The Financial Safeguard System has the main purpose of ensuring that Asigna has sufficient reserves to cover the clearing guarantee it provides to the market. In this way, if a Client of some Clearing Member is in default of its obligations, the Clearing Member must apply its own Internal Financial Safeguard System to restore that default of obligations, including extra charges generated by the failure. The resources that structure the Safeguard System are of the following types:

Funds Managed by Clearing Members

(1)    Additional Margin

The main depositors of this fund are the Clients, and it can be constituted in cash or securities. The individual contribution of each Clearing Member may be used to cover client's liquidity risk. It is managed by the Clearing Member, who has the obligation of survey the deposit of this fund on a daily basis. The procedure to determine "the amount" to be deposited as an additional margin depends on: a) Margin requirement for the portfolio (market risk); and b) credit evaluation of the Client.

Funds Managed by Clearing House

(1)    Margin

Margins must be sufficient to cover the maximum possible losses that could be generated by each open contract. The main depositors of this fund are the Clients through the Clearing Members, and it can be constituted in cash or securities. The individual contribution of each Clearing Member may be used to cover the client’s market risk. It is managed by the Clearing House, who has the obligation of survey the deposit of this fund on a daily basis. The determination of "the amount" to be deposited as margin depends on the individual risk of every portfolio that carries open positions; this risk is determined by Theoretical Intermarket Margin System methodology.

(2)    Clearing Fund

The fund established at the Clearing House with such funds as the Clearing House may request Clearing Members in addition to the Initial Margins, formed by fixed resources (12%) and variable resources, based in the calculation of Maximum Potential Loss (Cover One). Updated to MAY, the Cover One is $3,377,257,842.61

Clearing Member Supervisory Capital

(1)    Propietary Clearing Member`s Patrimony

Constituted at least by the equivalent of MXN pesos of 2.5 million UDIs or the 2% of the Trusts Margin Fund. 

(2)    Third-Party Clearing Member's Patrimony

Constituted at least by the equivalent in MXN pesos of 5 million UDIs or the 2% of the Trusts Margin Fund.

SAFETY NET EQUITY

The amount resulting from adding the equivalent of the initial minimum equity established in the Rules plus any surplus, plus de amount, if any, established by the Central Bank based on the second paragraph of the Nineteenth of the Rules, to be used during the execution of the Safety Net in accordance with the provisions of Chapter Nine of the Regulations. For the purposes of this amount the sum of the operative reserve under the Asigna Trust is not considered.

Additionally, Asigna counts with an intraday line of credit with a financial institution up to 150 million of Mexican pesos, to face events of short liquidity on a temporary basis.

Asigna's Internal Rules and Regulations establish the policies and procedures related to the use of resources that structure the Safeguard System.