Doing Business

Doing Business in Mexico 2015

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51 Doing Business in Mexico 2015 Chapter 7 Banking and finance Investor's considerations • Local credit has increased and diversified in recent years. • Commercial credit provided by banks for long-term loans, credit cards and real estate mortgage loans, as well as for financing inventories and receivables, have grown substantially. • Brokerage houses have a significant participation in the financial markets. • Banco de México, the central bank, operates as an autonomous entity within the federal government, including autonomy in monetary policy issues. • The Mexican Derivatives Market (Mercado Mexicano de Derivados—MexDer) has been in place since 1998. • The Securities Market Law (Ley de Mercado de Valores) has been in force since June 2006. • New niche banks and financial entities have been participating in the local credit market. • 6 new banks have been incorporated in 2013, taking the total number of financial institutions to 47. And, at least another three new financial institutions are expected to be added in 2014. • In Jan 2014, the Financial Services Reform was published with amendments to more than 30 statutes, including the issuance of a new Financial Group Law (Ley para Regular a las Agrupaciones Financieras). • The changes seek to strengthen the country's banking and securities legal environment to increase competition and lower the cost of borrowing and banking services. 7

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