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Capital Markets

Mexico: Exchange makes technological breakthrough

The Mexican Stock Exchange’s cash and derivatives markets, the latter operated by MexDer, have rolled out a new interface, making it much faster for local and international traders to place orders across all asset classes and helping to improve the markets’ liquidity.

The new system – called NYSE Technologies Common Customer Gateway – has been developed by NYSE Technologies, the commercial technology unit of NYSE Euronext. It meets the requirements of the Financial Information eXchange Protocol (FIX) and offers market participants with one common front end. The new system will be fully operational by May and will improve latency – the mean average time for an order or message to be passed – of the stock exchange by 23% and of the MexDer by 60%.

The new system is the forerunner of a new ultra-low-latency trading engine, which will be implemented in the first quarter next year.

The Mexican Stock Exchange (Bolsa Mexicana de Valores) – which has a total market capitalization of about $700 billion – has a reputation for being a thinly traded market with a high concentration of trades in just a handful of stocks, including cement maker Cemex, telecommunications group América Móvil, media group Televisa, and consumer products distributor Grupo Corvi.

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