Banco Monex becomes first Mexican member of CLS

The bank is the only CLS settlement member in one of Latin America’s largest FX trading centres

Mexican peso: the world’s 10th most-traded currency, according to the BIS

Banco Monex has become the first Mexican financial institution to join foreign exchange utility service CLS as a settlement member.

In doing so, it becomes the 70th bank to join CLSSettlement, the payment-versus-payment service that settled $1.8 trillion on an average day on a single-count basis in April.

Banco Monex is a subsidiary of Monex Grupo Financiero, a large banking entity in Mexico that provides banking products and services in the country, including currencies and derivatives.  

“I could not be more pleased to welcome Banco Monex as the first Mexican bank to participate directly in our settlement service,” says CLS chief executive David Puth.

“Participation in CLSSettlement continues to grow and our settlement members, such as Banco Monex, play a critical role in ensuring market participants have access to the highest standard of risk mitigation to support their trading operations, and enable us to deliver a safer and more stable FX market. We look forward to continued growth in the Mexican market,” he adds.

By joining CLS, Banco Monex will reduce its settlement risk and provide support to its FX trading operations, including those involving the Mexican peso.

The Mexican peso is one of 18 currencies currently eligible for settlement through CLS’s service.

Joining CLS as a member, with direct participation in the CLS settlement service, is an important milestone for Banco Monex
Mauricio Naranjo, Monex Grupo Financiero

According to the Bank for International Settlements’ 2016 Triennial Central Bank Survey, the Mexican peso is the 11th most-traded currency in the world, just below the Swedish krona and the New Zealand dollar, but ahead of the Singapore and Hong Kong dollars.

An average of $90 billion is traded in the USD/MXN pair on a daily basis – somewhat below EUR/GBP ($100 billion), but above USD/SGD ($81 billion). 

According to the BIS survey, Mexico is tied with Brazil as the largest foreign exchange trading centre in Latin America, with an average of $20 billion traded in the country on a daily basis.

“Joining CLS as a member, with direct participation in the CLS settlement service, is an important milestone for Banco Monex,” says Mauricio Naranjo, chief executive officer of Monex Grupo Financiero.

“The Mexican peso is the most actively traded currency in the Latin American region and mitigating settlement risk is a key priority for many institutions. Participation within the CLS ecosystem will enable us to achieve this goal for our operations and through time for our clients as third-parties, while significantly enhancing liquidity efficiencies for the Mexican market,” he adds.

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