Greetings and welcome to Bolsa Mexicana de Valores Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Ramón Güémez, Chief Financial Officer. Thank you, Mr. Güémez. You may begin.
Thank you. Good morning and welcome to Bolsa Mexicana de Valores Fourth Quarter 2024 Earnings Conference Call. Before proceeding, I would like to provide a brief safe harbor statement. This presentation contains forward-looking statements and information related to Bolsa that are based on the analysis and expectations of its management, as well as assumptions made and information currently available at Bolsa. Such statements reflect the views of Bolsa related to future events and are subject to risk, uncertainties, and assumptions.
Many factors could cause the current results, performance, or achievements of Bolsa to be somewhat different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political, governmental, and business conditions, both in a global scale and in the individual countries in which Bolsa does business, such as changes in monetary policies, in inflation rates and prices, in business strategy, and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the actual results may vary considerably from those described herein as anticipated, believed, estimated, expected, or targeted. Bolsa does not intend and does not assume any obligation to update these forward-looking statements.
I would also like to remind participants that today's call is being recorded, and a replay of this call will be available online on February 13th at Bolsa corporate website, www.bmv.com.mx. During this call, we'll refer to our results and compare to the fourth quarter of 2023 unless stated otherwise. This call is intended for the financial community only, and the floor will be open at the end to address any questions you may have. Joining us for today's call are Jorge Alegría, Chief Executive Officer; Claudio Vivian, Chief Information Officer; José Manuel Allende, Chief Information, Markets, and Information Services Officer; Gabriel Rodríguez, Chief Executive Officer; Alfredo Guillén, Managing Director of Equity Markets; José Miguel de Dios, Managing Director of Derivatives Markets; Luis René Ramón, Managing Director of Commercial and Marketing; and myself, Ramón Güémez, CFO. With that, I'll turn the call over to our CEO, Jorge Alegría.
Okay, thank you, Ramón, and good morning, everyone. I hope you are all doing well today. As you know, we released our earnings results and our slide yesterday evening, which provides comprehensive details for the fourth quarter of 2024 results, which we will be discussing during this call. The copies of our press release and slide deck are also available at bmv.com.mx under the Investor Relations tab. I would like to begin this call congratulating our colleague, Luis René Ramón, whom you all know very well on his promotion, that after several successful years as our Information and Investor Relations Officer, he will now step into a new role in the company as Managing Director for Commercial and Marketing.
In this role, he will help us better understand customer and market needs so that we can better adapt our product offering and our value proposition, and so help develop the Mexican market and our businesses. This is part of our strategy implementation together with the soon-to-be-released news on the market data and data division that we are also creating as part of the Bolsa Mexicana new strategy going forward. Please join me in wishing Luis René luck in his new position. So congratulations to René. During the call, I will review our financial results and offer brief insight on the quarter and also on the overall market environment. Following that, I will provide updates on our ongoing projects, changes in regulations, and the competitive landscape as well. Finally, we want to conclude with a Q&A session where you can ask any question via the conference call line.
With that in mind, let's review the financial highlights and move into slide number three, please. I am very happy to share with you that we have a very good quarter, very good report with a double-digit growth in several lines like revenues, EBITDA, net income, and earnings per share. Revenues were a little over MXN 1.1 billion, growing 12%. Growth was driven by larger volumes in cross-border transactions, increased trading, and the effect of the conversion on the derivative markets from the old TIIE, the relevant interest rate in Mexico, to the new benchmark announced by the central bank, and this caused the derivatives contractually transformed to a new reference rate. EBITDA was up 13%, reaching MXN 671 million with a 59% margin, helped by our focus on disciplined cost management.
Net income increased 14%, and earnings per share were $0.83, up 16% when compared with the fourth quarter of 2023. As I said, this has been a very good quarter. Now, let me go over the full year results, which recovered significantly as well after a slow first half of the year, and we will move also on each business line. On slide four, and as you may recall, we had a very slow start at the beginning of 2024. However, full year results now are showing a strong set of numbers with record-breaking figures in revenues and net income. Also, earnings per share showed double-digit growth, reaching MXN 2.92. Revenues were MXN 4.16 billion, increased 6%, with growth coming from our post-trade businesses, stronger activity in the cash equity markets, and also the conversion, as I mentioned, to future contracts because of the new reference rate.
Expense growth was kept at 5%, increasing by less than MXN 100 million. With this, EBITDA grew 6%, registering a margin of 57%, same as that of 2023. Net income amounted to a record-breaking MXN 1.637 billion, slightly above our previous record of 2022 and 9% above the 2023 results. We are fully aware of the tough challenges ahead. We remain committed to operational excellence, and we will continually be looking for top-line growth opportunities and keeping sound cost management practices as outlined in our strategic plan. Now, please turn to the next slide. We can discuss revenue by business line. Our revenue distribution remains well-diversified. Capital formation for the listing of equity, debt, and alternatives, as well as its annual maintenance, contributed this year with a 12% of BMV Group's revenue.
Transactional business, which consists of equity trading and clearing, derivatives trading and clearing, and OTC trading, generated 35% of revenue. Information services, made up of data, analytics, indices, valuation, and financial risk management, have an 18% weight. Meanwhile, the central securities depository, Indeval, which is responsible for custody, settlement, and global market services, mainly cross-border transactions, participated with 29% of our revenues. Moving to slide number six, we can start discussing equity trading and clearing. Revenues in cash equities trading were up 21% when compared with the fourth quarter of last year. The average daily traded value at BMV was recorded at MXN 15.3 billion, up 10%. Trading in the global market, or SIC, grew 33%, with a 54% increase in the number of transactions, while, on the other hand, local market activity decreased by 2%. Our market share for the quarter was 78%.
We believe the two-point reduction in market share reflects the recent price change by our competition. Regarding clearing and CCP, revenue was up 4%, while the total average daily trading volume for both Mexican exchanges was up 11%. The difference in rates is explained by a higher number of cross-trades in the quarter, which required registration but not clearing services. Now, let's go to the next slide to review the derivatives segment. Revenue in derivatives, trading, and clearing was up 49% in the quarter, mainly due to higher margin deposit and the non-recurring effect of the conversion of TIIE contracts to the new reference swap rate. Both of these effects registered in Asigna, our derivatives CCP. The average daily notional value for dollar futures was $325 million, up 5%, while the open interest increased 14% to now $8.4 billion.
This is explained by high open interest on the December maturity. On the other hand, the average daily notional value of swaps decreased 25% when compared with the same period in 2023, reaching MXN 2.9 billion due to the impact of the new reference rate. That is something that traders are starting to accommodate in their technology and their desks. However, open interest increased 54% to MXN 1.3 billion, also explained by the interest rate conversion. In Asigna, the average margin deposits were MXN 54.1 billion for the quarter, showing an increase of 46%, while the full year number was MXN 47.6 billion. This is attributable to a record high in the open interest of swaps and excess margin deposits.
We need to remember that we also had a non-recurrent impact from the conversion of contracts to the new reference rate, as we have discussed this several times before. Let's move to our OTC trading results on slide eight. In SIF ICAP, OTC trading and value-added services revenues decreased MXN 13 million, or 7%. SIF ICAP Mexico dropped MXN 7 million, as in past quarters, primarily due to the lower CO2 emissions compensations via the carbon credits from our Mexico CO2 platform. Meanwhile, revenue from SIF ICAP Chile was down MXN 6 million, due basically to FX fluctuation. On slide nine, we have our figures for capital formation. Listings revenue decreased MXN 1 million, 3% lower due to a lower number of issuance in long-term debt and CKDs or CKD offerings.
As for this quarter, in short-term debt, 321 issuances were placed in the fourth quarter when compared to 302 in the fourth quarter of 2023, while in long-term debt, 19 issuances compared to 34 issuances last year. There were no equity listings or follow-ons during this quarter. However, it is relevant to mention that we listed during the year two sports teams in 2024, one of them in the last month of December. Even though there were no public offerings, the listings reflect some recovery in the activity in the equity markets. Important to mention, FIBRA Prologis and FIBRA Monterrey conducted primary public and private offerings to all certificates in the first quarter of the year for MXN 17.5 billion, as you may recall. Regarding maintenance, revenues were up 9% in the fourth quarter of 2024.
This is because the number of outstanding issues at the end of 2023 was higher than the previous year. Additionally, as of the end of 2024, there are 505 outstanding issuance versus 485 at the end of 2023. This should translate in higher income for this 2025. Moving to the CSD on slide 10, on Indeval's revenue were up 35%, driven by an increase in assets under custody, conversions, settlements, and the number of cross-border transactions, as well as a favorable rate. In the quarter, total assets under custody increased 12% to MXN 38.5 billion. As before in the local market, the pension fund market, this reform continues to show its effect. Assets under custody from pension funds are growing, and we can see in the numbers, we foresee a gradual but sustained benefit from this initiative over the next six years.
As for the global market, both FX and market performance play an important role in our results. Finally, on slide 11, let's discuss information services. Information services revenues, composed of market data and Valmer, reached MXN 206 million in the fourth quarter of 2024, up MXN 24 million or 14%. The depreciation of the Mexican peso had an impact on this growth, as MXN 20 million are explained by FX. Excluding the exchange rate impact, revenues increased by MXN four million, which is explained by MXN one million growth in market data and MXN three million growth from Valmer due to new clients and billing of past services. So overall, as you can see, a very good quarter and turnaround of the year. We expect to see more volatility in the near future as we face uncertain times. Let's take a look at our operating expenses on slide 12.
Operating expenses for 2024 were MXN 2.0 billion, up 5%, or MXN 93 million, which are mainly explained by three concepts. MXN 27 million explained in personal expenses on basically annual wage increments, also reduced expenses from SIF ICAP's variable compensation. MXN 42 million in technology and depreciation expenses due to evergreen projects aim to ensure our platforms are run smoothly and securely, along with the segregation of post-trade infrastructure of the clearing house for bonds. And also, MXN 15 million is sub-custody, as the value of the assets on the custody abroad increased, which also generated additional revenues, as we explained in Indeval. Please turn to the next slide. I want to update you on the competitive landscape, our ongoing projects, and also changes in the regulation. Our total capital expenditure for 2024 was MXN 259 million, up MXN 71 million in line with our investment plan.
We continue to invest to accelerate our technological evolution, to adapt to our customer needs, and look for ways to help the Mexican market grow and make it more efficient, as well as for our customers and clients. We want to provide some updates on slide 13, and as we talked about in our last call, our competitor announced a new fee schedule. We, in turn, submitted our request to the authorities to update also our fees. As of now, the authorities have not approved the schedule. We have asked for clarification. They have asked for clarification regarding our assumptions. We are expecting to receive that very soon and, if needed, apply them when required. So far, impact in market share has been minimal, but we are following market developments very closely. We are following also trends in the market very closely.
More importantly, we are staying close to our customers to discuss our plans and the implementation strategy. I am happy to tell you that last December, we received the approval from our financial authorities for the central counterparty services for fixed income bond clearing. There's still work to be done before we start operations. The banking commission needs to audit our systems and procedures. Actually, as we speak, they are performing the audit to review our systems, manuals, processes before giving us the final go-ahead. This process has already begun, as I mentioned. Regarding the brokers and members and the market, we already have three brokers connected and testing, and we are performing testing as well with one clearing member and in conversation with other six clearing members that are interested in connecting to perform clearing in this new clearing facility.
We need to have at least one more clearing member signed to start operations on that front. We are authorized to start with the clearing of M Bonos so far, and we are confident variable rate bonds, the rest of the Mexican sovereign debt and repos, will follow shortly. We are planning to start clearing M Bonos in Q3. On another very relevant topic, the secondary rules to the amendments to Mexico Securities Market Law were finally published, the secondary rules, as you may remember. And this program seeks to make it easier for new companies to make to the market and make it to the market by simplifying regulatory requirements and reducing the cost and time spent involved. We have been actively promoting the benefits of this initiative and have seen very good response from potential new issuers, both for debt and equities.
Recently, we had a webinar with over 900 participants, and we have currently 80 companies in our program from De Cero a Bolsa that aims to educate CFOs, CEOs for potential companies and how to take the company from private to public markets. Regarding this topic, it's also very good news to tell that we have, for the first time in several quarters, actually years, that we have four IPOs in line, different sectors, and one of them already passed the listing committee of the exchange, so we expect to have even better news on this front soon. Of course, the names are still confidential. Last of all, I am glad to tell you as well that yesterday, and after reviewing our dividend and share buyback practices, our board of directors agreed to keep the 100% cash distribution for this year. They agreed on a MXN 2.05 per share dividend.
This is equivalent to 70% of net income while maintaining the dividend yield above 6%. Additionally, we plan to increase our share buyback program to up to MXN 500 million in 2025. The two of these combined are 100% of our net income in 2024. Furthermore, the board recommended to analyze the convenience of canceling the shares that we are currently holding in our treasury. As we said before, we do not intend to keep more cash than we consider necessary, and we will return excess cash to our shareholders in the best and most efficient way possible. To sum up, BMV Group delivered strong results in the fourth quarter of 2024, mainly due to higher trading in transactional businesses and also increased activity in the post-trade services and the non-recurring effects of the derivatives conversion from swap contracts to the new reference rate.
Revenue for the quarter was up 12%. EBITDA margin was 59%, and net income was recorded at MXN 467 million, reflecting a 14% growth and earnings per share were MXN 0.83, 15% higher than the fourth quarter 2023. Our initiatives are beginning to take shape, and I am confident that with our new commercial efforts under Luis René, we will start delivering soon very positive results. This is, as I mentioned before, also part of the strategy that we are starting to implement together with our data and the continued evolution of the post-trade initiatives. Thank you for connecting today and listening to my remarks. We are confident that implementing our strategy correctly, we will drive innovation and growth in financial markets for a brighter future. Alongside with my colleagues, we are more than glad to address any question you may have. Thank you very much again.
Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your questions from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the Star keys. One moment, please, while we poll for questions. The first question comes from the line of Ernesto Gabilondo with Bank of America. Please go ahead.
Thank you. Hi, good morning, Jorge, Ramón, Luis René. Congrats in your new position. Good morning to all your team. Congrats on your fourth quarter results and Bolsa’s full-year net income growth, which was even higher if we exclude the sale of property from last year. Congrats on that.
My first question will be on non-recurring impacts. I'm starting to get some questions from investors trying to understand the non-recurring impacts on FX and interest rates. I remember Bolsa's earnings were under pressure over the last years because of this, and we did not consider them as non-recurring. So I just want to double-check if this is in line to your sensitivity to FX. You have mentioned in the past that for every change of one peso, the dividend benefits by MXN 50 million pesos. So are the non-recurring impacts related to this, or there's anything else? You mentioned something on the swap and the interest rate. So if that is the case, just wanted to understand what's the amount for that. And then my second question is on your new pricing structure. As you mentioned, you are awaiting for the authorities on that.
But since your competition, BIVA, implemented this new pricing structure, I believe they took 200 basis points market share as of December to 21%. So just wondering how was the market share in January. And also related to this, do you continue to see an impact in Bolsa's revenues of around MXN 110 million by the implementation of your new pricing structure? Any color on this will be very helpful. And then just for my last question, it's in terms of OpEx and investment. So you continue to mention that you will be doing a lot of technology updates and investments. So that will help to support your future revenue growth. But how should we think about the OpEx growth in 2025? So anything you can guide us, inflation plus, how many basis points would be very helpful? Thank you.
Thank you, Ernesto. I'll pass to Ramón Güémez to discuss about the rest of your questions.
Thank you, Ernesto, and good morning. Regarding the non-recurring impacts, you're correct in what you said. If we have a 1 peso fluctuation in the exchange rate, we should expect around 50-60 million pesos impact on EBITDA. So that's still valid on a full-year basis. And this quarter, the conversion from the new reference rate from the old TIIE to the TIIE de Fondeo had around a 10 million peso impact in Asigna. And that would be that's also a non-recurring item that we have for this quarter. If we have more what we have on FX, that will continue to be the case. Regarding the new pricing instruction and market share in January, I'll let Alfredo Guillén take over that.
Ernesto is Alfredo Guillén. Regarding market share, we didn't see any change from last quarter during January, so we believe that will stay in the same fashion for the rest of at least the first half of the year. Another question you had is regarding MXN 100 million we had in our projections. We are still waiting for the authorization from the CNBV. So far, we haven't changed our tariffs. Just waiting to see if they go through. I will add on the tariffs and the pricing schedule to that. We are very close to the market participants, measuring sensitivities, price sensitivities. Although we expect to have the authorization very, very soon from the regulators, so far, the market impact has been relatively small, and we can implement the new tariff schedule in different stages if needed. Regarding our OpEx investment, consider inflation for our expenses, maybe one point above inflation.
But as you know, we don't specifically guide on the future.
That was super helpful. Just to follow up in terms of the new pricing structure. So in the last conference call, you mentioned that you were probably estimating that the impact for you will be MXN 120 million. Is this still the case? Or given that the market share that BIVA has taken is not so much, probably could be lower, any color on this will be helpful.
The MXN 100 million refers to the full-year impact of the full implementation of the tariff change. So let me say that would be our worst-case scenario. So depending on how much we actually implement of what gets approved and how we see the market share evolving, it would be less than that. So consider that as the worst case for a full 12-month impact.
Perfect. Perfect. Thank you very much, Ramón.
Well, thank you, Ernesto.
Thank you. Next question comes from the line of Yuri Fernandes with JP Morgan. Please go ahead.
Hey, guys. Congrats on the results and congrats to Luis René on the promotion. There's a question more on your area on commercial marketing. When I go to the expense detail here, market expenses is up a lot, right? Like 35 over a year. And I remember talking to you in the past and also talking to Jorge and Ramón that the company will invest more money to bring you more revenues, right? So I guess maybe marketing cost is also part of that. So just trying to understand what kind of product you have or what kind of revenue you have related to marketing that you need to invest a little bit more in marketing to have these revenues in the future. Just trying to understand this line, how marketing expenses should evolve, and what is the revenue line that should be linked to this. Thank you very much.
Thank you, Yuri. Yeah, on the market data side, we will be very much focusing on the digital aspect since the reach is far more than the traditional media. So we'll be focusing a lot on our exposure not only in Mexico but also in the U.S., which is a very relevant market for us. And what I'm talking about is podcasts, YouTube, social media, and different high-level events where we will be able to generate leads that could turn into revenues. Now, about the products that we will be announcing, well, recently we announced the approval of the clearinghouse.
We also are building a very strong data offering, and that's something that we will announce in the next couple of days, some modifications to the infrastructure as well. Our distribution channels and the product offering on data, we believe there is a very good opportunity and there is a lot of room for that business line to continue growing. The modifications, for example, to the simplified listings, they were approved recently, and we have two different programs from De Cero a Bolsa, which have been very successful. The last one that we did, there were over 900 people connected. We also want to be out there not only in Mexico City but in different states and be sure to be very close to CFOs and making sure that the benefits come into Bolsa and diversifying their financial needs.
As for the expenses, I don't think it's going to be material. We're going to be working, as I said, a lot with digital and doing a lot with little. So you can expect some growth, but nothing too crazy. Our team is talking three or four people, so nothing to worry.
Okay. No, super clear. And thank you. Congrats again.
Thank you.
Thank you. Next question comes from the line of Edson Murguía with Suma Capital. Please go ahead.
Hi, good morning, and thank you for taking my questions. The question is, I know Ramón mentioned expenses, but my question is specifically about CapEx. In the early few days, you mentioned that it's almost doubled, right? Because the full quarter CapEx was MXN 105 million.
But my question is, regarding on this technological implementation with everything, Nasdaq to scale and so on, are we expecting the same trend line for 2025? And then the second question regarding on the stages of the implementation, we have been hearing since a couple of quarters that you are implementing this new technology. So how long is it going to take to be fully operational, and what will be the impact on the CapEx for the following quarters? Thank you.
Yuri. Sorry, Edson. Sorry. CapEx should be similar to what we're having this year. So let's say our main projects, which is the technological innovation relating in post-trade and the evergreens, the investment of 2024 should be 2025 should be similar to the ones in 2025, and they are our main initiatives there.
Regarding the Valmer, the implementation, we're looking at maybe releasing the first part in 2026, and mainly the entire solution for the CSD and the equity CCPs, or the cash CCPs, for the first semester of 2027.
Okay. Okay. That's helpful. And my last question regarding the following with this new clearinghouse that you have in fixed income. Just to understand, it's going to be fully operational in the third quarter 2025. Am I getting it right?
Yes. It will be fully operational third quarter this year, and the intention is to add the repo transactions by the end of the year.
Yeah. So. I think most of the clearinghouse for bonds or the clearinghouse services are basically ready. We are in the process of approval from the Securities Commission.
So this period of a couple of months or three months will be basically due to the regulators approving the operation. But from the operational point of view, internally, we can say we are 95% ready. And the testing process with brokers and trading members are there. So basically, Edson, due to the regulatory scrutiny. Okay. That makes sense, and it's super helpful. Thank you so much, and congrats on the full 2024 results.
Thank you. Next question comes from the line of Kaio Prato with UBS. Please go ahead.
Hello, everyone. Good morning. Thanks for the opportunity here. Can you talk a little bit about your expectations on capital market business, please, on this and maintaining for 2025?
Moreover, if you can discuss a little bit about the overall expectations on top-line, because we foresee some pressure on trading given this potential price change that we discussed. Just wondering if there is any specific line that you are most excited with for the year that could more than offset this trend, please. Thank you.
Yes. Hold on a second. All right. Kaio, just to make sure, because we weren't getting a very clear connection, your expectations on capital formation and where we see top-line growth or costs on top-line growth. Is that correct?
Yes. Correct. Thank you.
Okay. Regarding the listings and pipeline, as you mentioned, last year was a good one. The funding amount placed on the debt side specifically grew, and that has helped us for the maintenance revenue for the future years.
The pipeline in the debt segment is still robust for the next quarter. We have around MXN 30 billion-35 billion pesos, which will be placed in the next couple of months. We have received many new listing requirements for the debt segment, and also some of them from the big companies requesting to increase the amount on the current programs, so regarding the pipeline for the debt segment, we think it will keep on strong. Regarding the equity, we are happy, as Jorge mentioned, for after many quarters, we are getting full IPO requests in the quarter, and hopefully, they will be up and running in the market in maybe the next couple of quarters. We also have requests for FIBRAs and for FIBRA- E, so practically, in all instruments, we are getting and imposing the activity for the next couple of quarters.
We're optimistic of the regulatory changes on the Fibra Simplificada. We got the webinar with close to 1,000 people connected. There has been a lot of interest from potential issuers, midsize companies from all the country. We are getting actively involved in the promotion efforts for this quarter. Hopefully, that will turn new companies coming to market in the demo for equity segment in the future.
Kaio, I'm happy to see the recent development in derivatives volumes. We are excited to see the interest and if collateral management services from our clearing members improve. I think we are going to see some interesting trends on the derivatives trading and clearing services, a couple of new products coming, but also the implementation of the debt bonds clearing is creating some nice very good buzz, very good wave of interest in electronic trading for bonds.
That's not going to happen in very, very fast, but we have here some interest from electronic platforms trying to enter the market eventually. This will benefit also the bond futures, something that the market participants, especially hedge funds and other international players, have been asking for. So that's where I'm seeing some interesting opportunities. Our SIC, the international segment, is also going to be benefited because lower interest rates and the volatility that the markets are everywhere seeing because of geopolitical reasons, that's going to help also volumes on the international segment. That is a very well-established product, so that provides a lot of flexibility to local players to move between Mexico and international markets. So that's also a segment to take a look at it. So those are the three main aspects that I'm watching.
Obviously, the business as usual that José Manuel described on the listing side and the equity side. We haven't talked about data yet, but that's something that we are still working on, the new division for data, to have a more comprehensive strategy for the future.
Okay. Thank you very much. Thank you.
Thank you. Next question comes from the line of Carlos Gómez with HSBC. Please go ahead.
Hello. Thank you for taking my call. I hope this has not been asked before. I wanted to refer to the exchange rate and the fact that it has helped you. We have seen, as you mentioned in the quarterly, certain recovery in the global market. But given where the peso is today, number one, do you see this as a stable level for the peso going forward? Is that what you are budgeting on? Second, what do you think is going to happen to the Global Market, the foreign securities traded in Mexico? And do you think that the normal level for them would be higher or lower than where we have today, given the current exchange rate? Thank you.
Carlos, I'm sorry. Regarding your first question, where do we expect to see the exchange rate? I was getting a lot of abuse from my colleagues here. We sit somewhere between 15 and 35, which is to say we don't know. What we can tell in the exchange rate, Carlos, is that the impact we have is MXN 50 million-60 million pesos in EBITDA for a full year from a one-peso movement. We have a positive exposure to the exchange rate.
We're long dollars, and we currently have $5 million in the net position in the balance sheet, and we generate dollars from Indeval and from Valmer. We don't forecast. We don't plan on forecasting exchange. We don't do any FX forecasts. And could you repeat your second question, please? Essentially, we saw a shrinkage of the global market when the peso became revalued a lot during 2023. And we have continued to see the global market decline as a percentage of their total during 2024. And that was one of the, if this is a lagged effect, and eventually, given that the exchange rate essentially has gone back to what it was back in 2022, we should see a recovery of the global market to the size that it had before, or do you think there is something structural that has made it smaller?
Many people use the Global Market to hedge the peso with an equity security. So yes, more volatility in the peso should translate into increased trading in the Global Market. Also, with more volatility, you have more arbitrage opportunities. So volatility or depreciation usually translates into higher volumes in the SIC. And also, if you take a look at the portfolio, the Global Market portfolio grew 47% just last year. So now we have about around $200 million just from the Global Market in ETFs, USDs, and equities. So that also gives us additional revenues in terms of custody.
And maybe the comparison was the first two quarters of last year were really slow regarding trading, and we saw, starting maybe in the summer elections and the volatility and the political reasons and stuff, we've seen much more activity, and that growth in assets has helped also to see more activity in the market.
Okay. And you expect that trend to continue very strongly?
Yes. So far, this year has started with similar volumes. In a structured position, yes, we're expecting.
Thank you so much.
Thank you, Carlos.
Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, we have reached the end of the question and answer session.
I would now like to turn the floor over to Jorge Alegría for closing comments.
Yes. Sure. And thank you all again. This has been a very positive quarter. We are excited in the future of the strategy that we are implementing and hope to see all of you next quarter. And in the meantime, to thank you all again for your interest in the company. Thank you. Thank you very much and have a great day.
Thank you. This concludes our today's teleconference. You may disconnect your lines at this time. Thank you for your participation.