Introduction
Quietly, the Mexican Stock Exchange (BMV) has had a remarkably positive year, despite the minimal growth of the national economy. The president and director, Marcos Martínez and Jorge Alegría, respectively, express a very positive balance for the annual management.
End of Lean Cows Era
The signs suggest that the crisis cycle has ended due to the scarcity of placements in the Mexican market, and a new cycle of abundance and prosperity is beginning.
- Three Initial Public Offerings (IPOs) are in process for 2026, to be carried out in the first quarter.
- In 2025, the BMV achieved a record financing of 750 billion pesos.
- With this amount, the BMV would rank as Mexico’s fifth-largest bank when compared to other banks’ balances.
- The period before 2025 was marked by one of the harshest dry spells in the stock market, with no significant IPOs during those seven years.
- This year, however, there were five important placements observed in the capital market: Essentia Energy (11,592 billion pesos), Fibra Next (15,342 billion pesos), Aeroméxico’s return with a mixed global offering (5,882 billion pesos), Fiemex listing a Fibra E (84,963 billion pesos), and Promecap listing fiduciary certificates (681 billion pesos).
- Additionally, the Controladora Alpek and Grupo Nutrisa were listed without a public offering.
- In the short-term debt market, there were 1,374 emissions totaling 358,519 billion pesos.
- Long-term debt operations observed 94 emissions totaling 273,491 billion pesos.
- By November 2025, there were 1,294 emissions totaling 340,176 billion pesos, mainly from the automotive and financial sectors.
- For December, 89 emissions totaling 18,343 billion pesos are expected.
- As of November, long-term debt emissions stood at 90 with a total of 265,788 billion pesos, including notable emissions from BBVA (34,154 billion pesos), América Móvil (25,500 billion pesos), Banobras (18 billion pesos), Fefa (15,774 billion pesos), Bimbo (15 billion pesos), and CFE (15 billion pesos).
Juicy Returns
The Mexican Stock Exchange’s Index of Prices and Quotations (IPyC) yielded 25% in pesos and 41% in dollars.
This performance significantly outperforms the S&P 500 and Nasdaq returns of 15% and 12%, respectively, in both pesos and dollars.
Positive Mood
Martínez and Alegría attribute the market recovery to a transition from a low-price cycle to an upward price cycle.
Mexico, among emerging countries, is viewed favorably, with investor flows continuing to arrive from around the globe.
Work and Modernization
During the seven lean years, the BMV did not remain idle.
The BMV worked diligently both internally and externally to strengthen its infrastructure and promote, in coordination with authorities, necessary changes to increase securities intermediation penetration.
Since Alegría’s arrival, modernization of the BMV group has been more forcefully pursued.
The focus has been on flexible technology to incorporate solutions from various providers, partnering with Nasdaq for a comprehensive liquidation, deposit, and data solution to adapt to market needs.
The BMV is also investing in cloud services innovation through AWS (Amazon Web Services) to enhance resilience, cybersecurity, and data exploitation capabilities.
2026: Upcoming Milestones
For 2026, the MexDer Trading Derivatives and Asigna, Counterparty Derivatives are planned for the third quarter. In 2027, the Central Counterparty of Securities and the Indeval Central Depository of Securities are expected.
With these developments, the BMV is well-positioned to capitalize on the upcoming seven years of abundance.
Key Questions and Answers
- Q: What has the BMV achieved in the past year? A: Despite minimal national economic growth, the BMV has had a very positive year with record financing and successful placements.
- Q: How has the IPyC performed compared to other major indices? A: The IPyC outperformed the S&P 500 and Nasdaq with returns of 25% in pesos and 41% in dollars, compared to their respective 15% and 12%.
- Q: What modernization efforts has the BMV undertaken? A: The BMV has focused on flexible technology, partnered with Nasdaq for liquidation and data solutions, and invested in AWS cloud services to enhance resilience, cybersecurity, and data capabilities.
- Q: What significant events are planned for the BMV in 2026 and beyond? A: The MexDer Trading Derivatives and Asigna, Counterparty Derivatives are set for the third quarter of 2026. The Central Counterparty of Securities and Indeval Central Depository of Securities are expected in 2027.
