Enlace

What Enlace does

Enlace, legally Central de Corretajes, S.A. de C.V. (CENCOR), is the first interdealer broker in Mexico, founded in April 1993 under authorization from the Secretaría de Hacienda y Crédito Público and Banco de México. The company facilitates transactions between financial institutions — banks, brokerages, and investment firms — across FX, fixed income, interest rate derivatives, money markets, and OTC direct trading markets, earning commissions on matched volume without taking principal or custody positions. It serves a single horizontal segment of institutional clients in Mexico, the United States, Chile, Argentina, and Colombia through wholly-owned operating subsidiaries in each market, supported by a 251-500 employee base and a network of more than 400 client terminals.

The product architecture is built around EnCast 2.0, the proprietary information distribution system that handles pre-trade market data, trading conditions, and post-trade administration with real-time visibility on executed trades. Settlement and assignment are handled by CELI (Cencor Liquidación), which has direct connectivity to Indeval, the Mexican Securities Depository. StarHub 2.0, a proprietary interconnection protocol, allows clients to integrate EnCast trade flow into their own systems to enable Straight-Through Processing. Data Services extends the stack into market information products — real-time and historical quotes for fixed income and interest rate derivatives — for client-side market analysis, regulatory compliance, and risk model development. Bloomberg chat integration and a high-availability private voice network complement the electronic platform.

The revenue model is primarily transaction-fee based on interdealer brokerage commissions, supplemented by data monetization through Data Services. Distribution is direct and relationship-driven — enterprise field sales targeting financial institutions with dedicated coverage, plus voice brokers and electronic platform distribution. Pricing is not publicly disclosed. Geographic expansion has been achieved through acquisitions (López León Brokers in Chile in 2009 and Argentina in 2012) and greenfield offices (Enlace NY in 2005, Enlace Colombia in 2015), with a 2013 launch of Latam SEF as a US-regulated Swap Execution Facility. The company has been family/management-controlled with no disclosed external private equity or venture capital backing, and was previously associated with Prebon Yamane (1995-2002). ISO 9001:2008 certification is displayed on the corporate site.

Name

Enlace

Legal name

Central de Corretajes, S.A. de C.V.

Website

https://enlaceint.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

251–500 employees

Short description

Enlace is the first interdealer broker in Mexico, founded in 1993. It facilitates transactions between banks, brokerages, and investment firms across FX, fixed income, derivatives, and money markets in Mexico, the United States, Chile, Argentina, and Colombia via proprietary voice and electronic platforms.

Ownership category

akta.pro rank

Product category

Interdealer Brokerage Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Multi-Asset Trading Networks / Interdealer Broker Platforms (FSAFAEAJ)

akta.pro secondary industries

Derivatives & Futures Brokerage (FSAEACAL), Equities Brokerage (FSAEACAH)

Keywords

• Interdealer brokerage
• Fixed income trading
• Financial market data
• Trade settlement services
• Institutional brokerage

Headquarters

HQ city

Lomas De Chapultepec

HQ country

Mexico

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Interdealer Brokerage Commission: As an interdealer broker, Enlace facilitates transactions between financial institutions (banks, brokerages, investment firms) in direct trading markets without holding assets in custody or for their own account, earning commissions on transactions executed.
2. Information Services: Sale of market information including real-time quotes and data products for fixed income and interest rate derivatives markets.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Enlace operates as the first interdealer brokerage firm in Mexico, providing intermediation services for financial institutions across Latin America and North America. The company facilitates trading of fixed income and other financial instruments between institutional counterparties, while also offering proprietary technology platforms for trade settlement, real-time market data distribution, and interconnection between market participants.

Product overview

Enlace operates as an interdealer brokerage firm offering a platform-plus-modules architecture centered around EnCast 2.0 as its primary information distribution and trading platform. The product suite includes CELI (Cencor Liquidación) for settlement and assignment operations with direct Indeval connectivity, and StarHub 2.0 for third-party system interconnection and STP workflow integration. Data Services provides real-time and historical market data for fixed income and derivatives markets. The modules work together to provide end-to-end support from pre-trade information through post-trade settlement.

Differentiator

Problem solved

Functional benefit

Brands

• EnCast 2.0: Information distribution system for pre-trade and trading, providing detailed market information and trading conditions with post-trade administration modules.
• CELI (Cencor Liquidación)
• StarHub 2.0

Products and services

• EnCast 2.0 Real-time market data and information distribution system designed for financial institutions needing continuous pricing and market intelligence across fixed income instruments.
• CELI (Cencor Liquidación) Post-trade settlement platform enabling financial institutions to process and reconcile interdealer transactions, reducing operational risk and settlement failures.
• StarHub 2.0 Interconnection platform that links financial institutions' trading systems to enable electronic order routing and execution between counterparties.
• Interdealer Brokerage Services Voice and electronic intermediation services for financial institutions trading fixed income securities, currencies, and other financial instruments across Latin American and North American markets.

Quantifiable outcome

• 400+ terminals supported with high availability communications network
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Enlace New YorkcoreOthers · 1 September 2005Enlace NY Inc. was established in the Wall Street area of Manhattan in September 2005. By initially leveraging the leading market position its parent holds across a portfolio of products in Mexico, growth has been substantial with US customers. Enlace NY has become a dominant force in the peso based Interest Rate Swap market.

Scale indicators3 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• BGC Group: BGC Group is a global interdealer broker (and parent of GFI Group) competing directly in rates, FX, credit, and commodities voice and hybrid IDB flows — the same product mix as Enlace, though at much larger global scale.
• GFI Group: GFI Group (now part of BGC Group post-2024) ran a global IDB business in cash equities, derivatives, and fixed income. It competed head-to-head with Enlace-style IDBs across emerging markets including LatAm.
• TP ICAP: TP ICAP (formed via the ICAP and Tullett Prebon merger) is the world's largest interdealer broker and was directly partnered with Enlace from 1995–2002 under the 'Enlaces Prebon México' brand. It operates the same IDB business model across rates, FX, credit, and equities globally.
• Compagnie Financière Tradition: Swiss-listed Compagnie Financière Tradition operates one of the largest interdealer brokerage networks globally, including significant Latin American presence (Tradition Latin America), making it a directly comparable IDB peer to Enlace.
• ICAP: ICAP (legacy entity before the TP ICAP merger) was the world's largest interdealer broker for over two decades and the historical parent-style partner of Enlace via Prebon Yamane; its IDB model across rates, FX, and credit mirrors Enlace's core business.

Emerging players

• Maven Securities: Maven Securities is a smaller, technology-led IDB focused on emerging markets and swaps, overlapping with Enlace's LatAm IRS and NDF product set but with a more electronic-first model.
• Five Rings Financial: Five Rings Financial is a boutique interdealer broker specializing in credit and rates products, comparable in size and niche focus to Enlace's regional IDB model but serving US institutional clients.

Broad incumbents

• Tradeweb Markets: Tradeweb is a leading electronic multi-asset trading platform serving institutional clients in rates, credit, FX, and equities. It overlaps with Enlace's hybrid voice/electronic IDB flow, particularly in fixed income and IRS, but at much larger scale and as an electronic venue rather than traditional IDB.
• CME Group: CME Group operates the world's largest derivatives exchange and offers related brokerage-adjacent services for rates, FX, and commodities. It is a broader incumbent whose listed derivatives overlap with portions of Enlace's OTC IDB flow.

Others

• OTC Markets Group: OTC Markets Group operates regulated US OTC equity markets and provides market data; while not a direct IDB competitor, it parallels Enlace's role as a marketplace and information provider for institutional clients trading less-liquid instruments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/enlace_int
• LinkedInlinkedin.com/company/enlace

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Enlace