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Securities lending to market makers

Market Makers are allowed to borrow Cetes, Bonos and on the run issues of Udibonos from Banco de México, which acts as the financial agent of the Federal Government.  These are overnight loans and are fully collateralized.  The regulatory framework that determines the rules that credit institutions and brokerage houses acting as market makers must follow are set in the Oficio 305.- 065/2008 and the Oficio 305.- 106/2008 issued by the Mexican Ministry of Finance (SHCP) on April 30, 2008 and on July 30, 2008 respectively, both available only in Spanish (see numerals 4.2 and 5.7.2).