BBVA SA and BBVA Bancomer have been the first institutions to clear a MXN Interest Rate Swap through the new Swapclear service for this product.

The BBVA leg was cleared through its direct membership and the Bancomer leg was cleared by BBVA through its recently launched client clearing service.  This is a further step in the BBVA group strategy, through Its Corporate & Investment Banking business unit, to bring global and local products to our clients and specifically focussing on cross border flows in our home markets.

Our clients across the world but particularly in Mexico, USA and Spain will need to be able to clear this type of transaction in order to meet regulatory requirements, reduce capital usage and improve collateral management.  We are therefore supporting the initiative and roll out by Swapclear of MXN IRS clearing and stand ready to execute and/or clear this product for our customers.