The journey began after the crisis of 1994- 1995, when Banco de México was forced to adopt a flexible exchange rate regime.
At that point, it was clear for the local authorities that, in order for the Mexican economy to achieve long-term development and integration to global trade and financial markets, it was essential to develop a deep and liquid FX market with an efficient price discovery process. Such situation required profound reforms. Among the most relevant were: 1. Adopting full convertibility of the Mexican peso.