BACKGROUND

            1997 is created a collateral trust for settlement of operations concerted at Mexican Stock Exchange.

            Settlement is done with Delivery Versus Payment Scheme

            1999 Begins the bilateral settlement scheme with a reduction of flows in 30%

Mulrilateral Scheme

            August 2001

            The use of credit was diminished and the operations anchorage was diminished in 60%.

            It was established a Collateral Fund sensitive to the exposure of each member.

            Homologation with the principal settlement systems of the world.

            In 2001 the reforms to the Stock Market Laws  introduce de concept of Central Counterparty.