- What is the S&P/BMV IPC Index?
- Why is CME Group listing E-mini S&P/BMV IPC futures?
- Are S&P/BMV IPC futures currently listed?
- What will the contract specifications be for the E-mini S&P/BMV IPC?
- When will E-mini S&P/BMV IPC futures be available on Globex?
- How will the daily settlement price of E-mini S&P/BMV IPC futures be determined?
- What is particularly different for the E-mini S&P/BMV IPC futures relative to other Equity Index futures?
- What trading functionalities will we offer on E-mini S&P/BMV IPC futures?
- What are fees for the E-mini S&P/BMV IPC futures?
- How will E-mini S&P/BMV IPC futures be margined?
- Where can I find out 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 is CME Group listing E-mini S&P/BMV IPC futures?
We will list E-mini S&P/BMV IPC futures for August 18, 2025 trade date, pending regulatory review. 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.
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 will the contract specifications be for the E-mini S&P/BMV IPC?
View the E-mini S&P/BMV IPC 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. There will be five concurrent consecutive futures including March, June, September and December. The minimum tick increments will be MXN 5 for outrights and MXN 1 for reduced ticks for calendar spreads and basis trade at index close (BTIC).
5. When will E-mini S&P/BMV IPC futures be available on Globex?
Contracts will start trading August 16, 2025. 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 will the daily settlement price of E-mini S&P/BMV IPC futures be 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 particularly different for the E-mini S&P/BMV IPC futures relative to other Equity Index futures?
The roll is quoted IPCU5Z5 with the major difference being that buying the roll sells the back month and buys the front month. Contrarily, selling the roll sells the near month contract and buys the deferred contract. This is the opposite convention to E-mini S&P 500 and other U.S. indices.
8. What trading functionalities will we offer on E-mini S&P/BMV IPC futures?
E-mini S&P/BMV IPC contracts will be available for outright and BTIC trading on Globex. E-mini S&P/BMV IPC contracts will also be 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 have the same fees at CME Group.
10. How will E-mini S&P/BMV IPC futures be margined?
E-mini S&P/BMV IPC futures will be 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. E-mini S&P/BMV IPC futures initial margin and cross-margining will be available as launch date approaches.
11. Where can I find out 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.
