- What is the S&P/BMV IPC Index?
- Why has CME Group listed E-mini S&P/BMV IPC futures?
- Are S&P/BMV IPC futures currently listed?
- What are the contract specifications for E-mini S&P/BMV IPC futures?
- What are the Globex trading hours for E-mini S&P/BMV IPC futures?
- How is the daily settlement price of E-mini S&P/BMV IPC futures determined?
- What is different for the E-mini S&P/BMV IPC futures relative to other international Equity Index futures at other exchanges?
- What trading functionalities are available on E-mini S&P/BMV IPC futures?
- What are fees for the E-mini S&P/BMV IPC futures?
- How are E-mini S&P/BMV IPC futures margined?
- What are the product codes for E-mini S&P/BMV IPC futures?
- Where can I find more information about the E-mini S&P/BMV IPC futures?
1. What is the S&P/BMV IPC Index?
The S&P/BMV IPC Index consists of 36 of the most liquid and largest stocks listed on the Bolsa Mexicana de Valores (BMV) stock exchange. The index provides broad exposure to the Mexican equity market. The index is calculated and disseminated by S&P Dow Jones Indices with more details found here.
2. Why has CME Group listed E-mini S&P/BMV IPC futures?
CME Group is a leader in clearing OTC swaps in both Latin America and Mexico. Based on the Bank of Mexico’s decision to transition to TIIE de Fondeo (F-TIIE), we recently transitioned OTC cleared swaps and listed Mexican Funding TIIE futures. We also have Mexican Peso futures and options listed. Given the sophistication of the local derivatives market, clients are looking to capitalize on capital efficiencies across CME Group products, including equities. E-mini S&P/BMV IPC futures (IPC) provide this opportunity via an instrument tracking broad equity market exposure.
3. Are S&P/BMV IPC futures currently listed?
Yes, Mexican Derivatives Exchange (MexDer), which is part of Grupo BMV, currently lists S&P/BMV IPC futures and options. BMV has been a long-time partner of CME Group.
4. What are the contract specifications for E-mini S&P/BMV IPC futures?
View the E-mini S&P/BMV IPC futures contract specs. The contract is traded and margined in the local Mexican peso (MXN) currency with a five (5) multiplier to the underlying index. Contracts expire on the close of the third Friday subject to Mexican holidays. The listing cycle is five consecutive quarterly (March, June, September and December) futures contracts at a time. The minimum tick increments are MXN 5 for outrights and MXN 1 for reduced ticks for calendar spreads and basis trade at index close (BTIC).
5. What are the Globex trading hours for E-mini S&P/BMV IPC futures?
Globex trading will be open Sunday - Friday 6:00 p.m. - 5:00 p.m. ET, with a trading halt from 4:15 p.m. - 4:30 p.m. BTIC will be tradable Sunday - Friday 6:00 p.m. - 4:00 p.m. ET.
6. How is the daily settlement price of E-mini S&P/BMV IPC futures determined?
Daily settlement for E-mini S&P/BMV IPC is based on the last five minutes before 4:00 p.m. ET (i.e., 14:55:00 - 15:00:00 CT).
7. What is different for the E-mini S&P/BMV IPC futures relative to other international Equity Index futures at other exchanges?
The product uses the same convention as other CME Group US equity index products. The roll is quoted as IPCU5Z5; buying the roll buys the back month contract and sells the front month contract. Contrarily, selling the roll buys the near month contract and sells the deferred contract. This is the opposite convention to some other international indices at other exchanges.
8. What trading functionalities are available on E-mini S&P/BMV IPC futures?
E-mini S&P/BMV IPC contracts are available for outright and BTIC trading on Globex. E-mini S&P/BMV IPC contracts are also eligible for blocks and derived blocks subject to Rule 526.
9. What are fees for the E-mini S&P/BMV IPC futures?
All E-mini products, including E-mini S&P/BMV IPC futures, have the same fees at CME Group.
10. How are E-mini S&P/BMV IPC futures margined?
E-mini S&P/BMV IPC futures are margined in Mexican pesos. Other currencies and/or assets can be posted subject to the CME Group haircut schedule; however, variation margin must be paid in Mexican pesos.
11. What are the product codes for E-mini S&P/BMV IPC futures?
Product codes can be found below.
| CME Group Product Name | CME Group | Bloomberg | Refinitiv |
|---|---|---|---|
| E-mini S&P/BMV IPC Index futures | IPC | IIPA Index | CIP |
| BTIC on E-mini S&P/BMV IPC Index futures | IPCT | IIRA Comdty | IPCT |
12. Where can I find more information about the E-mini S&P/BMV IPC futures?
Visit cmegroup.com/ipc to get the latest updates on the contract.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
