International derivatives market CME Group announced today that nine market participants have cleared over-the-counter (OTC) overnight Mexican interest rate index swaps (F-TIIE) since the firm launched the clearing service on February 5th.

The cleared overnight F-TIIE index swaps (OIS) represent more than 4.3 billion pesos (equivalent to $250 million) in notional value and support Banco de México’s transition from the benchmark Interbank Equilibrium Rate (TIIE) to F-TIIE rate.

Market participants that have already cleared these swaps through the CME Group include Banorte, BBVA, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and Santander.

“Our new swap clearing service provides critical infrastructure for clients navigating the F-TIIE benchmark transition,” said Agha Mirza, CME Group Global Head of Rates and OTC Products. “Looking forward, we will continue to work to deliver capital efficiency to market participants to help drive the growth of Mexico’s derivatives market.”

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 for short end of Mexico’s yield curve.


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