Santander and BlackRock Launch the First Electronic Market for Mexican Repo in Collaboration with Tradeweb

It is an innovation at the Latin American level that improves efficiency and transparency for Mexican repo markets.

Mexico City, November 13, 2025 - In what is a significant advancement for the financial markets of Latin America, Santander Corporate & Investment Banking (SCIB) and BlackRock launched the first fully electronic trading solution for Mexican repurchase agreements (repos), which will operate through the Tradeweb Markets platform, placing Mexican repos at the forefront of these operations in the region and replacing manual processes with a seamless digital experience.

This is a solution that aims to bring repo operations to the level of markets such as Europe or the United States, with Mexico being the first country in Latin America to take this step. Institutional clients - mainly Afores and investment funds - will now benefit from a fully digital management process, from the request-for-quotes to execution, post-trade fund allocation, and collateral assignment, promoting transparency and operational efficiency.

Luis Betancourt Barrios, Head of Markets at Santander Mexico, pointed out that "this launch, which positions Santander as a leader in market structure and digitalization in the region together with partners such as BlackRock and Tradeweb, represents a milestone in innovation in Mexican repos and opens a new era in these operations, projecting the country internationally. For our clients, it is a substantial step that, in addition to facilitating operations, allows them to reduce risks by automating processes."

For his part, Sergio Mendez, BlackRock's Country Head for Mexico added that "trading Mexican repos through our Aladdin platform and Tradeweb represents a radical change. It expands our clients' trading capabilities and improves operational efficiency. We are very proud to lead this transformation together with our partners."

Kerim Acanal, Managing Director, Global Head of Emerging Markets, at Tradeweb, emphasized that "the Mexican repo market is ready for digitalization. Leveraging our experience in Europe and the United States, we are excited to offer a fully digital trading solution for Mexican repos, improving workflows and access to liquidity."

In the context of this announcement, the first operation on the Tradeweb platform was executed with BlackRock as client and Santander CIB as liquidity provider, highlighting their pioneering roles in promoting innovation and liquidity in the Mexican repo market.

Currently, users of BlackRock's Aladdin OEMS can connect directly to the Tradeweb platform, with Mexican government securities available as collateral. The platform supports trading across all repo segments - including specials, GC, and triparty - for a variety of terms.

Santander CIB is the first liquidity provider to connect to the platform, with Tradeweb planning to onboard additional dealers and clients with Mexican peso repo books in the near future. Tradeweb's global repo marketplace currently supports over 20 currencies, providing institutional clients with access to liquidity from 59 dealers. Tradeweb's global repo platform reported $811.7 billion in average daily trading volume in September 2025.

This pioneering solution will soon allow other entities to benefit from the implemented innovation, with the goal to strengthen the electronic repo market in the country.

About Banco Santander México

Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (Banco Santander México), one of the main banks in Mexico, offers a wide range of financial products and services, including commercial and retail banking, financial advisory services, as well as other investment activities. Banco Santander México offers a financial services platform aimed at the middle- and upper-income segments of the population and small and medium-sized enterprises. It also provides integrated financial services to large multinational companies in Mexico. As of September 30, 2025, Banco Santander México had total assets of $2,017 billion and more than 21.71 million clients. Headquartered in Mexico City, the company operates 1,300 branches and offices throughout the country and has a total of 24,024 employees. Press contact: Gamal Durán, [email protected]

About BlackRock México

BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit https://www.blackrock.com/corporate.

About Tradeweb

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.4 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to https://www.tradeweb.com.

Press contacts
Daniel Noonan, Tradeweb
+1 646 767 4677
[email protected]

Savannah Steele, Tradeweb
+1 646 767 4941
[email protected]

Forward-Looking Statements 

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