BMV Outperforms Brazil, Canada, and the U.S.
The Mexican Stock Exchange (BMV) has witnessed the most significant growth in capitalization, measured in dollars, from January to September 2025, compared to its American counterparts. According to the World Federation of Exchanges (WFE), BMV’s capitalization value reached 540,796 million dollars by September, up from 414,355 million dollars at the start of the year—a 30.52% increase or 126,441 million dollars.
Key Players and Their Performance
- BMV: Capitalization grew by 30.52%, reaching 540,796 million dollars.
- Nasdaq: Advanced by 4.89% to 32.3 trillion dollars, adding 1.5 trillion dollars in the first nine months.
- New York Stock Exchange (NYSE): Grew marginally by 1.39% to 32.2 trillion dollars, totaling 441,103 million dollars.
- Brazil’s B3: Increased by 8.40%, or 61,363.39 million dollars, reaching a total market value of 791,449 million dollars.
- Chile’s Santiago Stock Exchange: Rose by 20.65% or 36,655 million dollars, with a capitalization of 214,184 million dollars.
Experts’ Perspectives on BMV’s Success
Diego Avilés, an analyst for Capitaria México, highlighted that “the BMV has had an outstanding year when compared to the rest of the region. While countries like Chile, Peru, or Colombia have also seen increases, Mexico has achieved something few others have: growing in prices while maintaining a strong currency.”
Juan Sebastián Restrepo, CFA and subdirector of Asset Management at Skandia, attributed the surge to expectations of interest rate cuts by the U.S. Federal Reserve, which encouraged investors to seek higher returns in emerging markets like Mexico.
Factors Influencing the Mexican Capital Market
Janneth Quiroz Zamora, director of Analysis at Monex Casa de Bolsa, outlined several factors influencing the capital market through 2025 and preliminarily in 2026:
- Local and U.S. economic growth
- Trade scenario, potentially involving changes and greater flexibility from the Bank of Mexico on reference rates
- Third-quarter reporting season, nearshoring news, market valuation, and favorable expectations for emerging markets
BMV’s Income Growth in Q3 2025
Grupo BMV (Stock Exchange) reported a 4% increase in income, totaling 1,102 million pesos, during the third quarter of 2025.
The growth was attributed to higher sales in information services, despite the negative effect of peso appreciation, and increased local and global custody of values.
Despite the 4% income increase, analysts from Valmex noted that it was a weak performance due to normalized growth in Deposit Central of Values.
Capital market operations increased by 2.7%, hindered by a 4% decrease in the average daily volume of operations (VOPD) for the national market, offset by a 7% rise in the volume of operations for the International Quotation System (SIC).
Derivatives operations saw a 6.4% increase, despite persistent higher volumes of dollar futures trading, according to analysts.
BMV acknowledged in its report that the macroeconomic environment impacted its financial results, reflecting a combined effect of macroeconomic conditions and market circumstances.
Operating profit increased by 1.2% despite higher operational expenses due to increased personnel and technology costs.
Year-to-date, BMV’s securities have advanced by 2.82%.
