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Inforeign investors held 6. Bytheir share decreased to only 1. Mexico has become one of the Msci market classification framework alternatives for foreign investors due to its attractive investment regime that includes a friendly fiscal scheme and no restrictions for the entrance and exit of foreign capitals.
The sound macroeconomic foundations recently observed, the responsible management of public finances, and the development of financial markets that allow for risk hedging of both derivatives and foreign exchange, have also contributed. As a result, the foreign holding of long-term fixed rate securities denominated in pesos bonos has also increased.
Various factors account for the increased interest of foreign investors in the Mexican government debt market. One of them is related to the higher interest rates in Mexico as compared to those in other countries where investors try to find financing to later invest with better conditions in Mexican government securities carry trade.
As a result, international financial institutions publish investment indexes which global investors seek to replicate. Later, with the creation of global investment indexes referenced to fixed-rate government debt a new segment began to operate in the asset management sector, which triggered the participation of global funds and therefore raised the potential demand of foreign investors for these instruments.
The Mexican Federal Government debt is included in the following indexes: Its main purpose is to provide investors with a global reference for this market while at the same time give them access to purchase any of the issues that make up the Index.
The WGBI consists of approximately bonds issued by sovereign issuers which have highly developed and liquid markets. The index is currently made up of the debt instruments of 23 countries, which include the European Government Bond Index EGBI and debt instruments of 14 additional countries: According to Citibank figures, at the end of April the market value of funds referenced to the WGBI totaled approximately Mexico was issuer number 24 in entering the WGBI Portugal was later removed and the first Latin American country to be included in this index.
The initial weight of Mexican securities in the index was 0. The weight of each country is reviewed every month together with the rebalancing of the index. The criteria issuers must maintain to be part of the WGBI include requirements in terms of issues size, issuers credit rating, and barriers to entry in each market.
As for the size of issues, they must total at least 20 billion dollars of yearly amount outstanding. In Mexico, due to the method of syndication for new benchmarks, new issues are rapidly gaining liquidity.
Finally, fixed-rate long-term Mexican securities may be settled through Euroclear, ensuring access to foreign investors and therefore complying with the requirement of lower access barriers.
From that date and up to its formal inclusion on Octoberthe holdings of long-term securities by foreign investors increased by billion pesos. The significant participation of foreign investors in the local debt market brings along several benefits, both for the Federal Government and the development of markets.
The growing interest of foreigners in Mexican securities provides the government with enough resources to reduce its financing costs.
At the same time, the inflow of foreign capital allows national investors to channel the resources used to finance the government to other productive activities through, among others, the purchase of corporate bonds.
The participation of foreign investors also increases the investor base for the broader government securities market and promotes depth and liquidity, fostering the development of the debt market. By promoting higher levels of competition in financial services, foreign investors also contribute to financial innovation, triggering technology transfer and the adoption of better practices.
Nevertheless, there are risks associated with their participation in the government securities market. One of the risks is the growing interdependency of the Mexican economy, which makes it more vulnerable to volatility in international financial markets. In those scenarios, they can abruptly withdraw their investments and generate distortions in the market.
Both of these often require a minimum amount for opening and keeping an account and most of them charge fees for account management and operation. Nonetheless, by the end ofand in order to offer more alternatives for small and medium investors, the Federal Government launched the Cetesdirecto  program.
It is a mechanism in which retail investors may purchase and sell government securities  through electronic means Internetby phone call centers or through a customized customer service window Bansefi,  for its acronym in Spanish.
Cetesdirecto offers several advantages, both for the Federal Government and small investors. For the government, the introduction of this mechanism promotes medium and long-term domestic saving, as well as the use of financial services among the population.An academic degree is a qualification awarded to students upon successful completion of a course of study in higher education, normally at a college or feelthefish.com institutions commonly offer degrees at various levels, typically including bachelor's, master’s and doctorates, often alongside other academic certificates, and professional degrees.
The most up-to-date information from our best financial minds. Hang Seng Index: One of the earliest stock market indexes in Hong Kong. Publicly launched on 24 November , the HSI has become the most widely quoted indicator of the performance of the Hong Kong stock market.
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of MSCI Market Classification Framework June MSCI Market Classification Framework The classification of markets is a key input in the process of index construction as it drives the composition of th PDF document - DocSlides Slideshow.
The first-stage regression is based on all takeovers of SDC Platinum that satisfy the initial criteria mentioned. The dependent variable in this first-stage regression is a dummy with one if the source of funds is disclosed for the takeover.