Mexico's Ortiz:Subprime little impact on emerging mkts

DALLAS, Oct 12 (Reuters) - Bank of Mexico Governor Guillermo Ortiz said on Friday that a crisis in the U.S. subprime mortgage market has had little effect on emerging markets.

In contrast to previous financial crises that spread rapidly to emerging markets, "the crisis in subprime has barely touched emerging markets," he told a Federal Reserve Bank of Dallas conference.

Ortiz added that while asset prices in emerging markets had been affected briefly by the subprime crisis, spreads between major and emerging debt markets were "very little" compared with previous experiences of financial turmoil.

A downturn in the U.S. subprime market triggered a global tightening of credit conditions in early August, prompting central banks to inject massive liquidity into the banking system.

Concerns that the financial turbulence would seriously harm the U.S. economy prompted the Fed to cut its benchmark federal funds rate by a half-percentage point last month.