Table of Contents
Mexican Stock Exchange (BMV)
The Mexican Stock Exchange (BMV) is a public institution that operates under a concession granted by the Ministry of Finance (SHCP), observing the Mexican Securities Law. There is a second exchange in Mexico, the BIVA exchange, which lists all the same securities that BMV does. The companies listing in Mexico can choose to list on one of the two exchanges. However, their shares will be traded on both exchanges.
Currency: Mexican Peso (MXN)
Order Types
- Limit Day
- Limit Day Iceberg
- Limit IOC
- Market Day
- Pegged Last sale
- Pegged BBO
- MOC
Basic Market Rules
- Lot Size:
- Price below $200: 100 shares
- Price above $200: 10 shares
- Tick Size:
- From 0.001 to 1.00: 0.001
- From 1.01 to ~: 0.01
- Short Sale Rules: shorts are allowed on all symbols.
Auction Mechanisms
Open Auction
The timeframe for entering orders in an Opening Auction is 6:00 to 6:29:59 AM CT. During the opening auction, orders may be entered only for those Equities marked as eligible by the BMV (Market Surveillance Area) in the Electronic Trading System for having met the minimum maintenance requirements.
If by 6:29:59 CT an Opening Auction has not posted a probable allocation volume and price, it will be declared void and its condition will change to “ST” (Auction Ended), at which point the Electronic Trading System will no longer accept order entries, modifications, or cancellations. Such orders as may be in the Electronic Book will remain in effect at the opening of the Continuous Trading Session.
Close Auction
The price is determined based on the VWAP of the last 20 minutes of trading, from 12:40:00 to 13:00 CT.
The close auction is divided into two phases, as follows (all times are in local time):
- Phase 1: MOC orders for this phase can be entered from 05:00 to 11:39:59. However, it’s the nature of the market to pre-match most of the close print by 10:00. After that time, volume gets lower and chances to participate are lower. However, traders are encouraged to send orders up until 11:39:59. The close auction print will happen at 12:00. MOC orders entered before the close which did not get executed by the close print at 11:00 will remain open and waiting for an opposing order until 11:10 (Phase 2).
- Phase 2: MOC orders that were not matched in Phase 1 will remain open and be matched during this phase if a counter order is found. Traders can also send new MOC orders during this time. Orders matched during this phase will be priced at the close price determined during Phase 1.