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Clearing and Settlement

Indeval provides clearing and settlement services for all securities transactions executed in the Mexican Financial System.

Transactions can be made with different mechanisms:

  • Issuance. For securities that will be listed on the market.
  • Restricted transfer (pledged accounts with assets held as collateral).
  • Cash accounts (the cash leg of transactions is settled through cash accounts within the DALI settlement system).

Indeval Settlement System: DALI



DALI offers secure communication via Indeval’ Financial Protocol (PFI for its acronym in Spanish) with a settlement algorithm bases on ISO 15022 format messages.

All instructions received in DALI are bilaterally matched and irrevocable. On an intra-day basis, the system runs every two-minute cycles to check securities and cash availability. Once these conditions are met, settlement occurs in real-time following a settlement optimization algorithm, which nets cash and securities following a settlement Model 3 according to the Bank for International Settlements (net securities and net cash). Allowing partial settlements increases liquidity and early settlement rates.

At the end of the day, any unsettled trades on the settlement date, including the partially unsettled, are dropped, and both parties are required to submit new instructions and any remaining cash balances within DALÍ are distributed back to the participants' cash accounts at the Central Bank.
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