The Central Bank of Mexico has published its Annual Report on Financial Market Infrastructures for 2024, summarising key policy, regulatory and operational developments across Mexico’s payment systems, card payments infrastructure, and post-trade services for securities and derivatives. The report points to continued rapid growth in the Interbank Electronic Payment System (SPEI), high availability of core payment systems, and a range of supervisory, enforcement and infrastructure upgrades implemented during 2024. SPEI processed 5,342 million transfers in 2024 for MXN 578 trillion, with end users accounting for 5,337 million operations and MXN 219 trillion; 73.5 million individuals used SPEI in the fourth quarter of 2024. Non-bank financial institutions accounted for around 13.8% of SPEI operations, and the indirect participation model ended 2024 with four direct providers servicing 93 indirect institutions. The report also tracks CoDi and Dimo adoption, notes no cybersecurity incidents in the central bank’s infrastructure used to operate SPEI and the Interbank Payment System in US Dollars (SPID), and reports 283 sanctions imposed on 66 institutions (with MXN 61.3 million collected from 231 sanctions). On retail payments, card transactions reached 9,887 million operations for MXN 5.8 trillion, while Indeval reported MXN 38.6 trillion in assets under custody and settled MXN 1,227.2 trillion. In CCP services, CCV received MXN 5.1 trillion in trades and settled MXN 1.4 trillion after netting, while Asigna received MXN 3.8 trillion in derivatives for settlement. Key 2024 implementation milestones included the Central Bank of Mexico’s migration of CLS messaging to ISO 20022 (live from 2 December 2024), CCV’s move to T+1 equity settlement from 27 May 2024, and the coordinated transition of interest rate swaps from 28-day Interbank Equilibrium Interest Rate (TIIE) to TIIE de Fondeo on 22 November 2024. Looking ahead, the report flags the SWIFT network’s planned withdrawal of ISO 15022 in November 2025 as the backdrop for the ISO 20022 migration, and notes that changes to Circular 4/2012 will restrict the use of 28-day TIIE as an underlying for new derivatives from 1 January 2025, subject to specified exceptions.
Central Bank of Mexico 2025-05-26
Central Bank of Mexico publishes 2024 annual report on financial market infrastructures
The Central Bank of Mexico's 2024 Annual Report on Financial Market Infrastructures highlights significant growth in the Interbank Electronic Payment System (SPEI) and key upgrades across payment systems and post-trade services. SPEI processed 5,342 million transfers totaling MXN 578 trillion, with non-bank financial institutions contributing 13.8% of operations. The report also notes the migration to ISO 20022, T+1 equity settlement, and the transition from 28-day TIIE to TIIE de Fondeo for swaps.