On August 29, 2017, the Ministry of Treasury and Public Credit published in the Federal Official Gazette the Concession Title granted in favor of Bolsa Institucional de Valores, S.A. de C.V. (BIVA). BIVA will be the second securities’ market in Mexico, and the first direct competition in 42 years for the current securities’ market, Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV). BIVA is expected to begin operations on 2018, and being its main purpose the promotion of securities’ markets in Mexico, its main focus will be medium-sized companies, which differs from the main focus of BMV, which are large and multinational companies.