INDEVAL

The following document is the response of INDEVAL, the Central Securities Depository for the Mexican Securities Market, to the questionnaire entitled "Disclosure framework for Securities settlement systems" (the "Disclosure framework") developed by a joint working group of the Committee on Payment and Settlement Systems (CPSS) and the International Organisations of Securities Commissions (IOSCO).

The INDEVAL, while having prepared this report with all due care and diligence, declines all responsibility for any errors that might subsist in it.

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