J.P. Morgan's depositary receipts group says it's planning to start servicing U.S. exchange-traded funds on the Mexican Stock Exchange, the Bolsa Mexicana de Valores.

It will cross-list the ETFs in pesos—denomination and trading will be allowed through local brokers. J.P. Morgan will service the ETFs and handle all of the corporate actions.

At the end of the third quarter, Mexico had 133 ETF listings, only five of which were primary listings on the BMV. The BMV listed $4.4 billion in ETF assets at third quarter-end, an 8.9% increase from 2007, according to BGI's ETF research and implementation strategy team.

Most of the big ETF players, from Barclays Global Investors to State Street Global Advisors and The Vanguard Group, already list ETFs in Mexico. Mexico is one of the few Latin American markets in which there is both an institutional and retail market for ETFs.