Name: Clementina Ramírez de Arellano Moreno
Job title: Executive Legal and Regulatory Director
Organisation: Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV Group)
1. Brief description of nominee’s role and job.
Clementina Ramírez de Arellano Moreno joined BMV Group as a trainee and now serves as Executive Legal and Regulatory Director across all Group entities.
She leads the normative, corporate and regulatory functions that underpin the effective provision of services across Capital Formation, Equity and Derivatives Markets, OTC Trading and Post-Trade services – including the Central Securities Depository (Indeval), the equity and derivatives central counterparties (CCV and Asigna), as well as Data Services and Technology.
She plays a central role in ensuring regulatory compliance, risk mitigation and legal certainty across Mexico’s securities and derivatives markets. Through the strategic development and implementation of regulatory standards, she strengthens systemic resilience, regulatory confidence and market integrity, supporting the orderly and sustainable development of financial markets within an evolving global environment.
2. Short bio (career highlights, education, interests/hobbies).
Clementina holds a Bachelor’s Degree in Law from Escuela Libre de Derecho in Mexico and brings more than 28 years' experience in Mexico’s financial markets. She has completed numerous specialised programmes in financial regulation, including investor protection seminars conducted by the U.S. Securities and Exchange Commission, and has participated in panels and forums across Mexico and Latin America.
For more than 14 years, she taught at the Bolsa Mexicana de Valores School, contributing to the professional development of market participants in regulatory and legal matters.
In recognition of her leadership and professional trajectory, she was included in Forbes Magazine’s 2021 list of “The 100 Most Powerful Women in Mexico”, highlighting her commitment to ethical leadership and her contribution to strengthening market integrity and institutional frameworks.
She began her career in 1997 in the Legal Department of the Mexican Stock Exchange, working on key regulatory projects. She collaborated closely with Mexican financial authorities in drafting the 2005 Securities Market Law and its secondary regulations, and has since held progressively senior roles within Grupo BMV, supporting strategic initiatives for market growth and modernisation.
Outside of work, she enjoys travelling, exploring new cultures, baking and practising yoga.
3. What were your professional highlights and challenges of 2025?
The year 2025 was marked by global volatility and regulatory evolution, requiring careful balance between innovation and stability.
Key milestones included:
The successful launch of the Debt Central Counterparty (CCP) in November 2025, strengthening risk management, post-trade efficiency and confidence in Mexico’s fixed-income market.
The update of BMV’s Internal Regulation to enhance auction mechanisms and trading halt procedures, and to introduce simplified issuer listing frameworks facilitating access to capital for medium-sized companies.
The completion of a regulatory framework for clearing and settlement of repurchase transactions through the CCP, improving transparency, standardisation and systemic risk mitigation.
The execution of strategic technology alliances to modernise market infrastructure in alignment with international best practices.
These initiatives required regulatory precision, cross-institutional collaboration and long-term vision.
4. Tell us about a few of your key achievements throughout your career?
Clementina has played a pivotal role in shaping Mexico’s financial market framework, including:
Collaboration with financial authorities in drafting the 2005 Securities Market Law and its secondary regulations, as well as the 2024 amendments introducing simplified issuer regimes.
Leading the development of the regulatory framework for REIT listings in 2011.
Contributing to the integration of the Mexican Stock Exchange into the Latin American Integrated Market (MILA), enabling cross-border trading with Colombia, Peru and Chile.
Proposing regulatory reforms enabling derivatives market order routing agreements.
Playing a key role in the 2008 IPO of BMV shares and the corporate restructuring that established BMV Group.
Participating since 2016 in reviewing and updating Mexico’s “Code of Best Corporate Practices” in alignment with the G20/OECD Principles of Corporate Governance.
Her career reflects sustained commitment to institutional strengthening and regulatory evolution.
5. What and who inspires, and has inspired, you to achieve your professional success?
Her greatest inspiration was her mother, a pioneering entrepreneur in Mexico’s pharmaceutical industry who founded her company at age 37 and led with resilience, integrity and respect for others. Her example continues to guide Clementina’s leadership approach.
She has also drawn inspiration from distinguished legal mentors and senior leaders within BMV Group, whose expertise and vision continue to shape her professional standards.
On a personal level, her husband and eight-year-old son remain her strongest source of motivation and purpose.
6. How have you overcome setbacks, and what advice would you give to others dealing with setbacks?
Clementina believes setbacks are inherent to any meaningful career. She approaches challenges through careful analysis, perspective and consultation with trusted mentors and colleagues.
Seeking counsel is not vulnerability but strength. Each setback carries a lesson that strengthens resilience and enhances adaptability – qualities essential in dynamic financial markets.
7. What advice do you have for other women who aspire to be in leadership positions? What is the biggest takeaway you want to leave with the reader?
Her advice is clear: define your aspirations with intention. Leadership requires sustained effort, self-awareness and discipline.
Identify and leverage your strengths, build a strong support network and remain consistent in your commitment. Leadership also carries responsibility – sharing knowledge, fostering dialogue and encouraging collaboration are fundamental.
She concludes by recognising the profound privilege of being the first woman entrusted with such a senior role in one of Mexico’s most historic financial institutions, whose legacy spans more than 130 years.