FX: Bank of Mexico happy with CLS
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Foreign Exchange

FX: Bank of Mexico happy with CLS

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The Mexican peso has completed a year as a CLS-eligible currency. During June 2009, the peak month to date, the average daily volume of instructions settled in Mexican pesos was 2,468 with a US dollar equivalent value of $15 billion, compared with 1,389 worth $17 billion in June 2008 – volume growth of more than 77%.

The inclusion of the peso in CLS is recognition of the standing of the Mexican economy as well as the stability and efficiency of the country’s banking and payment systems. It improves the financial infrastructure of Mexico because it reduces risk and increases efficiency, and this is especially important in view of the financial crisis of the recent past. The Banco de México notes that the FX market in Mexico has continued to operate smoothly and efficiently.

"The inclusion of the Mexican peso into the CLS service was an important step to enhance financial stability in our country," says Ricardo Medina, director of the payment systems department. "CLS participation has brought many risk and efficiency benefits and was an important factor in the continued smooth running of the FX markets during the market upheavals of the past year."

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