the worldwide network known as the Internet where it makes available to the general public information on its financial situation, its sources of financing, the protection mechanisms it will use in its operations, its internal regulations, and its policies and procedures manuals for operation, keeping it updated.

(19) Likewise, it will make available to Clearing Members and the general public information on its methodologies, in accordance with the terms established in its internal regulations.

(19) Likewise, it must keep updated on its electronic page on the worldwide network known as the Internet, qualitative and quantitative information on the measurement, methodology, and procedures for the administration of the risks faced by the Clearing House, as well as operational metrics, participation of Clearing Members, and resource management, for which said Clearing House must take into account international standards, particularly those related to information disclosure frameworks for this type of entity.

(20) t) Establish connection mechanisms with the Exchange and the Trading Platforms, as appropriate, and, where applicable, with Foreign Platforms. Clearing Houses must not engage in discriminatory practices;

(20) u) With respect to Derivatives Contracts that are not listed in the Exchange, submit to the prior authorization of the Bank of Mexico those that it will clear and settle. For this purpose, the Bank of Mexico will hear the opinion of the National Banking and Securities Commission;

(20) v) Make known through its electronic page on the worldwide network known as the Internet the names of the Clearing Members and Operators who manage Global Accounts, and

(20) w) Provide the services of registration and storage of information relating to all Derivatives Contracts received for clearing and settlement, as well as with respect to that information of derivative operations that it has agreed to receive from other natural and legal persons. For the purposes of the foregoing, it must:

(20) 1. Keep available to the Authorities detailed information on each of the Derivatives Contracts and each of the operations indicated in this subsection, as well as on their modifications;

(20) 2. Disseminate to the participants in the Derivatives Contracts market and to the general public, aggregated information on the Derivatives Contracts and operations indicated, preserving their confidentiality;

(20) 3. Establish the necessary measures to prevent conflicts of interest that may arise in relation to clearing and settlement services, as well as to avoid practices that affect sound operation or go against the persons to whom they provide their services;

(20) 4. Establish procedures and mechanisms to ensure the proper handling of the information contained in its databases, as well as for the resolution of controversies related to said information, and

(20) 5. Comply with the guidelines that, where applicable, establish the Authorities to carry out the activities provided for in the preceding subsections.

(19) TWENTY-FIRST.- Clearing Houses must agree with Clearing Members that the Clearing House itself may intervene them administratively when the equity of these is below the established minimum, or when the circumstances provided for in its internal regulations arise.

(19) Likewise, the Clearing House must agree with Clearing Members that when the equity of any of them is below the established minimum or when the circumstances provided for in its internal regulations arise, the Clearing House itself may assign, on their behalf, Open Contracts of a Clearing Member to another or other Clearing Members, for which it must obtain from them an irrevocable mandate for this purpose, before they begin operations. It must also be agreed with the Clearing Members that, when the circumstances provided for in the preceding paragraph occur, the corresponding Clearing Member must act in accordance with the instructions received from the Clearing House itself.

(20) TWENTY-FIRST BIS.- Clearing Houses may additionally carry out any of the following activities, with prior approval of the Authorities:

(20) a) Provide reconciliation services, understood for such purposes as the processes of verification of the information of a derivative operation sent by both counterparties;

(20) b) Provide the confirmation service, understood for such purposes as the process by which it is informed that it has validated that both counterparties agree with the terms of the derivative operation they have executed;

(20) c) Participate in the administration of bilateral guarantee agreements agreed upon by natural or legal persons, for derivative operations;

(20) d) Provide the services of cash flow calculation, payment settlement management, and administration of rights or obligations derived from derivative operations, and

(20) e) Provide the portfolio compression service with respect to the Derivatives Contracts that are cleared and settled in them, understanding by this service the use of methodologies by which counterparties agree on the novation or extinction of Derivatives Contracts of a contrary nature of the same type, with the purpose of replacing or reducing the number and amount of Open Contracts between said counterparties.

(20) The services referred to in subsections b), c), and d) may be provided with respect to derivative operations.

(20) With respect to the services referred to in subsections c) and e), Clearing Houses may agree with third parties their execution, in which case, it must be provided in the corresponding legal instruments that the Clearing Houses will be liable for the services provided by the third parties. Additionally, it must be provided in said legal instruments, the obligation of the third parties to take the necessary measures to comply with the applicable provisions in the services they provide. Likewise, the grounds for termination must be clearly established, in which serious deficiencies detected in the process of the corresponding service must be included.

(20) Likewise, Clearing Houses may carry out any other activity subsequent to the negotiation of derivative operations, for the execution of which it will be necessary to obtain prior new approval from the Authorities.

(20) TWENTY-FIRST BIS 1.- To obtain the approval referred to in the previous rule, Clearing Houses must demonstrate to the Authorities compliance with the requirements they deem necessary for the adequate execution of such activities, among which are the following:

(20) a) That they have measures to prevent conflicts of interest in the execution of their activities;

(20) b) That they have the necessary technological infrastructure and internal controls to administer and preserve the confidentiality of information, as well as to administer operational, legal, business, or other risks resulting from the approved activities;

(20) c) That the functions and responsibilities of the personnel intending to carry out the activities referred to in this rule are adequately defined and assigned to the corresponding areas. Likewise, the operational separation between the areas carrying out activities as a Clearing House and the other areas carrying out the additional activities in which a conflict of interest could arise.

(6) ON OPERATORS

(6) TWENTY-SECOND.- Operators must formalize a contract with at least one Clearing Member through which the latter obligates itself to respond jointly and severally before the Clearing House for the operations that the Operator carries out on its own account.

(19) Credit institutions, brokerage houses, and other legal persons may act directly as Operators and Market Makers.

(6) TWENTY-THIRD.- Operators, in order to celebrate the operations provided for in the previous rule, must comply with the requirements established for this purpose in the internal regulations of the Exchange.

(9) Said Operators must have a minimum capital equivalent in national currency to one hundred thousand Investment Units, except when they manage Global Accounts, in which case the said capital must be at least one million Investment Units at all times. The referred capital must be invested in bank deposits of money on call, government securities with a maturity of less than 90 days, or repos on said titles for the mentioned term. Investments that the Operator makes in the capital of the Exchange will count as part of the referred capital.

(21) Last paragraph.- Repealed.

(16) TWENTY-FOURTH.- Derivatives Contracts listed in the Exchange that Operators bring to the Clearing House on behalf of their Clients must be executed through a Clearing Member in the Exchange, on the same day they are executed.

(19) Operators may not administer or hold the Contributions delivered to them by Clients. Said Operators, when bringing Global Accounts, may carry out the administration of the Excesses of the Minimum Initial Contributions, which must be invested in terms of what is provided in the third paragraph of the fourteenth rule.

(17) TWENTY-FOURTH BIS.- Operators may transmit, on their own account, on behalf of their Clients, or on behalf of both, orders for the execution of operations with Derivatives Contracts listed in Exchanges of Foreign Derivatives Markets Recognized with which the Exchange has entered into an Agreement. Likewise, Operators may carry out any legal act necessary for the execution of orders in said markets.

(17) Likewise, Operators in case they transmit or carry out any act for the execution of orders of operations with Derivatives Contracts listed in Exchanges of Foreign Derivatives Markets Recognized, must keep a record with respect to said operations.

(17) Additionally, prior to the first time they execute the orders referred to in the preceding paragraphs, they must inform their Clients that:

(17) I. The execution of Derivatives Contracts listed in Exchanges of Foreign Derivatives Markets Recognized will be subject, as to their settlement and other aspects, to the applicable rules of the foreign market in question.

(17) II. Such operations do not have the backing of the Clearing Houses; nor of the Exchanges and are not subject to the supervision of the Authorities.

(17) In any case, they must keep a record of the mentioned report.

(6) TWENTY-FIFTH.- Operators must carry accounting systems that allow them to individually identify in their accounting the amounts they receive from Clients. Likewise, they will have the obligation to register in their accounting the amounts they deliver to Clearing Members on behalf and for the account of Clients.

(6) TWENTY-SIXTH.- Operators shall have the following obligations:

a) Request and deliver to Clients the Daily Settlements corresponding to them, when so agreed in the respective brokerage contract;

b) Request from Clearing Members the Contributions corresponding to be returned to Clients, once their obligation has been extinguished, when so agreed in the respective brokerage contract;

c) Inform the Exchange within a period not exceeding one business day, if its capital is below that required in the twenty-third rule, and

(19) d) Submit to the permanent audit programs established by the Exchange, in order to prove that they comply with the applicable regulation;

(10) e) Respond jointly and severally before their Clearing Members for the non-compliance of the operations they carry out as administrators of Global Accounts, and

(10) f) Notify the National Banking and Securities Commission of the opening and closing, where applicable, of Global Accounts.

(10) ON GLOBAL ACCOUNTS

(19) TWENTY-SIXTH BIS.- Operators and Clearing Members may only administer Global Accounts when they obtain the approval of the Exchange and the Clearing House, accrediting for this purpose compliance with the requirements that, where applicable, these establish.

(10) Operators and Clearing Members that have the aforementioned approval may administer one or more Global Accounts.

(10) TWENTY-SIXTH BIS 1.- Operators and Clearing Members, when administering Global Accounts, shall have the following obligations:

(10) a) Inform the Client of the risks incurred through their participation in the Global Account, making, in any case, emphasis that Clients must mutualize their Contributions and that, therefore, they could participate in the losses of any other Client of said Global Account; as well as contractually establish their acceptance of these Rules and, in particular, what relates to the safety net;

(10) b) Bring to the Clearing House all operations instructed by Clients of the Global Account;

(10) c) Keep in their internal accounting separate sub-accounts per Client;

(10) d) Not allow a Client to operate the same underlying and type of contract in more than one Global Account administered by the same Operator or Clearing Member;

(10) e) Maintain confidentiality regarding the identity of each Client before the other Clients of the same Global Account. This is without prejudice to the power of the Clearing House to request information on any Client individually for supervision purposes in accordance with these Rules;

(10) f) Provide each Client with individual information on their position through daily reports;

(10) g) Make known to their Clients the information determined by the Clearing House regarding:

(10) i) The operation limit from which their identity will be reported to the Clearing House;

(10) ii) The limit on their open position in the Global Account, and (19) iii) The limit on all net open positions by Underlying Asset that they may hold with the Clearing House; (19) h) Contractually establish with their Clients the obligation of said Clients to notify them when they exceed the limits mentioned in the preceding subsection, or when they participate in more than one Global Account, and (20) i) Submit to the permanent audit programs established by the Clearing House to monitor their proper performance. (10) When any excess of said limits occurs or participation in more than one Global Account takes place, as applicable, the administrator of the Global Account must report such situation to both the Liquidity Partner and the Clearing House. (10) TWENTY-SIXTH BIS 2.- The Clearing House shall be the counterparty to each of the operations of the Clients of the Global Account. For the purposes of the safety net mentioned in rule twenty-sixth bis 3, all operations carried out shall form part of a single account before said Clearing House. (16) Opposite operations on Listed Derivatives Contracts equal for the same Client that have the same key may be automatically offset. Operations originating from different Clients, even from the same Global Account, may not be offset. (16) TWENTY-SIXTH BIS 3.- In the event that a Client of a Global Account fails to deliver any amount due to it, in order to avoid default by the Global Account itself, the safety net established for this purpose by the Clearing House shall be operated in accordance with the provisions referred to in the Thirty-Ninth of these rules. (10) TWENTY-SIXTH BIS 4.- The Clearing House and the Exchange are authorized to, jointly, revoke the approvals to act as administrators of Global Accounts of Liquidity Partners and Operators who incur in the circumstances provided for in the relevant provisions, so that they may no longer operate new accounts of this type. In this case, each Client of the Global Accounts that had in their administration the Liquidity Partner or Operator whose approval has been revoked shall choose the Operator or Liquidity Partner to whom they wish their operations to be transferred, or, failing that, the Clearing House shall liquidate the respective Open Contracts through the Operators or Liquidity Partners that it determines. (19) Likewise, the Clearing House must agree with the Operators or Liquidity Partners that administer Global Accounts that when the equity of any of them is below the established minimum, or when the circumstances provided for in their internal regulations occur, the Clearing House itself may assign on their behalf their Open Contracts to one or more other Operators or Liquidity Partners, for which it must obtain from the administrator of the Global Account itself, an irrevocable mandate for this purpose, before operations begin. OF THE GENERAL PROVISIONS (11) TWENTY-SEVENTH.- No natural or legal person may acquire, directly or
indirectly, through one or several operations of any nature, simultaneous or successive, the control of ordinary shares of the exchanges or trust certificates of the Clearing Houses –which imply control through the respective technical committee– for more than five percent of the total of said shares or certificates. The Ministry of Finance and Public Credit, hearing the opinion of the National Banking and Securities Commission and the Bank of Mexico, may authorize, when in its judgment justified, a higher percentage. (11) The aforementioned limit shall also apply to the acquisition of control by persons that the Ministry of Finance and Public Credit considers for these purposes as a single person. The provisions of this rule shall not be applicable during the year immediately following that in which the Exchanges and Clearing Houses in question are constituted. TWENTY-EIGHTH.- Authorization from the Ministry of Finance and Public Credit shall be required for any group of persons, in the judgment of the aforementioned Ministry, who are linked, to acquire, directly or indirectly, through one or several operations of any nature, simultaneous or successive, the control of the companies constituted to act as Exchanges or of the trusts –through the respective technical committee– that have as their purpose to operate as a Clearing House referred to in these Rules. For the purposes stated in this rule, it shall be understood that a group of linked persons acquires control of a company or a trust –through its technical committee– when it is the owner of thirty percent or more of the ordinary shares representing the social capital or of the trust certificates, has control of the general shareholders' meeting; is in a position to appoint the majority of the members of the board of directors or of the technical committees, or by any other means controls the respective company or trust. TWENTY-NINTH.- The trusts that have as their purpose to operate as a Clearing House shall refrain from registering in the registry of their trust certificates the transfers that are made in contravention of what is provided by rules twenty-seventh and twenty-eighth, and must reject their registration and inform the Ministry of Finance and Public Credit about the transfer within five business days following the date on which they become aware of it. The Clearing House must provide in its internal regulations that persons who contravene what is provided in this rule and in the twenty-seventh and twenty-eighth shall be sanctioned in accordance with the following guidelines:
They shall sell to the trust the trust certificates that exceed the fixed limits, at fifty percent of the lower of the following values:
a) The book value of said trust certificates, according to the last financial statement approved for this purpose by the technical committee and reviewed by the National Banking and Securities Commission, or b) The market value of said trust certificates.
The trust certificates thus refunded shall form part of the trust's equity and must be placed back on the market as soon as possible.
THIRTIETH.- The merger of two or more Exchanges or the transmission of the trust assets of a Clearing House to another or others shall require authorization from the Ministry of Finance and Public Credit and shall be carried out in accordance with the following bases:
a) The companies and trusts shall present to the Ministry of Finance and Public Credit themselves, the draft agreements of the shareholders' meetings or of the technical committees regarding the merger or transmission, merger or transmission plan, with indication of the stages in which it must be carried out, and the accounting statements that show the situation of the companies and trusts;

b) The Ministry of Finance and Public Credit itself, when authorizing the merger or transmission, shall ensure at all times the adequate protection of the interests of the public; c) The transmission agreements adopted by the technical committees, in the case of trusts, shall be published in the Official Gazette of the Federation and in two newspapers of wide circulation in the plaza where the corresponding trust institutions have their domicile, and d) During the ninety natural days following from the date of publication, the creditors of the trusts may judicially oppose the transmission, with the sole purpose of obtaining payment of the rights due to them. THIRTY-FIRST.- The Ministry of Finance and Public Credit, hearing the affected company or trust and hearing the opinion of the National Banking and Securities Commission and the Bank of Mexico, may declare the revocation of the authorizations referred to in rule third in the following cases:
a) If the constitutive deed or the trust contract duly notarized for its approval is not presented within three months following the date of granting the authorization, if operations are not started within the period of six months counted from the approval of the deed or contract, or if upon giving these latter, the minimum capital or equity is not paid, as the case may be; b) If the company or trust shows losses that affect its minimum capital or equity; c) If the company or trust provides false, imprecise, or incomplete information, fraudulently, to the Authorities; d) When due to causes attributable to the company or trusts, the operations they have carried out do not appear duly and timely registered in their accounting and therefore do not reflect their true financial situation, and e) If the companies or trusts seriously or repeatedly violate the provisions applicable to them. THIRTY-SECOND.- The trusts provided for in these Rules shall have the character of irrevocable for the settlor while there are obligations pending to be covered. Likewise, the duration of the companies and the aforementioned trusts must be indefinite or necessary for the fulfillment of their purpose or ends, respectively. In the constitutive act of the trusts referred to in these Rules, the formation of a technical committee must be provided for, rules for its integration and functioning must be given, and its powers must be fixed. (19) THIRTY-THIRD.- Market Makers may not enter into Listed Derivatives Contracts through Desk Operators contracted by Liquidity Partners or by the other Operators, or by those contracted by said Market Makers to execute operations other than those proper to such character. (21) THIRTY-FOURTH.- Repealed. (19) THIRTY-FIFTH.- Under no circumstances may Liquidity Partners and Clearing Houses receive or grant any financing or credit, except when it concerns:
i) credits with the sole purpose of covering accounts receivable derived from defaults or liquidity shortages, or ii) to carry out securities lending operations that they enter into to deliver the Underlying Asset at the maturity of a Derivatives Contract. The aforementioned operations may not exceed, in their entirety, an amount equivalent to that of their respective minimum equities, except for cases exceptionally authorized by the Bank of Mexico, having previously heard the opinion of the National Banking and Securities Commission. (22) THIRTY-SIXTH.- The Exchange must keep available to the public information about the operations carried out in it for statistical and general information purposes, maintaining confidentiality regarding any information that could influence the market. (22) Liquidity Partners and the Clearing House must keep available to the public information about the operations that are offset and settled in the Clearing House itself for statistical and general information purposes determined by the Bank of Mexico, maintaining at all times the secrets provided for in the Credit Institutions Law and the Securities Market Law, as applicable. (22) Liquidity Partners and Operators may only enter into Derivatives Contracts on behalf of Clients who grant their express authorization in the adherence agreements or in the intermediation contracts, as applicable, so that the information of the operations entered into under such contracts, including the identification data of such Clients, can be provided to the Clearing House, as well as to the Exchange or, as the case may be, to the Recognized Foreign Derivatives Markets. Such authorizations must allow providing the indicated information to other Liquidity Partners, in cases of assignment of Derivatives Contracts carried out by the Clearing House. (22) Additionally, those Clients who so determine may grant in the adherence agreements or in the intermediation contracts they enter into with Liquidity Partners or Operators, as applicable, an additional authorization to that indicated in the preceding paragraph so that the Clearing House and the Exchange intervening in the operations corresponding to the Derivatives Contracts in question provide directly the information provided for in said paragraph to entities abroad that provide registration and safekeeping services of derivative operation information and are recognized by the Bank of Mexico for these purposes, as well as to the financial supervision and regulation authorities of other countries with which any of the Authorities empowered to do so have entered into agreements for the exchange of information on financial operations. For the purposes of what is provided in this paragraph, the Clearing House and the Exchange must communicate to the National Banking and Securities Commission and the Bank of Mexico their intention to provide the indicated information with, at least, 20 Business Days in advance of the date on which they intend
to start sending information to the entities and authorities abroad mentioned, as well as indicate in said communication the type of information they will provide. (22) What is provided in this Rule shall be applicable without prejudice to the power of the competent Authorities to exchange information regarding derivative operations with financial supervision and regulation authorities of other countries, in terms of the information exchange agreements subscribed for this purpose, which must specify the terms and conditions to which said exchange must be subject, defining the degree of confidentiality or reserve of the information, and, as the case may be, the respective control instances to which the cases in which the delivery of information is denied or its delivery is made outside the established deadlines will be reported. (19) THIRTY-SEVENTH.- When a Liquidity Partner has simultaneously entered into Derivatives Contracts, generating opposite positions, on behalf of the same Client, referred to the same Underlying Asset, or between different Underlying Assets with similar risks, even with different maturity dates, and as long as the Bank of Mexico authorizes it, hearing the opinion of the National Banking and Securities Commission, the Clearing House may reduce the Minimum Initial Contributions, with respect to the person in question.

(19) THIRTY-EIGHTH.- The Exchange and the Clearing House must strictly monitor that in the carrying out of the operations provided for in these rules, at no time may Liquidity Partners and Operators, directly, through an Operator or through a Desk Operator, transact with themselves, take on the character of counterparty to any Client regarding Derivatives Contracts, use any mechanism that distorts the price formation processes or in general depart from stock exchange usages and sound market practices, among which are, agreeing outside the trading systems Derivatives Contracts that they may enter into in Exchanges, for subsequent registration in any of them, except for the entry into Derivatives Contracts that are considered as block operations, in terms of what is provided for in the internal regulations of the corresponding Exchange. (16) For the purposes of what is established in the preceding paragraph, operations with Derivatives Contracts listed on Recognized Foreign Derivatives Markets shall not be considered as off-exchange operations, as long as the Exchange has entered into an Agreement, and the respective orders are transmitted by the Operators and Liquidity Partners. The Exchange and the Clearing House must implement rules that seek to avoid the improper use of insider information. OF THE POWERS OF THE AUTHORITIES (19) THIRTY-NINTH.- The National Banking and Securities Commission, having previously heard the opinion of the Ministry of Finance and Public Credit and the Bank of Mexico, shall issue prudential rules oriented to preserve the liquidity, solvency, and stability of the Derivatives Contracts market provided for in these rules. (22) The supervision of the Exchanges shall be in charge of the National Banking and Securities Commission and that of the Clearing Houses, of the Liquidity Partners and of the Operators shall correspond to the National Banking and Securities Commission and the Bank of Mexico, within the scope of their respective competencies. (19) The supervisory power referred to in the preceding paragraph includes the power to require and review any kind of books, documentary or electronic records generated by the Exchanges, Operators, Clearing Houses and Liquidity Partners mentioned, as applicable, both in the operations carried out in the national market, as well as those verified in Recognized Foreign Derivatives Markets, as the case may be. (23) Additionally, in the circumstances provided for in the preceding Thirty-Sixth Rule, the National Banking and Securities Commission and the Bank of Mexico, in exercise of the powers conferred upon them by the applicable legal provisions, may adopt the necessary measures, in protection of the Clients and of the market, ensuring the continuous flow of the information provided for in said rule to the entities and Authorities referred to in it. (19) THIRTY-NINTH BIS.- The Bank of Mexico, in accordance with applicable provisions, may grant recognition to foreign derivative
markets other than those established in countries whose financial authorities are designated members to form the Council of the International Organization of Securities Commissions, taking into account the following:
(17) I. That they are subject to the supervision and surveillance of an authority or an self-regulatory entity and also, have a legal regime that includes provisions to protect the interests of investors, ensure the order and transparency of the operations carried out in them, prevent and sanction the improper use of insider information, market manipulation, as well as to avoid conflicts of interest.

(17) II. That the applicable legal regime has rules that establish the obligation to reveal in a periodic, sufficient, and timely manner information relative to the financial, economic, accounting, legal, and administrative situation of the counterparties of the Derivatives Contracts, including facts and acts capable of influencing the decisions of the Clients and as long as the markets have mechanisms that allow the disclosure to the public of said information in an accessible, expeditious, and continuous manner. (19) FORTIETH.- The Exchange, in terms of its internal regulations, may temporarily or permanently suspend the operations carried out in the Exchange itself by any Client, Operator or Liquidity Partner, when the operations are not carried out in terms of the applicable provisions. Likewise, the National Banking and Securities Commission, or the Clearing House in the terms established in its internal regulations, may instruct the Exchange or the corresponding Trading Platform to temporarily or permanently suspend the aforementioned operations. (6) In the corporate statutes and in the trust contracts referred to in these Rules, it must be agreed that when in the judgment of the National Banking and Securities Commission, there are irregularities of any kind in the Exchange, in the Liquidity Partners, in the Clearing House or in the Operators, that affect their stability or solvency or put the interests of the public or creditors in danger, the Commission itself may immediately designate the persons who will replace the board of directors or the technical committee and who will take charge, respectively, of the Exchange, Liquidity Partner, Clearing House or Operator in question. (19) FORTY-FIRST.- The Partners or settlors, as the case may be, of the Exchanges or of the Clearing Houses, must agree in the constitutive legal instruments of the Exchanges or Clearing Houses themselves, the obligation to modify, when so requested by the Authorities, within the scope of their respective competencies, said instruments, as well as the other documents that authorize, approve, or may object to them in terms of these rules, in order to adjust to the applicable regulation, to sound usages and practices, as well as to international standards in the matter. (6) The aforementioned Partners and settlors, as well as the settlors or partners, as the case may be, of Liquidity Partners or, as the case may be, Operators, must agree in the constitutive legal instruments of the Exchanges, Clearing Houses, Liquidity Partners and, as the case may be, Operators, the obligation to remove the members of the boards of directors, the general manager, auditors, regulatory controller, directors and managers, the members of the technical committees in question, as well as the trust delegates, when so requested by the National Banking and Securities Commission. (19) The Authorities may make the requests referred to in the preceding paragraphs, in order to ensure the sound
development of the Derivatives Contracts market to which these rules refer, as well as with respect to persons who have conflicts of interest due to the performance of their positions, do not have sufficient technical or moral quality for the performance of their functions, or do not meet the requirements established for this purpose, or incur in serious or repeated violations of these rules or the provisions emanating from them. Regarding the request referred to in the second paragraph of this rule, the National Banking and Securities Commission shall first hear the interested party and the company or trust institution in question. FORTY-SECOND.- The companies, as well as the credit institutions and brokerage houses that act as trustees in the trusts regulated by these Rules, must provide to the Ministry of Finance and Public Credit, to the National Banking and Securities Commission and to the Bank of Mexico, the information relative to the operations provided for in these Rules, in the terms established for this purpose by the Authorities.

(19) FORTIETH-THIRD.- In order to obtain the authorizations from the Authorities provided for in these Rules, or to submit to their consideration modifications to the corresponding documentation, interested parties must submit in writing the application or documentation in question to the Ministry of Finance and Public Credit, who will grant or deny the respective authorization or object to the modifications at its discretion, having previously heard the opinion of the National Banking and Securities Commission and the Bank of Mexico.

The powers attributed to the Authorities by these Rules shall be exercised by the Ministry of Finance and Public Credit, having previously heard the opinion of the National Banking and Securities Commission and the Bank of Mexico.

TRANSITORY
UNIQUE.- These Rules shall enter into force the day following their publication in the Official Journal of the Federation.

TRANSITORY
(Resolution modifying the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, published in the Official Journal of the Federation on August 12, 1998) UNIQUE.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.

TRANSITORY
(Resolution modifying the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, published in the Official Journal of the Federation on December 30, 1998) UNIQUE.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.

TRANSITORIES
(Resolution modifying the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, published in the Official Journal of the Federation on December 31, 2000) FIRST.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.
SECOND.- For the purposes of what is provided in the twenty-seventh of these Rules, the Ministry of Finance and Public Credit, hearing the opinion of the National Banking and Securities Commission and the Bank of Mexico, may determine, in accordance with programs aimed at aiding the proper functioning of the Exchanges, which are approved by the Ministry itself, the percentage and term in which natural or legal persons may retain a participation exceeding the limits established in the cited Rule, which in no case may exceed 85% of the capital and 10 years.

TRANSITORIES
(Resolution modifying the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, published in the Official Journal of the Federation on June 14, 2004) FIRST.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.
SECOND.- The submission to the Ministry of Finance and Public Credit of the modifications corresponding to the internal documentation of the Exchange and the Clearing House, in terms of the fourth and seventeenth rules, must be made within ninety (90) natural days following the entry into force of this Resolution. That Department reserves only the power to order modifications to the aforementioned documentation within one hundred eighty (180) natural days following its presentation, for which it will not issue any particular authorization. THIRD.- Global Account Administrators must abstain from carrying out operations through said Accounts until the entry into force of the modifications to the "Prudential Provisions to which participants in the futures and options market listed on an exchange shall be subject," which aim to adjust such Provisions to what is provided in this Resolution and, where applicable, obtain the corresponding authorizations.

TRANSITORY
(Resolution modifying the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, published in the Official Journal of the Federation on May 19, 2008) UNIQUE.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.

TRANSITORY
(Resolution modifying the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, published in the Official Journal of the Federation on August 24, 2010) UNIQUE.- This Resolution shall enter into force sixty (60) natural days after its publication in the Official Journal of the Federation.

TRANSITORY
(Resolution modifying the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, published in the Official Journal of the Federation on November 25, 2010) UNIQUE.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.

TRANSITORY
(Resolution modifying the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, published in the Official Journal of the Federation on October 13, 2011) UNIQUE.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.

TRANSITORIES
(Resolution modifying the Rules to which participants in the market for listed derivatives contracts shall be subject, published in the Official Journal of the Federation on May 15, 2014) FIRST.- This Resolution shall enter into force ninety (90) days following its publication in the Official Journal of the Federation, except as provided in the following Transitory Article.
SECOND.- Clearing Houses and Liquidating Partners authorized to operate as such at the date of publication of this Resolution must submit to the authorities within thirty (30) days following the publication of this Resolution, an implementation plan to comply with it.
Clearing Houses will have a term of nine (9) months from the publication of this Resolution to demonstrate compliance with what is provided in subsection w) of Rule Twentieth.
THIRD.- Until such time as the Bank of Mexico establishes the methodology to determine the additional minimum equity referred to in Rule Nineteenth of this Resolution, Clearing Houses must maintain the equity provided for in the "Rules to which participants in the market for listed derivatives contracts shall be subject" in force before the entry into force of this Resolution.

TRANSITORIES
(Resolution modifying the Rules to which participants in the market for listed derivatives contracts shall be subject, published in the Official Journal of the Federation on June 8, 2020) FIRST.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.
SECOND.- Liquidating Partners and Operators must, within a term of 120 natural days computed from the entry into force of this Resolution, obtain the corresponding authorizations referred to in the Thirty-Sixth of these Rules for those Clients with whom they have entered into adherence agreements or intermediation contracts, as applicable, which are in force at said entry into force. Regarding the modifications to include said authorizations in the adherence agreements that Liquidating Partners use with their Clients for the celebration and settlement of Listed Derivatives Contracts as well as those celebrated through Trading Platforms and, where applicable, Foreign Platforms, said Liquidating Partners shall be subject to what is provided in the Tenth of these Rules.

CONSIDERING
(December 31, 1996)
Various requests made to the authorities of the financial system to authorize the constitution and operation of a market in which standardized futures and options contracts are negotiated and celebrated; That the establishment of a market such as the aforementioned would help strengthen our financial system by increasing the competitiveness of participants in such system, by offering new contracts whose object would be to cover various types of risks incurred when carrying out operations in financial markets; That since there is no applicable regime in our law to the market in question, it is necessary to provide one, therefore, the Ministry of Finance and Public Credit, the National Banking and Securities Commission, and the Bank of Mexico, in exercise of the powers each has in relation to the operations that would be celebrated in said market, will jointly issue rules governing such market. For this purpose, the aforementioned Ministry has estimated that certain futures contracts and options contracts celebrated by credit institutions and brokerage houses, in terms of these Rules, shall be considered as analogous, related, or complementary operations. That it is necessary that the futures and options contracts celebrated in a brokerage house be standardized and that for such market to begin operations, the participation of at least the following subjects is necessary:

• The exchanges, which shall be anonymous societies whose object will consist of providing the facilities and other services for the cited contracts to be quoted and negotiated.
• To constitute these societies, authorization from the Ministry of Finance and Public Credit is required. Natural and legal persons may be partners of such societies.
• Such societies will have two series of shares. The shares corresponding to one of the mentioned series may only be acquired by those who participate in the market as liquidators and operators; such shares will confer full corporate and patrimonial rights, and the shares of the other series will be freely subscribable and will confer full patrimonial rights and restricted corporate rights.
• The liquidating partners, which shall be trusts whose purpose will consist of celebrating contracts on the exchange and with the clearing house on behalf of multiple banking institutions, brokerage houses, or their clients, and being jointly liable before said clearing house for the obligations of such persons.
• The aforementioned trusts must be approved by the respective exchange and clearing house and not vetoed by the Ministry of Finance and Public Credit. These trusts may be of two types: 1) those through which multiple banking institutions and brokerage houses carry out operations on their own account, and 2) those that may bring contracts to the clearing house on behalf of clients. In all the aforementioned contracts, the clearing house will act as counterparty.
• The clearing houses, which shall be trusts constituted by persons who receive the corresponding authorization from the Ministry of Finance and Public Credit, and whose purpose will be to act as counterparty to each operation celebrated on the exchange, as well as to clear and settle futures and options contracts.
• Said trusts may only have two types of settlors: those who participate in the market as liquidating partners, who will have full corporate and patrimonial rights, and those who wish to invest in such trusts, who must have authorization from the Ministry of Finance and Public Credit, and who will have full patrimonial rights and restricted corporate rights.
• Operating partners may also intervene in this market, which shall be anonymous societies, whose activity would consist of being commission agents for the liquidating partners for the celebration of futures and options contracts. Operating partners may celebrate futures and options contracts on their own account, in which case they would act as clients of the liquidating partners, but with access to the exchange floor.
  That to authorize the constitution of the aforementioned exchanges and clearing houses, it is necessary that the authorities evaluate the background and technical and economic solvency of the applicant persons; That it is of utmost importance, given the characteristics of the market in question, that the norms regulating such market promote and strengthen the self-regulation of its participants; That it is convenient that the clients of the intermediary participants in the market in question do not have the support of protection mechanisms, such as those implemented for the clients of multiple banking institutions and brokerage houses, through the Banking Fund for Savings Protection and Support for the Securities Market; That in congruence with what is stated in the preceding paragraphs, it is necessary that the cited regulation places special emphasis on minimum prudential norms, based on which the exchanges and clearing houses elaborate their internal regulations and operational manuals with the aim of reducing the risks to which participants in said market are exposed; That such regulation must also incorporate a regime that makes it mandatory for both clearing houses and liquidating partners to have the necessary capital to carry out operations in this market, capital that at all times must be proportional to the risk to which they are exposed; That the regulation in question must also contain norms tending to avoid undesirable concentration in the control of the exchanges and clearing houses, and That the regime contained in the rules listed below will allow obtaining the necessary experience so that, if convenient, an initiative for a law for the derivatives market is promoted, have resolved to issue the following:

CONSIDERING
(August 12, 1998)
That it is convenient to clarify the scope of the concepts of clearing fund and liquidating partner; incorporate the figure of market maker as a participant who will aid in the proper formation of prices, as well as allow the participation of natural persons with the character of operating partners, with the purpose of giving greater flexibility in accordance with international experience; That in order for the exchanges to adequately perform their object, it is pertinent to endow them with greater self-regulatory attributes to strengthen market surveillance, as well as give them the opportunity to invest their capital in companies that provide them with complementary or auxiliary services;

That it is estimated necessary to introduce rules that clearly determine the regime for the celebration and settlement of futures and options contracts, when credit institutions or brokerage houses participate simultaneously as settlors in liquidating partners and shareholders of operating partners, additionally establishing, among others, the possibility that other financial entities that are part of the financial group to which the credit institution or brokerage house settlor in liquidating partners that exclusively settle contracts on behalf of the latter belong, also participate as settlors in the same, and that in general, financial entities intending to act as operating partners do so through anonymous societies constituted for that sole purpose; That it is necessary to determine the investment regime of the excesses of the initial minimum contributions; That it is judged appropriate to indicate in a taxative manner the cases and, where applicable, limits within which liquidating partners and clearing houses may receive or grant financing; That it is opportune to include special provisions that seek to avoid conflicts of interest of the exchange floor operators when channeling the different orders, and That to achieve greater transparency in the market, it is required that clients give their consent so that the information derived from the celebration of their operations may be provided by the liquidating partners or operating partners to the exchanges, financial supervision and regulation entities of other countries through the Mexican financial authorities, as well as to liquidating partners in specific cases, have resolved to issue the following:

CONSIDERING
(December 30, 1998)
That it is convenient to adjust the settlement regime applicable to operating partners constituted by entities belonging to the same financial group, when they celebrate futures contracts and options contracts on their own account, and That it is opportune to clarify that operating partners may not be settlors in trusts whose purpose is to operate as liquidating partners, have resolved to issue the following:

CONSIDERING
(December 31, 2000)
That the operation of an options and futures exchange has helped strengthen our financial system by increasing the competitiveness of participants in such system, by offering investment opportunities through new contracts whose object is to cover various types of risks incurred when carrying out operations in financial markets; That in order for the futures and options exchange to increase its level of operability, it is opportune that financial entities such as multiple banking institutions and brokerage houses increase their participation by acting as operators directly; That it is necessary to modify some aspects of the applicable regulation to the futures and options market, in order to promote its greater development. That the Ministry of Finance and Public Credit, the National Banking and Securities Commission, and the Bank of Mexico, in exercise of the powers attributed to them and with the purpose of providing the futures and options exchange with the appropriate legal framework that allows its participants to operate agilely as the market requires, have decided to reform the Rules to which the societies and trusts intervening in the establishment and operation of a market for futures and options listed on an exchange shall be subject, and issue the following:

CONSIDERING
(May 14, 2004)
That, with respect to the Federal Government, it contemplates in the National Development Plan 2001-2006, as a strategy of the guiding objective related to the responsible conduct of the economy, the commitment to promote the conditions for the Mexican financial system to be competitive in the international arena; That it is convenient to incorporate into the regulation applicable to the market for futures and options listed on an exchange the figure of "global accounts," with the aim that said market be more competitive against foreign derivatives exchanges, by facilitating access to it for clients who, otherwise, could not do so or would find it very costly. The above is observed in international practice, particularly in the most relevant derivatives markets in the world where the aforementioned accounts are used successfully, and That, in accordance with the rules to which brokerage houses must be subject in carrying out financial operations known as derivatives, issued through Circular 10-266, dated December 26, 2002, said intermediaries may carry them out on their own account having currencies as the underlying asset, therefore it is estimated necessary to adjust these provisions to the applicable regulation, Have resolved to issue, each in exercise of the powers conferred upon them by the respective dispositions cited above, the following:

CONSIDERING
(May 19, 2008)
That given the extremely accelerated growth in the derivatives market, it is necessary that the financial authorities, in their role as responsible for the stability of the Mexican financial system and the national economy, foster its development, seeking that the market infrastructure offered by the derivatives product exchanges and clearing houses can grow as rapidly as the demand, and that the access of current and future participants to this infrastructure occurs at the lowest possible costs to guarantee healthy competition. That to expand the competitiveness of the current participants in the market in question, it is necessary to allow those investors that the financial authorities consider adequate to make significant and permanent investments both in the derivatives product exchanges and in their respective clearing houses, for which it is necessary to modify the participation limits in the social capital or equity, but preserving the financial authorities' powers for the authorization of shareholdings and equity holdings in special cases. That as a consequence of the above, it is necessary to modernize the corporate governance of the clearing houses, making mandatory a greater participation of independent persons in their main collegiate bodies, in relation to international trends and Mexican regulation, as well as the review of the number of committees and the powers attributed to them, to give greater security to the substantive activities of the same.

That the derivatives products industry in Mexico, as an integral part of the Mexican financial system, is created to respond to the need to offer hedging mechanisms to financial intermediaries, institutional investors, and companies, has resolved to issue the following:

CONSIDERING

(August 24, 2010)

That the Rules to which societies and trusts intervening in the establishment and operation of a futures and options market quoted on an exchange must adhere, establish various obligations for Clearing Members, among them, being shareholders of futures and options exchanges; settlors in clearing houses, with the exclusive status of members in said houses, as well as the requirement that Clearing Members must settle operations for their own account and for third parties through separate trusts.

That to foster the competitiveness of current market participants, it is necessary on the one hand, to broaden the spectrum of possible investors or participants both in futures and options exchanges, as well as in their respective clearing houses, by eliminating the obligation of Clearing Members to be shareholders of futures and options exchanges, as well as to be settlors in clearing houses, without prejudice to the powers of financial authorities to authorize shareholdings and patrimonial holdings in special cases.

That to reduce regulatory costs for market participants and broaden their competitiveness, it is considered convenient to establish the possibility that operations be settled for their own account or for third parties through the same Clearing Member, with certain guidelines.

That with the aforementioned adjustments, access to futures and options exchanges, as well as to their respective clearing houses, will be achieved by more diversified investors, with lower costs to guarantee healthy competition for the benefit of the development of this type of market, which is why the financial authorities have resolved to issue the following:

CONSIDERING

(November 25, 2010)

That the resolution modifying the Rules to which societies and trusts intervening in the establishment and operation of a futures and options market quoted on an exchange must adhere, published in the Official Journal of the Federation on August 24, 2010, establishes the obligation for any financial entity belonging to a financial group that has constituted a Clearing Member that settles operations for its own account, to settle exclusively in said trust its operations.

That to promote healthy competition among market participants, it is necessary to eliminate the restriction for financial entities to settle exclusively their Futures Contracts and Options Contracts with the Clearing Member that settles operations for its own account, constituted by the multiple banking institution or brokerage house of the financial group to which they belong.

That with the aforementioned modification, it will be permitted for financial entities belonging to a financial group whose brokerage house or multiple banking institution have constituted a Clearing Member to choose services, even from more than one Clearing Member, which is why the financial authorities have resolved to issue the following:

CONSIDERING

(Resolution of October 13, 2011)

That the global economic phenomenon known as globalization has fostered the growth of exchange between international commercial and financial markets, including the regulated market for derivatives contracts. In this sense, Mexico as a member and economic actor of the international community, is immersed in the dynamics of said phenomenon, for which it requires legal and market mechanisms that allow its nationals to compete with their counterparts both in the domestic market, as well as abroad.

That in this vein, the regulated market for derivatives contracts in Mexico requires a legal framework that provides for rights, obligations, limitations, and precise mechanisms, as well as, that provide legal certainty to its participants in the celebration of operations with derivatives contracts listed on derivatives markets exchanges of recognized foreign markets.

That in this way, it is intended to expressly provide for the power of derivatives exchanges to enter into agreements with derivatives exchanges of foreign markets, establishing the details so that participants of exchanges in Mexico, through these, celebrate derivatives contracts listed on recognized foreign derivatives markets, and foreign participants are able to celebrate through the exchanges established in their respective countries, derivatives contracts listed on derivatives exchanges located in Mexico, using for such purposes the systems that said exchanges provide to their respective participants, without the need to hire an intermediary in the country in question;

That equally, it is proposed that operators and clearing members have sufficiently broad capacities to celebrate operations with derivatives contracts of recognized foreign markets, through the mechanisms provided by exchanges established in Mexico.

In this sense, rules for the operation of such derivatives contracts by clearing members are incorporated, without compromising operations that are celebrated through Mexican derivatives exchanges;

That in consideration of the characteristics of operations with derivatives contracts in recognized foreign derivatives markets, it is proposed to isolate the risk of the clearing house, expressly limiting that it will not be the counterparty of operations that operators and clearing members carry out in recognized foreign derivatives markets;

That in the same way, it is necessary to establish the obligation for clearing members and operators to inform and obtain, through appropriate legal instruments for this purpose, the consent of their clients who intend to celebrate operations with derivatives contracts in recognized foreign derivatives markets, to expressly authorize them; advise that they will be subject to the legislation of the foreign market in question and that they know the risks inherent to said operations;

That the actors of the national economy are demanding from the regulated market for derivatives contracts, a greater supply of products. In this sense, in order on the one hand, to meet the internal and external demands for this type of financial products, and on the other hand, to generate better competitive conditions for participants in the regulated derivatives market in our Country, it is necessary to release the range of derivatives contracts that regulated derivatives exchanges in Mexico can offer.

That with the aforementioned adjustments, access to the regulated derivatives market in Mexico will be fostered for more investors, with more diversified profiles; the growth of the domestic market will be promoted due to the linkage between this and recognized foreign markets, and in general, the competition of this type of markets will be fostered, which is why the financial authorities have resolved to issue the following:

CONSIDERING

(Resolution of May 15, 2014)

That during the 2008 financial crisis, derivatives markets showed various weaknesses that increased systemic risk and originated loss of confidence in the market.

That therefore, in September 2009, G20 member countries, jointly with the Financial Stability Board, decided to strengthen financial regulation to promote transparency in the market, mitigate systemic risk, and protect the investing public from bad practices in trading.

That in order to achieve the above, the following measures were agreed upon:

• Require that all standardized derivatives contracts be traded on exchanges or electronic platforms, and that said contracts be cleared and settled through central counterparties.
• Greater standardization of derivative operations.
• Require market participants to report information on all their derivative operations to central information repositories.
• Determine higher capital charges and require the constitution of bilateral margin guarantees, for derivative operations that are not cleared and settled through central counterparties.

That to comply with the aforementioned commitments, it is necessary to modify the current regulation in order to grant greater transparency and order to the derivatives market, including measures to better regulate standardized derivatives contracts, as well as a scheme of regulation and control for over-the-counter derivatives contracts.

That in this way, it is proposed to allow Clearing Houses to clear and settle derivative operations traded on Electronic Platforms, which will allow better risk management of operations.

That with the new regulation, Clearing Houses are operationally detached from Derivatives Exchanges, to operate independently. Likewise, the possibility is established to constitute Clearing Houses and Clearing Members that exclusively provide their services regarding standardized derivative operations celebrated through Trading Platforms.

That additionally, it is proposed that Clearing Houses can provide "information repository" services regarding derivatives, regardless of whether they are cleared in them, which will allow greater information flow and transparency.

That the new regulation scheme is not exhausted with the modifications to these Rules, given that as part of the same, the issuance or modification by the National Banking and Securities Commission and the Bank of Mexico of various regulation that will complete the created scheme is also contemplated.

That in this sense, the National Banking and Securities Commission is about to modify the "Provisions applicable to companies that administer mechanisms to facilitate operations with securities" and, subsequently, will issue through an open and transparent procedure, the necessary regulation to establish higher capital requirements for derivative operations that are not cleared and settled through central counterparties.

That subsequently, the Bank of Mexico will issue, through an open and transparent procedure, the provisions to regulate operations that must necessarily be celebrated with the intervention of a central counterparty.

That with the proposed regulation scheme, compliance with the agreements assumed within the framework of the G-20 will be given, and a clear and transparent regulation will be available, which guarantees easy access and correct functioning of the market and promotes its growth, in such a way that investors continue to use these derivatives as an investment and hedging vehicle, which is why the financial authorities have resolved to issue the following:

CONSIDERING

(Resolution of June 8, 2020)

That the market for financial derivative instruments can reach a cross-border nature, therefore, to contribute to its development and deepening, it is convenient to promote the reduction of regulatory barriers that prevent or limit the flow of information between institutions that provide registration and custody services for information on derivatives contracts (also known as trade repositories or TR by their initials in English), as well as between authorities of different jurisdictions;

That although the current regulation contained in the "Rules to which participants in the Derivatives Contracts Market must adhere," allows sharing information on derivative operations of contracts listed on the Exchange and contracts celebrated through Trading Platforms or Foreign Platforms, with derivatives market exchanges of recognized foreign markets, as well as with supervisory and financial regulatory entities of other countries, it must be operated through Mexican Financial Authorities, which limits efficient and timely reporting of information;

That to dispel said regulatory restriction, it is pertinent to modify the current Rules to allow Clearing Houses and Exchanges of the derivatives market to share timely and directly with foreign entities that provide registration and custody services for derivative operation information, as well as with supervisory and financial regulatory authorities of other countries, the information of the derivative operations in which they intervene; and

That the adjustment of the regulatory framework in this matter will help the Mexican derivatives market be eligible for foreign participants to settle derivatives contracts in Mexico, promoting competition for the benefit of participants in the Mexican market and the public in general; which is why they deem it appropriate to issue the following:

REFERENCES

1. Reformed by Resolution published in the Official Journal of the Federation on August 12, 1998.

2. Added by Resolution published in the Official Journal of the Federation on August 12, 1998.

3. Repealed by Resolution published in the Official Journal of the Federation on August 12, 1998.

4. Reformed by Resolution published in the Official Journal of the Federation on December 30, 1998.

5. Added by Resolution published in the Official Journal of the Federation on December 30, 1998.

6. Reformed by Resolution published in the Official Journal of the Federation on December 31, 2000.

7. Added by Resolution published in the Official Journal of the Federation on December 31, 2000.

8. Repealed by Resolution published in the Official Journal of the Federation on December 31, 2000.

9. Reformed by Resolution published in the Official Journal of the Federation on May 14, 2004.

10. Added by Resolution published in the Official Journal of the Federation on May 14, 2004.

11. Reformed by Resolution published in the Official Journal of the Federation on May 19, 2008.

12. Added by Resolution published in the Official Journal of the Federation on May 19, 2008.

13. Reformed by Resolution published in the Official Journal of the Federation on August 24, 2010.

14. Repealed by Resolution published in the Official Journal of the Federation on August 24, 2010.

15. Reformed by Resolution published in the Official Journal of the Federation on November 25, 2010.

16. Reformed by Resolution published in the Official Journal of the Federation on October 13, 2011.

17. Added by Resolution published in the Official Journal of the Federation on October 13, 2011.

18. Repealed by Resolution published in the Official Journal of the Federation on October 13, 2011.

19. Reformed by Resolution published in the Official Journal of the Federation on May 15, 2014.

20. Added by Resolution published in the Official Journal of the Federation on May 15, 2014.

21. Repealed by Resolution published in the Official Journal of the Federation on May 15, 2014.

22. Reformed by Resolution published in the Official Journal of the Federation on June 8, 2020.

23. Added by Resolution published in the Official Journal of the Federation on June 8, 2020.