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Changes to the General Contract Conditions shall also be published in the above-mentioned Bulletin. Any act or instruction made by the Client under the terms of the modifications shall be considered acceptance, and shall thus be fully and legally binding.


In accordance with the terms, conditions and hours referred to in clause six of the Adhesion Agreement, the Client must deliver to the

Clearing Member, whenever the Trader requests it, the Margins necessary to engage in and perform the Futures and Option Contracts that the Trader executes on its behalf, in the accounts indicated in the General Information Section of this Contract, on the

understanding that the requests for cash or securities may be greater than those requested by the Clearinghouse. These Margins may be applied to meeting the obligations derived from Open Contracts, for new transactions and, when necessary, for the payment

of conventional penalties under the terms of the Adhesion Agreement and of this contract, as well as the Exchange Regulations.

When the Trader requests that the client submit Margins or payments of any kind in relation to the Futures and Option Contracts that have been traded, the following shall apply:


Before recording a Client order, the Client must submit to the Clearing Member the Margins requested of it by the trader, as established in the first paragraph of this clause, and deposit them in the accounts indicated in the General Information Section of this Contract, with number 1 and number 5, as the case may be.

Failure by the Client to comply with the obligation described in the preceding paragraph shall exempt the Trader from all liability for refraining from recording and executing the Client’s orders.

  • b)

    During the life of the Futures and Option Contracts, the Client must, at the request of the Trader, submit to the Clearing Member the resources necessary to create and restore Margins and Excess Margins, as well as the balances due from it resulting from Daily Settlement and settlement at expiration, under the terms, conditions and hours established for these purposes, and in accordance with the first paragraph of this clause.

  • c)

    The Trader shall request that the Client submit the funds referred to in this clause, on the understanding that it may under no circumstances administer or maintain the Client’s cash or securities.

The parties agree that the Client’s Margin Securities must be submitted through the Clearinghouse’s System for Administering Margin Securiti es for Derivatives, and the parties therefore acknowledge that they must agree on the designation of a depository

institution, in this case S.D. Indeval, S.A. de C.V., Institución para el Depósito de Valores, which shall have access to that system, so that it can submit and withdraw securities with the Clearing Member.

The terms of the present clause notwithstanding, any request for funds that must be supplied by the Trader may be made directly to the Clearing Member when the Trader does not provide them, or when circumstances so require.


If a Client fails to comply with any of the obligations incurred in this contract, the Trader shall notify the Clearing Member to apply the measures established for cases of default, under the terms of the Adhesion Agreement.


The parties agree that the instructions drafted by the Client to the Trader to perform transactions or any other communication

between the Client and the Trader, unless especially addressed in other terms in this Contract, may be conducted by written means, by phone, or through any other electronic, computer or telecommunications media agreed upon by the parties, specifying the type of

transaction (buy or sell), price, Class, Series, volume, and any other characteristic necessary to identify the Contracts involved in each transactions, according to the General Contract Conditions.

The parties agree that instructions regarding Margin administration, such as movements in the Client’s accounts, withdrawal of cash

or securities, notices, requests, or any other communication from the client with regard to these, should be transmitted to the Clearing Member in accordance with Clause Seven of the Adhesion Agreement.

The above notwithstanding, the instructions referred to in the second paragraph of this clause may be directed to the Clearing Member through the Trader, when so authorized by the Client and by the Trader.


The Client agrees that any instruction expressed in writing, in a sound recording, or through any other electronic, computer or telecommunications media agreed upon by the parties, shall constitute sufficient proof of orders and, when applicable, of transactions

in Futures and Option Contracts requested of the Trader.

The Client expressly acknowledges that for the use of electronic media, the Trader may establish access codes, identification codes, and when necessary, trading codes, to stand in for the Client’s physical signature, so the documentary or technical proofs derived

from the sue of those codes shall produce the same legal affect as documents signed by the parties, and shall equal probative value.

The use of access, identification and trading codes shall be the exclusive responsibility of the Client, and the Trader shall therefore not be held liable for damages or losses incurred by the Client because of the improper use of those codes.


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