Mexican peso-denominated, monthly futures contracts based on the Central Bank of Mexico’s Overnight TIIE Funding Rate (F-TIIE)

Mexican Overnight TIIE Funding Rate (F-TIIE) futures bring liquidity and enhanced risk management to Mexico’s short-term funding markets, while also supporting the objectives of the Central Bank of Mexico to develop a domestic funding curve on the F-TIIE rate – an IOSCO compliant, risk-free reference rate based on the highly developed and liquid Mexican repo market.

Complementing CME’s leading cleared OTC Mexican TIIE interest rate swaps market, F-TIIE futures trade alongside SOFR futures and MXN/USD FX futures to offer a comprehensive hedging solution for the short-end of the Mexican curve.

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Features and benefits

Spreading opportunities vs. 28-day TIIE rate

F-TIIE complements the 28-day forward looking rate either by supplementing risk or providing offset that is similar to IBOR/OIS trades in the United States.

Efficient hedge for Mexican Bondes F

F-TIIE futures mirror the underlying rate and the method of coupon calculation of Bondes F, making F-TIIE futures an ideal hedge or overlay for these securities.

Precise hedge for central bank policy

Monthly F-TIIE futures offer an efficient tool for expressing a view or hedging risk around Central Bank of Mexico policy changes.

Creates discounting curve and benchmark for cross currency swaps

F-TIIE futures will help create a curve for domestic discounting of cash flows while also creating a benchmark for trading cross currency swaps vs. SOFR.

Explore this product in depth

Vendor Codes





CME Globex 




CQG, Fidessa, FIS Global, ION, Itiviti, Refinitiv, TT, Vela 





Cleared Mexican TIIE Swaps

CME is the global leader in MXN TIIE swap clearing with over 275 participants, 40+ liquidity providers, and cleared volumes out to 31 years.

Trade F-TIIE on CME Direct

A fast, secure, and highly configurable trading front end, CME Direct offers a one-stop shop for accessing F-TIIE futures liquidity across CLOB trading, RFQs, and block negotiation/reporting workflows. The software is offered free of charge to institutional market participants, with real-time market data fee-waivers also available.

Download the F-TIIE futures trading grids

  1. Right click on the links to each file.
  2. Save the file as an .XML on your computer.
  3. In CME Direct, select import view in the main menu.
  4. Import the grid into CME Direct.
  5. Under Menu, click on Save Window Layout.

Not on CME Direct? Get started.

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