GLOSSARY
A B C D E F G H I J K L M
N O P Q R
S T U
V X Y Z A
Access Code(s): The unique
and non-transferable alphanumeric code that the user enters in the means of
entry to the Electronic Trading System to obtain access to it and that
constitutes the electronic signature of the transactions carried out in the
Exchange. Accredited Personnel: Persons who have been
appointed by Clearing Members in their capacity as Brokers, Brokers as
Promoters and Desk Traders and who have been accredited by the Exchange. Admission and
New Products Committee: It is the Exchange’s collegiate body
responsible for assisting the Board in its technical powers of instrumentation,
development of new products and operative mechanism, as well as the admission
of Brokers and Clearing Members in their capacity as Brokers. It is also the
collegiate body responsible for assisting the Board of Directors in its powers
to certify the Promoters’ personnel and their Desk Brokers. Agreement: An agreement for the channeling of Orders entered
into by and between the Exchange and a Recognized Foreign Derivatives
Market’s Exchange, whose purpose is to mutually channel electronic
purchase and sale orders on Derivatives Contracts listed on both exchanges and
carry out any act tending to implement the aforementioned agreement. American
Style Option Contract(s): An Option Contract that allows the Buyer to
exercise the right to buy or sell at any time within the trading hours established
by the Exchange, during the term of the contract. Arbitration
Panel: The auxiliary collegiate body of the Disciplinary
and Arbitration Committee in charge of resolving, through arbitration, disputes
that arise between Clearing Members in their capacity as Brokers, Brokers and
Participants of a Recognized Foreign Market or between Clients and Clearing
Members in their capacity as Brokers and Brokers, as the case may be. Auction: Means of conclusion of Futures Contracts under the
modality of double market, in which all the Clearing Members in their capacity
as Brokers, Brokers and Clients have the right to participate simultaneously as
Buyer and Seller. The price at which the auction is made is that which is
obtained from the Buying and Selling bids that achieve the highest number of
traded Contracts. Auditing committee: The Exchange’s
collegiate body responsible for assisting the Board in its auditing powers. Authorities: Jointly or individually,
the Ministry of Finance and Public Credit (SHCP), the National Banking and
Securities Commission (CNVB) and the Bank of Mexico (Banco de México). Automated Operation System: Any mechanism or electronic
system used by Brokers, by Clearing Members in their capacity as Brokers or by
their Clients, which automatically and according to the specifications
programmed in the system, sends to the Electronic Trading System Bids for
conducting Transactions without the direct intervention of a Desk Trader. B
Bid: The offer to buy or sell a
number of Contracts of a Class and/or Series, as appropriate depending on the
type of Derivatives Contract, at a determined price, made by a Clearing Member
in its capacity as Broker, a Broker or a Participant of a Recognized Foreign
Market through the Electronic Trading System. Board of Directors: The Exchange’s Board
of Directors. Broker(s): Credit
institutions, brokerage firms and entities, whether or not they are members of
the Exchange, whose purpose is to act as a broker for one or more Clearing
Members and, when applicable, as managers of Global Accounts, in entering into
Derivatives Contracts, and which may access the Exchange's Electronic Trading
System, as well as to transmit Orders for the conclusion of Derivatives
Contracts listed in Recognized Foreign Derivatives Markets’ exchanges
with which the Exchange has entered into an agreement. When Brokers engage in
Derivatives Contracts for their own accounts, they act as Clients. Bulletin: The means for distribution
of market information generated in the Exchange’s trading sessions, as
well as information regarding Underlying Assets, Clearing Members, Brokers and
the Clearing House. Business Continuity Plan: The business recovery plan
to ensure continuity in the provision of the Exchange’s services,
prepared in terms of the Provisions, which include the set of strategies,
procedures and actions that allow operative continuity in the provision of the
services or in the carrying out of the processes of the Exchanges before
Operative Contingencies or their timely reestablishment, as well as the
mitigation of the effects arising from said Operative Contingencies. Business Day(s): Any day on which credit
institutions and brokerage firms must keep their offices open and execute
transactions in terms of the current regulations. Buyer(s): In a Futures Contract, the
party that is obliged to pay the Maturity Settlement Balance to the
counterparty on the Settlement Date. In an Option Contract, the party that pays
a Premium to acquire from the Seller the right, but not the obligation, to buy
or sell an Underlying Asset. In an Exchange Contract (Swap), the party that
pays a fixed rate or price or a fixed rate or price plus a surcharge in
exchange for receiving a variable rate or price or a variable rate or price
plus a surcharge. C
Certifying Institution: The self-regulated
institution authorized by the Exchange to certify the technical capacity of the
personnel of the Clearing Members in their capacity as Brokers, of the Brokers
and of the Clearing House. Chairman: The person appointed under
the terms of the Exchange’s bylaws and approved by the Authorities to
perform the duties of Chairman of the Board. Chief Executive Officer: The individual appointed
under the terms of the Exchange’s bylaws and approved by the Authorities
to perform the duties of Chief Executive Officer of the Exchange. Class(es): All the Derivatives
Contracts of the same type which are based on or refer to the same Underlying
Asset. Clearing Member: The trust set up by any
person whose purpose is to settle and, as the case may be, to enter into
Derivatives Contracts on its own account, on behalf of its Clients or on behalf
of both, as well as to transmit on its own account, on behalf of its Clients or
on behalf of both Orders for the execution of Derivatives Contracts listed in
Recognized Foreign Derivatives Markets’ exchanges, as long as the
Exchange has entered into an Agreement with them. Clearinghouse: The Trust
identified by the trade name of "Asigna Compensación y Liquidación"
(Asigna, Clearing and Settlement) established by the
trustee charged to the equity of Trust number
F/30,430, set up in terms of the Rules, whose purposes are the following
activities:
Client(s): People who
enter into Derivatives Contracts listed in the Exchange through a Clearing
Member in its capacity as Broker or a Broker acting as proxy for a Clearing
Member and whose counterparty is the Clearing House. Also, people
who transmit Orders through Brokers and Clearing Members in their capacity as
Brokers to enter into Derivatives Contracts listed in Recognized Foreign
Derivatives Markets’ exchanges with which the Exchange has entered into
an agreement will be considered Clients for the purposes of this Regulations. Compliance and Ethics
Committee: The Exchange’s
collegiate body responsible for assisting the Board in its regulatory powers
and in what regards to the Exchange’s participants’ ethics. Compliance Officer: The party appointed under
the terms of the Exchange’s bylaws, responsible for monitoring compliance
with the Rules, Provisions and self-regulatory standards issued by the
Exchange, as well as other provisions issued by the Authorities applicable to
the market. The Compliance Officer is also responsible for proposing to the
Board modifications to the self-regulatory standards. Conciliator: The person who has been
appointed in terms of the Regulations to act as conciliator between the parties
in a conciliation procedure in case of a dispute. Contestation: The act by means of which a
Client, Broker, Clearing Member in its capacity as Broker or the Clearing House
contests to the Settlement Price of any Series of any Derivatives Contract
listed in the Exchange, in accordance with the provisions of the Settlement
Prices’ Contestation Procedure Manual. Contract(s): The instrument that
documents the general trading terms and conditions of the Futures Contracts,
Option Contracts, Exchange Contracts (Swaps) or combinations of them and other
financial transactions known as derivatives and whose valuation is referred to
one or more Underlying Assets, as long as they are cleared and settled in the
Clearing House.
Contribution(s): Cash,
securities or other assets approved by the Authorities that must be delivered
to the Clearing Members and, when applicable, to the Brokers in order to
procure compliance with the obligations corresponding to the Open Contracts
that need to be settled in the Clearing House. Cross Trade: A transaction concluded
through the submission of a Buying Bid and a Selling Bid in the Electronic
Trading System by the same Clearing Member in its capacity as Broker, Broker or
Participant of a Recognized Foreign Market, as long as the Bids come from
Clients. D
Daily Settlement Price or
Closing Price: In a Futures Contract, the
reference price per unit of the Underlying Asset which the Exchange
communicates to the Clearing House for the purpose of calculating the Daily
Settlement. In an Option Contract, the
value of the Premium per unit of the Underlying Asset for each of the Series
which the Exchange communicates to the Clearing House for the purpose of
calculating the Daily Settlement. Daily Settlement(s): The sums of
money that must be requested, received and delivered daily, as appropriate, and
that result from the daily valuation performed by the Clearing House with
respect to transactions with Derivatives Contracts, in which it acts as a
counterparty, due to variations in the Closing Price of each Open Contract with
respect to the Closing Price of the immediately preceding Business Day or, as
the case may be, with respect to the contracted price. Also, the
sums of money that must be requested, received and delivered daily, including
but not limited to, the following concepts: i) market
valuation; ii) agreed premiums; iii) intrinsic value; iv) Margins; v) Clearing
Fund; vi) interests; vii) Commissions; and viii) coupons. In the case of Exchange
Contracts, these will correspond to the daily change in the present value of
each Contract. Depth Trade: A transaction made by the
Market Makers through the presentation of firm purchase or sale Bids through
the Trading by Phone Service, at the same price as the last registered
transaction and immediately after such registration. These Bids may be perfected
by another Market Maker as long as there are no Bids at the same or better
price in the Electronic Trading System. Derivatives Account: It is the individual
account number assigned by the Exchange in terms of its internal regulations,
at the request of the Clearing Member, to each Client, Broker, Participant of a
Recognized Foreign Market or Clearing Member in its capacity as Broker to
identify their Transactions and, where appropriate, one additional Derivatives
Account for each Global Account that they administer or an administrative
Derivatives Account to group Orders. Brokers should always have a Derivatives
Account regardless of the fact that the Transactions corresponding to that
Derivatives Account are settled through one or more Clearing Members. Foreign
Financial Entities and Participants of a Recognized Foreign Market may have a
Derivatives Account for proprietary transactions and another for transactions
from accounts with the same, analogous or similar characteristics to the Global
Accounts that they carry. For the purposes of this
definition, an administrative Derivatives Account to group orders is considered
to be an account assigned by the Exchange to identify transactions that are
grouped together: (i)
Orders from different Clients that, according to the legislation applicable to
them, must be concentrated and executed by the same entity; or (ii) Orders from
the same accredited representative to manage two or more Global Accounts and/or
accounts with the same, analogous or similar characteristics to the Global
Accounts. This account must be managed and registered in the account management
system by the Clearing Member and must start the trading session in zeros and
finish in zeros at the end of the aforementioned session. Desk Traders: The individual hired by a
Broker or by a Clearing Member in its capacity as Broker to execute Orders for
the conclusion of Derivatives Contracts through the Exchange’s Electronic
Trading System, as well as to transmit Orders for the conclusion of Derivatives
Contracts listed in Recognized Foreign Derivatives Markets’ exchanges
with which the Exchange has entered into an Agreement. Director of Transactional
Services of the Derivatives Market: The person appointed by the
Chief Executive Officer as responsible for coordinating and assisting in the
execution of transactions between Clearing Members in their capacity as
Brokers, Brokers and/or Participants of a Recognized Foreign Market. Disciplinary Measures and
Arbitration Committee: The Exchange’s
collegiate body responsible for assisting the Board in its disciplinary and
arbitration powers. Disciplinary Panel: The auxiliary collegiate
body of the Disciplinary and Arbitration Committee responsible for resolving
cases of non-compliance with the obligations established in these Regulations
and in the Operating Manual. E
Effective Date: The Business Day on which
the term of the Periodic Settlements begins according to what is established in
the General Contract Conditions of the Exchange Contract. Electronic System for the
Reception and Registration of Orders and Assignment of Transactions or SRA: The electronic system that
each Clearing Member in its capacity as Broker on behalf of third parties or
Broker that concludes Transactions on behalf of Third Parties must use to register
the Orders of its Clients and for the assignment of the transactions resulting
from the execution of said Orders in the Electronic Trading System. Electronic Trading System: The systems provided by the
Exchange for the conclusion of Contracts listed therein by the Clearing Members
in their capacity as Brokers, Brokers and Participants of a Recognized Foreign
Market. European Style Option
Contract(s): An Option Contract that
allows the Buyer to exercise the right to buy or sell only on the Maturity
Date. Exchange: The corporation known as MexDer, Mercado Mexicano de Derivados, S.A. de C.V. (MexDer,
Mexican Derivatives Market), whose purpose is to supply the facilities and
other services necessary for the Derivatives Contracts listed in it to be
quoted and traded and carry out other activities foreseen for this type of
companies in the Rules and Provisions. Exercise Date: The Business Day on which
the Buyer of an Option Contract has the power to exercise his right. Exercise: The power of the Buyer of
an Option Contract to make the right agreed upon in the contract effective. Expiration Date: The business day on which
the term of a Contract expires, according to the General Contract Conditions. F
Financial Capacity: The result of the analysis
on a Client that determines the total of obligations that such Client can
assume in the execution of Contracts. Firm Trade: A transaction consisting of
the submission of a buying or selling Bid in the Electronic Trading System that
is perfected when the price of a buying Bid is equal to or greater than that of
a selling Bid or when the price of a selling Bid is equal to or less than that
of a buying Bid. Foreign Entity(ies): Entities that conduct
transactions and/or clearing and settlement activities in any of the markets
and entities recognized by the Exchange, and that have been approved by it and
by the Clearing House to manage Global Accounts. Foreign Financial Entity(ies): A foreign financial entity
that conducts or, where appropriate, complies with any of the following three
conditions in its country of origin: i) conducts
brokerage and/or proprietary transactions on Contracts; ii) carries out
clearing and settlement activities; and/or iii) is a market recognized by the
Exchange in terms of article 2003.02 of its Internal Regulations. A Foreign Financial Entity,
in addition to complying with any of the aforementioned conditions, must be a
Client of a Clearing Member in its capacity as Broker or a Broker and be
authorized by the Exchange to carry accounts with the same, analogous or
similar characteristics to those of Global Accounts. G
General Contract
Conditions: The standardized
characteristics for Derivatives Contracts. Global Account(s): An account managed by a
Broker or Clearing Member in which transactions with Derivatives Contracts of
one or more Clients are recorded, according to their individual and anonymous
instructions. I
Integral Clearing Member: A Clearing Member whose
purpose is to clear, settle and, where appropriate, conclude Proprietary and
Third-Party Transactions. L
Liquidity Provider(s): The Broker, Clearing Member
in its capacity as Broker or Participant of a Recognized Foreign Market that
obtains the approval of the Exchange to act with such character, presenting
Bids on their own account and concluding transactions with Contracts in
accordance with the programs determined by the Exchange, in order to grant
greater liquidity to the Market. Liquidity Terms and Conditions: The operation requirements
established by the Exchange to which the credit institutions, brokerage firms
and other entities authorized by the Board must submit for the execution of
transactions; for that purpose they shall be
considered as Market Makers, acquiring the obligation to present Buying or
Selling Bids for the conclusion of a specific number of Proprietary
Transactions within a price spread, in order to grant greater liquidity to the
Market. Long Position: The number of Open
Contracts with respect to which the Client acts as Buyer and, in the case of
Exchange Contracts, as Seller. M
Margin: The Contribution that each
Clearing Member must submit to the Clearing House for the positions it holds,
in terms of the methodology established by the Clearing House. Market: The market of Derivatives
Contracts listed in the Exchange. Market Maker(s): Brokers that have obtained
approval from the Exchange to act in such capacity and who must permanently and
on their own account maintain buying and selling bids on Derivatives Contracts. Maturity Date: The Business Day on which
the term of a Contract expires, according to the General Contract Conditions. Maturity Settlement
Balance: In the case
of a Long Position to be settled in kind, the amount obtained by multiplying
the Maturity Settlement Price by the number of units of the Underlying Asset
covered by the Futures Contract, by the number of Open Contracts. In the case
of a Short position to be settled in kind, the number of units of the
Underlying Asset covered by the Futures Contract, multiplied by the number of
Open Contracts. In the case
of a Long or Short Position to be settled in cash, the difference between the
Daily Settlement Price of the Business Day immediately preceding the Maturity
Date or the agreed-upon price and the Maturity Settlement Price, multiplied by
the number of units of the Underlying Asset covered by the Futures Contract, by
the number of Open Contracts. For a Long
position in Call Option Contracts and for a Short Position in Put Option
Contracts, to be settled in kind, the amount obtained by multiplying the Strike
Price by the number of units of the Underlying Asset covered by the Option
Contract, and then by the number of contracts exercised as per instructions or
assignment. For a Short
Position in Call Option Contracts and for a Long Position in Put Option
Contracts, to be settled in kind, the number of units of the Underlying Asset
covered by the Option Contract, multiplied by the number of assigned contracts,
or exercised as per instructions. For a Long
(Short) Position in Call Option Contracts whose payment or settlement is to be
made by price differences and which expires with an intrinsic value, the cash
amount that will be received from (delivered to) the Clearing House, obtained
by subtracting the Strike Price from the Price or value of the Underlying
Asset, and multiplying that amount by the number of units of the Underlying
Asset involved in the Option Contract, by the number of Open Contracts. For a Long (Short) Position
in Put Option Contracts whose payment or settlement is to be made by price
differences and which expires with an intrinsic value, the cash amount that
will be received from (delivered to) the Clearing House, obtained by
subtracting the Price or value of the Underlying Asset from the Strike Price,
and multiplying that amount by the number of units of the Underlying Asset
covered by the Option Contract, by the number of Open Contracts. Maturity Settlement Price: The reference
price per unit of the Underlying Asset, which is published by the Exchange, and
on the bases of which the Clearing House settles the Futures Contracts on the
Settlement Date. The strike
price per unit of the Underlying Asset of the Series of Option Contracts
expiring and settled in kind, based on which the Clearing House performs the
maturity settlement on the corresponding date. The value of the Premium
per unit of Underlying Asset of the Series of Option Contracts expiring and
settled by price differences, which the Exchange communicates to the Clearing
House for the purpose of performing the maturity settlement on the
corresponding date. Maximum Number of Open
Contracts: The maximum position of the
same Series and/or Class that a Client may have. O
Open Contract(s):
Derivatives Contracts
listed in the Exchange executed by a Client through a Broker or a Clearing
Member in its capacity as Broker for which the Cancellation Date has not been
presented. The Cancellation Date is the day on which a Derivatives Contract
that has been traded by a Client in the Exchange expires due to the expiration
of the term of such transaction, due to an early expiration or to the
conclusion of an opposite transaction of the same type whose settlement is conducted
through the same Clearing Member, which fully eliminates the risk exposure of
the transaction that is canceled. Operating Manual:
The Manual of Policies and
Procedures, which establishes the procedures and specifications to which the
Exchange, the Clearing Members in their capacity as Brokers, the Brokers, the
Participants of a Recognized Foreign Market and the Clearing House must adjust
in the performance of their duties. Operative Contingency:
Any event that obstructs or
prevents the Exchange from providing the services established in the Rules or
performing the necessary processes for its operation. Orders:
The instructions drawn by a
Client for the purchase or sale of a Class and/or Series, as appropriate,
depending on the type of Derivatives Contract. P
Participant(s) of a Recognized Foreign
Market:
Members who participate in Recognized Foreign Derivatives
Markets with which the Exchange has an Agreement and that have the
Exchange’s approval, in terms of these Regulations, to enter Bids into
the Electronic Trading System, concluding Proprietary Transactions or keeping
accounts with the same, analogous or similar characteristics to those of Global
Accounts.
Participation:
The act by
virtue of which a Clearing Member in its capacity as Broker, a Broker or a
Participant of a Recognized Foreign Market intervenes in a Cross Trade or a
Self-entry Trade, accepting the terms of the offer
made by the Clearing Member in its capacity as Broker, the Broker or the
Participant of a Recognized Foreign Market that is performing such transaction.
The transaction resulting
from a Participation will be made with the cross price by adding a Bid if the
Participation was a purchase or decreasing a Bid if the Participation was a
sale. Periodic Settlement(s): The cash flow exchanges
resulting from the difference between two variables over the nominal value of
the Exchange Contracts, in pre-established periods, in accordance with the
provisions of the respective General Contract Conditions. Position Limit (s):
The maximum number of Open
contracts a Client can maintain in the same Class or Series. Premium:
The reference value agreed
upon as consideration for concluding an Option Contract, which may be expressed
in monetary units or calculated on the basis of return rates, indices or any
other unit. Price:
Reference value agreed as consideration for the conclusion
of a Futures Contract, which may be expressed in monetary units or calculated
on return rates, indices or any other unit.
Process Delegate:
The person appointed by the
Chief Executive Officer to assist in administering disciplinary processes,
according to the obligations established in the Regulations. Promoter: The person authorized by a
Clearing Member in its capacity as Broker or a Broker to comply with the instructions received
from its Clients to conclude transactions in the Exchange. Proprietary Position Clearing Member:
A Clearing Member whose
purpose is to clear, settle and, where appropriate, conclude only transactions
on behalf of the trustors that have constituted it or by the members of the
Business Group to which they belong. Business Group is hereby understood as
what is established in article 2, section X of the Stock Market Law. Proprietary Transactions: Transactions settled and,
if applicable, concluded by Clearing Members in their capacity as Brokers on
behalf of the trustors that have constituted them or by the members of the
Business Group to which they belong. Business Group is hereby understood as
what is established in article 2, section X of the Stock Market Law. Also,
transactions carried out by persons or entities that constitute a Clearing
Member that is not a financial entity, and those executed by Brokers as Clients
of a Clearing Member. Provisions:
"Prudential provisions
to which the participants of the derivatives contracts’ market must be
subjected”, issued by the National Banking and Securities Commission and
modifications thereto. R
Recognized Foreign Derivatives Market(s): The markets established in countries whose
financial authorities are members appointed to form the Board of the
International Organization of Securities Commissions, as well as any other
market recognized by the Bank of Mexico in terms of the Thirty-Ninth Bis Rule and in accordance with the provisions of article
2003.02 of the Regulations Registration Code:
The codes
that the Exchange assigns to each Clearing Member in its capacity as Broker, to
each Broker or Participant of a Recognized Foreign Market to identify their
transactions in the Electronic Trading System. Regulations:
The Exchange’s Internal Regulations.
Rules:
The “Rules to which the participants of the
derivatives contracts’ market must be subjected”, which were
published in the Official Journal of the Federation on December 31, 1996 and
modifications thereto.
S
Sales Representative:
An individual authorized by
a Clearing Member or Trader to handle instructions received from Clients to
enter into transactions on the Exchange. Self-Entry Trade: A transaction concluded
through the submission of a Buying Bid and a Selling Bid in the Electronic
Trading System by the same Clearing Member in its capacity as Broker, Broker or
Participant of a Recognized Foreign Market, provided that one of the Bids comes
from the proprietary account of a Clearing Member in its capacity as Broker, a
Broker or a Participant of a Recognized Foreign Market. Seller(s): In a Futures
Contract, the party which must deliver the Maturity Settlement Balance to the
counterparty on the Settlement Date. In an Option
Contract, the party which must sell or buy, as the case may be, the Underlying
Asset at the price agreed upon in the contract. In an Exchange Contract,
the party that receives a fixed rate or price or a fixed rate or price plus a
surcharge, in exchange for paying a variable rate or price plus a surcharge. Series: In the case of Futures
Contracts, all Contracts belonging to a single Class with the same Maturity
Date and settlement procedure. In the case of Option
Contracts, all contracts belonging to a single Class with the same Strike
Price, Style, Maturity Date and
settlement procedure. Settlement Balance at
Expiration: In the case of a Long
Position to be settled in kind, the amount obtained by multiplying the
Settlement Price at Expiration by the number of units of the Underlying Asset
referred to in the Futures Contract, by the number of Open Contracts. In the case of a Short position to be settled in kind, the number of
units of the Underlying Asset referred to in the Futures Contract, multiplied
by the number of Open Contracts. In the case of a Long or Short Position to be settled in cash, the
difference between the Daily Settlement Price on the Business Day immediately
preceding the Settlement Price, or the Strike Price and the Settlement Price at
Expiration, multiplied by the number of units referred to in the Futures
Contract, by the number of Open Contracts. For a Long (Short) Position in Call Option Contracts whose payment or
settlement is to be made by price differences and which expires with an
intrinsic value, the cash amount that will be received from (delivered to) the
Clearinghouse, obtained by subtracting the Strike Price from the Price or value
of the Underlying Asset, and multiplying that amount by the number of units of
the Underlying Asset involved in the Option Contract, by the number of Open
Contracts. For a Long position in Call Option Contracts and for a Short Position in
Put Option Contracts, to be settled in kind, the amount obtained by multiplying
the Strike Price by the number of units of the Underlying Asset involved in the
Option Contract, and then by the number of contracts exercised as per
instructions or assignment. For a Short Position in Call Option Contracts and for a Long Position in
Put Option Contracts, to be settled in kind, the number of units of the
Underlying Asset involved in the Option Contract, multiplied by the number of
assigned contracts, or exercised as per instructions. For a Long (Short) Position in Put Option Contracts whose payment or
settlement is to be made by price differences and which expires with an
intrinsic value, the cash amount that will be received from (delivered to) the
Clearinghouse, obtained by subtracting the Price or value of the Underlying
Asset from the Strike Price, and multiplying that amount by the number of units
of the Underlying Asset involved in the Option Contract, by the number of Open
Contracts. Settlement Date: The Business Day on which
obligations stemming from a Contract are due and payable, according to the
General Contract Conditions. Settlement Price at
Expiration: The reference price per
unit of the Underlying Asset, which is published by the Exchange, and on the
bases of which the Clearinghouse settles the Futures Contracts on the
Settlement Date. The strike price per unit
of the Underlying Asset of the Series of Option Contracts expiring and settled
in kind, based on which the Clearinghouse performs settlement at expiration on
the corresponding date. The value of the Premium
per unit of Underlying Asset of the Option Contract Series expiring and settled
by price differences, which the Exchange communicates to the Clearinghouse for
the purpose of performing settlement at expiration on the corresponding date. Short Position: The number of Open
Contracts with respect to which the Client acts as Seller. Strike Price: The one at which the Buyer
of an Option Contract can exercise the agreed upon right. Style: The type of Option
contract: American Style Option Contract or European Style Option Contract. T
Telephone Assistance Service: It is the service that the personnel of the
Exchange’s trading area provides to address
reports of block transactions of any Broker, Clearing Member in its capacity as
Broker and Participant of a Recognized Foreign Market, as well as to provide
support when an operative contingency impedes that the referred participants
have access to the Electronic Trading System in accordance with the provisions
of the Regulations and Operating Manual. Tender: The minimum allowed variation in the movement of
the price of a Class and/or Series, as appropriate depending on the type of
Derivatives Contract. Third-Party Position
Clearing Member: A Clearing Member whose
purpose is to clear, settle and, where appropriate, conclude Third-Party
Transactions. Third-Party Trades: Those which are settled
and, when applicable, performed by Clearing Members on behalf of parties other
than the trustor bank and/or brokerage firm, and any performed by Traders
acting as brokers for a Clearing member. Tick: The minimum permitted
variation in the price of a Series. Trader(s): Banks, brokerage firms and
other individuals and corporations, whether or not they are members of the
Exchange, whose purpose is to act as a broker of one or more Clearing members
in entering into Futures and Option Contracts, and which may access the
Exchange's Electronic Trading system to enter into such contracts. When Traders engage in
Futures and Options Contracts for their own accounts, they act as Clients. Trading by Phone Service: It is the service exclusive
for Market Makers through which they can request the entry, modification or
cancellation of Bids and trades, as the case may be, to the personnel of the
Exchange’s trading area. Transactions on behalf of Third Parties: Transactions settled and,
if applicable, concluded by Clearing Members in their capacity as Brokers on
behalf of people who are not the trustors that have constituted them or the
members of the Business Group to which they belong. Business Group is hereby
understood as what is established in article 2, section X of the Stock Market
Law. Also, transactions concluded by Brokers acting as commission agents of a
Clearing Member or those that come from Global Accounts. U
Underlying Asset(s): A good, rate, title, price,
index, derivative financial instrument or any other variable that determines
the value of a Derivatives Contract traded in the Exchange or in Recognized
Foreign Derivatives Markets with which the Exchange has entered into an Agreement. Unit of Measurement and
Update: The economic reference in
Pesos calculated by the National Institute of Statistics, Geography and
Informatics (INEGI) to determine the amount of the payment of the obligations
and assumptions foreseen in federal laws, states’ laws and Mexico
City’s laws, as well as in the legal previsions that emanate from all of
them. V
Valuation Rate or Price: In Exchange Contracts, it
is the reference price or rate per unit of Underlying Asset that the Exchange
discloses to the Clearing House for the purpose of calculating the daily
valuation. |
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