Considerations for the Design of a Central Counterparty for the Mexican Money Market


  • Miguel de Lascurain M. Instituto Tecnológico Autónomo de México.



Central counterparty, money market, international regulatory institutions


The financial crisis has brought the problems of regulatory failure and unbridled counterparty risk to the forefront in financial discussions. In the last decade, central counterparties have been created in order to face those insidious problems. In Mexico, both the stock and the derivatives markets have central counterparties, but the money market has not. This paper addresses the issue of creating a central counterparty for the Mexican money market. Recommendations that must be followed in the design and the management of risk of a central counterparty, given by international regulatory institutions, are presented in this study. Also, two different conceptual designs for a central counterparty, appropriate for the Mexican market, are proposed. Final conclusions support the creation of a new central counterparty for the Mexican money market


Download data is not yet available.


Bank for International Settlements. 2003. Glossary of terms used in payments and settlement systems. Basel, Switzerland: Committee on Payment and Settlement Systems Publications.

CPSS/IOSCO. (2004, November). CPSS Publications, No 64. Damoclean Days. (2008, August 7th). The Economist. El Financiero, December 4th, 2008.

European Central Bank. (2004). Annual Report, Glossary. <>.

European Central Bank – Federal Reserve Bank of Chicago (July 2007). The Role of Central Counterparties. Frankurt am Main, Germany: ECB.

Global ‘CCP’ Conference on Clearing, April 2008. <>

Muñoz, D. F., de Lascurain, M., Romero-Hernandez, O., Solis, F., de los Santos, L., Palacio-Brun, F. J., et al.(2011). INDEVAL Develops a New Operating and Settlement System using Operations Research. Interfaces, 41(1), 8-17.

Rast, M. R. 2007. The Central Counterparty, A settlement system trend? Swiss Finance Institute. <>.

Romero-Hernandez, O., de Lascurain, M., Muñoz, D., Romero, S., Muñoz, D. G., Palacios, A., et al. (2008).Business Process Modeling for a Central Securities Depository. Business Process Management Journal,

(3), 419-431.

Taming the Beast. (2008, October 9th). The Economist. The Great Untangling. (2008, November 6th). The Economist




How to Cite

de Lascurain M., M. . (2011). Considerations for the Design of a Central Counterparty for the Mexican Money Market. Journal of Economics, Finance and Administrative Science, 16(31), 49–61.