Position

Limits

Position Limits are imposed to ensure that member-firms have the necessary financial capacity to meet all potential obligations which may arise from trading in Derivatives. In addition, the implementation of a Position Limit regime represents the core instrument for the Clearing House to avoid excessive positions and market concentration.

Position Limits are expressed in terms of the Total Position permitted in the same underlying, Net Position allowed in the same underlying, and finally the Net Position acceptable in the maturity or exercise month and in the maturity or exercise day for the same underlying.

Clearing Members and Asigna have their own real time Risk Management System (SIMAR) in order to keep track of all the intraday market changes. Although, Clearing Members set their own limits for their Clients.

Position Limits established by Asigna are:

Position Limit for Clearing Members, Traders, Omnibus Accounts Managers and their Clients (Contract numbers)
Underlying Asset Group	Net Position Limit all months combined	Spot Month Net Position Limit by Series	Spot Week Net Position Limit by Series	Spot Exercise or Tender Date Position Limit by Series
UDI	300,000	N.A.	N.A.	N.A.
Exchange Rate
DÓLAR EUA	N.A.	N.A.	N.A.	N.A.
EURO	N.A.	N.A.	N.A.	N.A.
Equity Index
IPC	N.A.	N.A.	N.A.	N.A.
Interest Rates
CETE 91	402,000	100,500	N.A.	100,500*
TIIE 28	N.A.	N.A.	N.A.	N.A.
Bonds
BONO M3	1,368,000	342,000*	N.A.	N.A.
BONO M5	600,000	200,000*	N.A.	N.A.
BONO M10	1,084,000	271,000*	N.A.	N.A.
BONO M20	528,000	132,000*	N.A.	N.A.
BONO M30	90,000	30,000*	N.A.	N.A.
Stocks
CEMEX CPO	545,000	136,000	N.A.	136,000
FEMSA UBD	107,500	27,000	N.A.	27,000
GCARSO A1	137,000	34,000	N.A.	34,000
AMX L	1,210,000	302,500	N.A.	302,500
TELMEX L	307,500	77,000	N.A.	77,000
WALMEX V	275,000	69,000	N.A.	69,000
GMEXICO B	214,000	53,500	N.A.	53,500
TLEVISA CPO	125,500	31,000	N.A.	31,000
ETFs
NAFTRAC 02	94,000	23,500	N.A.	23,500
BRTRAC	66,000	25,000	N.A.	16,500
ILCTRAC	68,000	25,500	N.A.	17,000
MEXTRAC 09	20,000	7,500	N.A.	5,000
Swap
SWAP10	N.A.	N.A.	N.A.	N.A.
SWAP02	N.A.	N.A.	N.A.	N.A.

* Position Limit that always should be respected.

NOTE: Hedge Position Declaration for the spot excercise or tender date should be reported at least one week in advance.

For Position Limit purposes the short put positions of Options Contracts within its relevant Underlying Asset Group will be treated as long positions after been multiplied by the Delta Factor, while long put positions will be treated as short positions on the referred Underlying Asset Groups after been multiplied by the Delta Factor. For example, the Net Position for the "IPC" Serie is calculated as follows:

IPC SP06	IPC SP06
(Long Position)	(Short Position)
+	+
IPC Call (buy) SP06 * δ	IPC Call (sell) SP06 * δ
(Long Position)	(Short Position)
+	+
IPC Put (sell) SP06 * δ	IPC Put (buy) SP06 * δ
(Short Position)	(Long Position)
=	=
Total	Total
(L+L+S)	(S+S+L)

Net Position SP06 Series
Total	(ABS (-))	Total
(L+L+S)		(S+S+L)

Clients of Domestic Omnibus Accounts are subject to the limits for Clearing Members, Brokers that Manage Domestic Omnibus Accounts and their Clients, according to the section m) of the Twentieth of the "Mandatory rules for corporations and trusts participating in the establishment and operation of a market for listed futures and options in an Exchange" (“Mandatory Rules”).

Foreign Omnibus Accounts (Foreign Financial Entities), which trade according the Sixtieth of the prudential regulations to which participants in the market for listed futures and options will adhere in their operations, will be required to monitor the position limits of their clients, which are subject to the limits for Clearing Members, Traders that Manage Domestic Omnibus Accounts and their Clients, as set in section m) of the Twentieth of the Mandatory Rules.