Lombard loans on the BMV.
Private, securities-backed credit against Bolsa Mexicana de Valores-listed shares — pledged, not sold.
A Lombard loan against BMV-listed shares is credit secured by a pledge of equity listed on the Bolsa Mexicana de Valores. The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment. In plainer terms it is a share-backed loan: a loan against shares, not a disposal of them. US markets call the practice securities-based lending.
- Facilities are arranged against equity listed on the Bolsa Mexicana de Valores (BMV), Mexico City.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in MXN or cross-currency.
- Structured under the CNBV regime, with disclosure at 10%.
The venue
The Bolsa Mexicana de Valores is Mexico's principal equity exchange, with the SIC system providing local access to internationally listed securities. The market is concentrated by sector and issuer count, which sharpens eligibility analysis for large positions.
Regulator and disclosure
The Bolsa Mexicana de Valores operates under the Comisión Nacional Bancaria y de Valores (CNBV). Ley del Mercado de Valores Art. 109: public notice through the exchange by the next business day when acquisitions take a holding to 10% or more, and under 30%, of the ordinary shares of a listed company; related persons also disclose each 5% increase or decrease (Art. 110).
A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
For who must report a pledge, and what an enforcement would make public, in each market the firm covers, see the comparison of share pledge disclosure rules.
Structuring a facility here
Lombard facilities against BMV-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in MXN or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread. Unlike a stock loan in the securities-lending sense, title does not pass: the line stays registered to the holder for the life of the facility.
| Exchange | Bolsa Mexicana de Valores (BMV) |
|---|---|
| City · Country | Mexico City · Mexico |
| Regulator | Comisión Nacional Bancaria y de Valores (CNBV) |
| Disclosure | Substantial holdings at 10% |
| Principal indices | S&P/BMV IPC |
| Segments | Capital market main board; SIC (international quotation system) |
| Currency · Tenor | MXN · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
The Mexico market as a whole
The Mexico country overview sets the BMV in context: the national disclosure regime, the wider securities-backed lending picture, and the common ground behind any loan against shares listed in Mexico.
- Lombard loans in Mexico — the country overview: the national disclosure regime, currency, and how a facility is arranged.
Financing a position listed on the BMV?
Request terms →Other exchanges in the region.
On this market, specifically.
Liquidity and the index
The Bolsa Mexicana de Valores centres on the S&P/BMV IPC, a focused benchmark of the market’s most liquid names. Because the market is concentrated both by sector and by issuer count, day-to-day liquidity clusters in a relatively small set of large-caps, so the depth of the specific line is the key read when sizing a pledge. The SIC international quotation system also lets locally held international securities trade on-venue. For a large domestic large-cap, free float and concentration — more than aggregate turnover — tend to frame how a Lombard loan is calibrated.
Structuring notes
The BMV’s SIC — its international quotation system — is the notable structuring feature: it gives local access to internationally listed securities, so a client’s Mexican custody may hold both domestic and foreign lines, with a bearing on where a pledge is documented.
Settlement runs through the Mexican infrastructure, and the pledged shares are held by a qualified custodian so ownership is preserved. The Lombard credit is arranged so the disclosure rules of the Ley del Mercado de Valores, including the public notice at 10% (Art. 109), are respected, and can be funded in MXN or in USD on a cross-currency basis.