A stock broker makes a bid on the floor of the Mexican stock market (Bolsa de Valores) in Mexico City. (AP Photo/Victor R. Caivano)

By Mary Ellen Podmolik | CME Group announced Monday that it purchased 1.9 percent of the outstanding shares in Bolsa Mexicana de Valores, valued at $17 million, as part of a strategic partnership and order routing agreement for derivatives products with the financial exchange operator in Mexico.

CME Group also will nominate a member to BMV’s board of directors as part of the agreement that will make CME Group the exclusive exchange provider of derivative order routing services to BMV outside of Latin America. BMV, meanwhile, will be the exclusive provider of those services to CME Group in Mexico. BMV’s derivative products are offered through its derivatives subsidiary, MexDer.

The two parties also said they will pursue additional joint opportunities, including product development, marketing and customer education.

“Latin America is a key market for CME Group,” said Terry Duffy, CME Group Executive Chairman, in a prepared release. “We are pleased to announce this new partnership with BMV which furthers our global strategy to offer customers increased access to our products while, at the same time, allowing BMV to use the CME Globex trading network to increase distribution of their products in North America.”