CME Group Completes Primary Conversion of 28-Day TIIE Interest Rate Swaps for Mexican Market
CME Group has successfully converted approximately 42 trillion pesos ($2 trillion) in outstanding notional open interest from 28-day TIIE swaps to F-TIIE overnight index swaps on November 22. The conversion involved 90,000 swaps and aligns with Banco de México's transition to a risk-free rate benchmark based on overnight repo transactions rather than survey-based methodology. CME Group will continue providing daily conversion support for remaining 28-day TIIE swaps through December 31, 2025. The company also offers F-TIIE futures alongside SOFR futures and MXN/USD FX futures for comprehensive hedging solutions.
CME Group ha convertito con successo circa 42 trilioni di pesos (2 trilioni di dollari) in open interest notizionali rimanenti da swap TIIE a 28 giorni a swap F-TIIE overnight il 22 novembre. La conversione ha coinvolto 90.000 swap ed è in linea con la transizione di Banco de México verso un benchmark dei tassi privo di rischio basato su transazioni di repo overnight anziché su una metodologia basata su sondaggi. CME Group continuerà a fornire supporto alla conversione quotidiana per gli swap TIIE a 28 giorni rimanenti fino al 31 dicembre 2025. L'azienda offre anche contratti futures F-TIIE insieme a futures SOFR e futures FX MXN/USD per soluzioni di copertura complete.
CME Group ha convertido con éxito aproximadamente 42 billones de pesos (2 billones de dólares) en interés no nominal pendiente de swaps TIIE a 28 días a swaps F-TIIE overnight el 22 de noviembre. La conversión involucró 90,000 swaps y se alinea con la transición del Banco de México a un índice de tasa libre de riesgo basado en transacciones de repos overnight en lugar de una metodología basada en encuestas. CME Group seguirá proporcionando apoyo diario para la conversión de los swaps TIIE a 28 días restantes hasta el 31 de diciembre de 2025. La compañía también ofrece futuros F-TIIE junto con futuros SOFR y futuros de divisas MXN/USD para soluciones de cobertura integral.
CME 그룹은 11월 22일 기존 TIIE 28일 스왑에서 F-TIIE 오버나잇 인덱스 스왑으로 약 42조 페소(2조 달러)의 미결제 공약을 성공적으로 전환했습니다. 이번 전환에는 90,000개의 스왑이 포함되었으며 멕시코 중앙은행의 오버나잇 레포 거래를 기반으로 한 위험 없는 금리 벤치마크로의 전환과 일치합니다. CME 그룹은 2025년 12월 31일까지 남은 28일 TIIE 스왑에 대한 일일 전환 지원을 계속 제공합니다. 이 회사는 또한 포괄적인 헤지 솔루션을 위해 SOFR 선물 및 MXN/USD FX 선물과 함께 F-TIIE 선물을 제공합니다.
CME Group a réussi à convertir environ 42 billions de pesos (2 billions de dollars) d'intérêts notionnels ouverts en attente des swaps TIIE de 28 jours en swaps F-TIIE overnight le 22 novembre. La conversion a impliqué 90 000 swaps et s'aligne avec la transition de la Banque du Mexique vers une référence de taux sans risque basée sur des transactions de pension overnight plutôt que sur une méthodologie basée sur des sondages. CME Group continuera à fournir un soutien quotidien à la conversion des swaps TIIE de 28 jours restants jusqu'au 31 décembre 2025. L'entreprise propose également des contrats à terme F-TIIE aux côtés des contrats à terme SOFR et des contrats à terme FX MXN/USD pour des solutions de couverture complètes.
CME Group hat am 22. November erfolgreich etwa 42 Billionen Pesos (2 Billionen Dollar) an offenen notionalen Interessen von 28-Tage-TIIE-Swaps in F-TIIE-Overnight-Index-Swaps umgewandelt. Die Umwandlung umfasste 90.000 Swaps und steht im Einklang mit dem Übergang der Banco de México zu einem risikofreien Zinssatz-Benchmark, der auf Overnight-Repo-Transaktionen basiert, anstatt auf einer umfragebasierten Methodik. CME Group wird weiterhin bis zum 31. Dezember 2025 tägliche Unterstützungsleistungen für die verbleibenden 28-Tage-TIIE-Swaps anbieten. Das Unternehmen bietet auch F-TIIE-Futures zusammen mit SOFR-Futures und MXN/USD-FX-Futures für umfassende Hedging-Lösungen an.
- Successfully converted $2 trillion worth of interest rate swaps to new benchmark
- Strengthens position as primary central counterparty for Mexican interest rate swaps
- Expands product offering with F-TIIE futures and comprehensive hedging solutions
- None.
Insights
This significant conversion of
This transition will likely increase market efficiency and liquidity in Mexican interest rate derivatives, potentially leading to tighter spreads and lower trading costs. The integration with SOFR futures and MXN/USD FX futures creates a comprehensive trading ecosystem that should attract more international participants and boost CME's clearing volumes in emerging markets.
The successful benchmark transition showcases CME's critical infrastructure capabilities and reinforces its position as a systemically important financial market utility. The implementation of F-TIIE OIS clearing services represents a strategic expansion of CME's risk management offerings, particularly in emerging markets. This development has three key implications:
- Enhanced cross-margining opportunities with existing products
- Increased market depth through standardized clearing processes
- Strengthened relationships with key regulatory stakeholders in Latin America
The extended conversion support through 2025 provides a clear timeline for market participants and ensures stable revenue streams from clearing services.
- 90,000 swaps converted to Banco de México's F-TIIE risk-free rate
- Shift brings greater liquidity to developing derivatives market
In alignment with global best practices, the new F-TIIE benchmark moves the calculation of Banco de
"Our conversion of 90,000 28-day TIIE swaps will help advance Banco de México's transition to a risk-free rate," said Agha Mirza, CME Group Global Head of Rates and OTC Products. "As the primary central counterparty for Mexican interest rate swaps, we appreciate the opportunity to work with market leaders in expediting the adoption of F-TIIE."
"Banco de México expresses its sincerest gratitude to CME Group and all participants in the conversion for their significant contribution to
CME Group launched its F-TIIE OIS clearing service to provide critical infrastructure for clients navigating the benchmark transition. The company will continue to provide daily conversion support for remaining 28-day TIIE swaps through December 31, 2025, based on guidance from Banco de México.
In addition to clearing F-TIIE index swaps, CME Group offers F-TIIE futures, which trade alongside SOFR futures and MXN/USD FX futures, providing a comprehensive hedging solution and unrivaled efficiencies across the entire Mexican interest rate curve.
For more information on the CME Group conversion plan, please visit here.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
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SOURCE CME Group
FAQ
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