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Group BMV Annual Report 2006

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Group BMV Annual Report 2006 Group BMV Annual Report 2006 14 Mission and Vision 80 Mission and Vision 106 Mission 15 Message from the Chief Executive Officer 81 Message from the Chief Executive Officer 107 Message from the Chief Executive Officer 18 Board of Directors 84 Board of Directors 110 Board of Directors 19 Comittees 85 Comittees 111 Comittees 20 The Securities Market in 2005 86 Primary Activities in 2006 113 Data Highlights 28 Primary Activities in 2006 89 Vision for 2007 114 Primary Activities in 2006 45 Vision for 2007 90 Financial Information 119 Vision for 2007 46 Shareholders and Members 91 Shareholders 120 Financial Information 47 Corporate Officers 93 Corporate Officers 121 Shareholders 48 Facts & Figures 94 S.D. Indeval Facts & Figures 122 Corporate Officers Bolsa Mexicana de Valores S.D. Indeval CCV 126 Mission and Vision 129 Mission and Vision 149 Mission 127 Message from the Chief Executive Officer 130 Message from the Chairman of the 150 Message from the Chief Executive Officer 130 Board of Directors Technical Commitee 151 Board of Directors 131 Comittees 131 Message from the Chief Executive Officer 152 Comittees 132 Primary Activities in 2006 132 Technical Commitee 153 Primary Activities in 2006 135 Market Facts and Figures 133 Subcomittees 154 Vision for 2007 145 Vision for 2007 134 Principales Actividades del 2006 155 Shareholders 146 Shareholders 144 Vision for 2007 156 Corporate Officers 148 MexDer Participants 145 Trustors 150 Corporate Officers 146 Corporate Officers MexDer Asigna Sif Icap 159 Misión y Visión 160 Mensaje del Director General 161 Consejo de Administración 161 Comités 162 Principales Actividades del 2006 168 Visión 2007 169 Accionistas 170 Cuerpo Directivo Index Valmer Companies of Grupo Bolsa Mexicana de Valores Securities Market Bolsa Mexicana de Valores, S.A. de C.V. (Mexican Stock Exchange) S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V. (Central Securities Depository) Contraparte Central de Valores de México, S.A. de C.V. (The Central Counterparty) Derivatives Market MexDer, Mercado Mexicano de Derivados, S.A. de C.V. (Futures and Options Exchange) Asigna, Compensación y Liquidación (The Derivatives Market Clearinghouse) Complementary Activities for the Financial System Sif ICap, S.A. de C.V. (Broker) Valuación Operativa y Referencias de Mercado, S.A. de C.V. (Price Vendor for Financial Instrument Valuation) Other Institutional Activities Bursatec, S.A. de C.V. (Technology and Systems Development) Corporativo Mexicano del Mercado de Valores, S.A. de C.V. (Personnel Services) Sif Icap Servicios, S.A. de C.V. (Personnel Services) Grupo BMV According to the legend, the origin of Chess goes back to a distant kingdom of India, where a powerful Brahman was sunk in a deep sadness by the loss of his son in the battlefield. Mission and Vision Message from the Chairman The companies that make up Grupo BMV are To modernize and strengthen the companies of of the oard of rupo BMV engaged in a variety of activities, and work Grupo BMV; to keep them competitive and help B G together in an integrated and complementary them offer the best services and products in their manner. Each is a fundamental part of the functioning and respective fields; and to ensure that they are well Mdevelopment: of the securities market in Mexico, supporting all Vintegrated: and efficiently manage their resources, so they can its participants--issuers, brokers and investors--in the pursuit create value and build confidence. of their respective objectives. Grupo BMV functions on three fundamental conditions: transparency, efficiency, and solidity. The strategies we are using to modernize and fortify the group These principles contribute to its central mission while helping are aimed at: to maximize the value of the Group. • The market. Encouraging a rising volume of trades in a wider array of instruments, taking advantage of all the opportunities that the opening and globalization of the financial markets bring, and the convergence of trading with the leading international markets. • The group itself. With advanced technology, certification of critical processes and the articulation of synergies in the operating sphere; and sales and marketing in the strategic sphere. • Our strategic partners. Through alliances that maximize our trading capacity and increase our presence in the fastest growing segments of the industry, both within and outside of Mexico. • The general public. To shore up public trust and the reputation of our securities market institutions through a more effective relationship with the media and closer ties with universities and sources of analysis. Message from the Chairman of the Board of Grupo BMV For the companies that make up Grupo BMV, 2006 was a year of intense activity, framed by the objectives set forth in their institutional work programs, the guidelines established by their decision-making bodies, and the entry into effect of a new legal ordinance for the securities market. As in previous years, one of the priority aspects addressed within Grupo BMV, because of the type of activities in which its companies engage, was technological strategy. Some of the central elements that required attention in this sphere were: • The need to continually modernize trading platforms, SIF ICAP, S.A. de C.V., to mention the most representative of equipment and systems; our companies during this past year, continued their efforts and investments in accordance with their plans and needs. • An increased use of what is called program trading (systems tools also known as trading algorithms) by Within its activities of 2006, the Mexican Stock Exchange raised financial institutions and the more technologically its capacity for transmitting data between the Tandem equipment sophisticated clients, to optimize their trading activity, and the SENTRA system, made improvements to trading primarily in the cash and derivatives markets; conditions for bids entered via SETRIB Plus, bolstered schemes • An intensification of trading in world stock markets, in for monitoring brokers’ trading activity, particularly program their clearinghouses and securities depositories; and trading, and installed two new versions of the BMV-SENTRA Capitales system, incorporating significant improvements and • The adoption and implementation of the best corporate additional functions. practices in the area of security, including precise procedures to follow in emergencies or contingency In the area of technology, notable progress was also made situations. toward the design and construction of the new system at S.D. Indeval, which will gradually increase the efficiency and security With these challenges in mind, companies like the Mexican Stock of all trading processes for its users. This is obviously one of Exchange (Bolsa Mexicana de Valores, S.A. de C.V., or BMV), the the biggest challenges facing the institution, and it has been securities depository (S.D. Indeval, S.A. de C.V.), the derivatives working to resolve it in close coordination with depositors and market (MexDer, Mercado Mexicano de Derivados, S.A. de C.V.), with the support of the authorities. the clearinghouse (Asigna, Compensación y Liquidación) and S.D. Indeval has also designed a new communications protocol and begun development of a new graphic interface that will make it easier for users to input trades and navigate through the system in better conditions. Another area of priority this year was to prepare and update Business Continuity Plans, Disaster Recovery Plans, and Business Impact Analysis reports for all the companies of Grupo BMV. In most cases, these documents had already been approved by their respective Boards of Directors, an they had been disseminated to company personnel for implementation and frequent review. In corporate matters, because of its significance for the securities market, special mention should be made of the incorporation of new shareholders and participants into the companies of Grupo BMV. The Mexican Stock Exchange admitted UBS Casa de Bolsa, S.A. de C.V. as a shareholder and full member, and J.P. Morgan Grupo Financiero, J.P. Morgan Grupo Financiero as Full Member. In addition, Base Internacional Casa de Bolsa, S.A. de C.V. and Barclays Capital Casa de Bolsa, S.A. de C.V., Grupo Financiero Barclays México, also joined the exchange as Limited Non-Shareholder Members. In the central securities counterparty (Contraparte Central de Valores de México, S.A. de C.V.), the brokerage firms J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero, and Casa de Bolsa Credit Suisse (México), S.A. de C.V., Grupo Financiero Credit Suisse (México) were accepted as Settlement Agents. These new arrivals are a clear sign of the interest brokerage firms have in this market, and their confidence in the support institutions that serve it, in a climate strengthened by the new regulatory framework that took effect around the middle of the year. In effect, the new Securities Market Act that now governs the market represents a major step forward for the industry. It establishes new forms of participation in the securities market for issuers and venture capital firms (the latter known as Market Investment Promotion Companies, or SAPIs by their initials in Spanish), offers greater protection for investors, redefines corporate practices and strengtheners corporate governance--all of which are areas in which Mexico to changes in the legal framework for stock exchanges, which some extend lagged behind international standards. allows for the demutualization of
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