Bankdata, an IT service provider to the Danish banking industry, has recently gone live with another stage of its transformation program. Bankdata recently migrated interest rate and cross-currency swaps from its legacy systems to Murex’s MX.3 platform, the leading solution for trading, risk management and processing for the capital markets.
Simplification of system landscape with Murex’s platform, MX.3
MX.3, the leading enterprise capital markets platform. Explore solutions for: Institution types. MX.3 for Cross-Asset Trading. How can you prepare for the future.
Bankdata is currently implementing MX.3 for Jyske Bank and Sydbank and will soon extend to the rest of the member banks. This gives the banks the benefit of economies of scale in terms of support and daily operations. One of the major advantages of the Murex platform is that it allows the two banks to improve operational efficiency by retiring several legacy systems and manual work processes and migrating to a common shared platform that covers the whole trade lifecycle, from trading and risk management all the way through to accounting.
“Murex’s platform provides a coherent interface to our customers where we have all data – from pricing, to confirmation and posting – in one system”, says Pia Brink Andersen, department director from Customer, Interest and Currency in Sydbank. Pia adds “We have increased speed and flexibility in our trades and can now offer a much better service. We have greater transparency, which is a plus for both our customers and future regulatory requirements. Regulators are applying pressure on banks and in particular on their underlying settlement and clearing systems, which will be expected to move towards real time. By having all trades and functionalities in Murex’s MX.3 platform, the system already supports all processes in real time and thus secures the future of the bank”.
“With this milestone we part ways with outdated systems and manual processes. Concretely, MX.3 gives our employees better opportunities with one common system including faster pricing, shared data for market risk calculation and reporting, together with automatic settlement processes. We are implementing a capital markets platform that is secured for the future, and will be able to meet client and market demands as they arise. The Murex platform will play an important role in increasing client and trade volume”, says Lene Hjortsh�j, Area Director in Capital Development in Jyske Bank.
Commenting on the project, Maroun Edde, CEO Murex said: “Murex and Bankdata in conjunction with Denmark’s leading banks, are carving out a new model in capital markets technology. Banks are under pressure to reduce costs, improve efficiency and customer service while complying with complex regulations. Their underlying technology is often the key to success or failure and Bankdata’s utility approach is an innovative and promising alternative to the traditional deployment model.”
'The capital markets are a very specialized sector and the MX.3 platform is purpose built to manage the complexity. We have a very close relationship with Murex and have benefitted greatly from the designated project organization they established, which supports the high degree of cooperation and flexiblity required.' says Flemming Krath Engedal, CIO for Capital Markets and Finance in Bankdata.
An open capital markets platform that is ready for the future
This latest extension of the MX.3 platform is another step along the road towards one shared capital markets platform. Since Bankdata licensed MX.3 the company continues to extend its use to cover additional business lines. The platform is already used for FX options, interest rate and cross currency swaps and all derivatives, securities and fixed income desks will be migrated in the future.
The result will be a capital markets first. Bankdata will be able to offer banks highly advanced risk calculation, trading and settlement data centralized in the MX.3 platform and powered by Murex, a global leader in capital markets technology.
About Bankdata
Bankdata is one of the biggest finance-IT companies in Denmark with 700 employees. Bankdata provides complete IT solutions for the financial sector, meaning all the IT a bank needs - including the development of network and mobile banking, credit and advisory tools, support and security. Bankdata is owned by 11 Danish banks, who are also Bankdata's customers. Bankdata takes pride in meeting the customers' needs for secure and reliable IT and provide innovative solutions, so they are fully competitive.
About Murex (www.murex.com)
For more than 30 years, Murex has been providing enterprise-wide, cross-asset financial technology solutions to capital markets players. Its cross-function platform, MX.3, supports trading, treasury, risk and post-trade operations, enabling clients to better meet regulatory requirements, manage enterprise-wide risk, and control IT costs. With more than 50,000 daily users in 60 countries, Murex has clients in many sectors, from banking and asset management to energy and commodities.
Murex is an independent company with over 2,000 employees across 17 countries. Murex is committed to providing cutting-edge technology, superior customer service, and unique product innovation.
![Murex Trading Platform Manual Murex Trading Platform Manual](/uploads/1/2/4/9/124916981/202370249.png)
View source version on businesswire.com: https://www.businesswire.com/news/home/20180702005055/en/
SOURCE: Murex
Murex
Nicole Fisher, +33144053200
[email protected]
or
Bankdata
Flemming Krath Engedal, +4540828877
CIO, Capital Markets and Finance
[email protected]
Nicole Fisher, +33144053200
[email protected]
or
Bankdata
Flemming Krath Engedal, +4540828877
CIO, Capital Markets and Finance
[email protected]
Copyright Business Wire 2018
Société par actions simplifiée = Software industry, Financial services | |
Founded | 1986; 33 years ago in Paris, France |
---|---|
Headquarters | Paris , |
Number of locations | 17 |
Revenue | 460 Mio. Euro |
Website | www.murex.com |
Murex is a company providing technology solutions for trading, treasury, risk, and post-trade operations for financial markets.[1]
Murex was founded in 1986 in Paris by Laurent Néel and Salim Edde, who were soon followed by Salim’s three brothers and his brother-in-law. The company has grown organically and today employs a multi-national force of over 2,000 employees worldwide.[2]
Its main office is in Paris and it has 17 global offices in cities such as New York, London, Dublin,[3]Hong Kong, Beirut, Sydney and Singapore.[4] Murex has customers located in 70 countries.[2] Murex’s platform, MX.3, is used by banks, asset managers, pension funds and insurance companies. Its clients include UBS,[5] the National Bank of Canada,[4] the Bank of China,[6]OCBC Bank,[7]China Merchants Bank[8], Banorte[9] and ATB Financial.[10]
Maroun Edde is the current Chief Executive Officer.[1]
In the Truffle 100 rankings for 2018, Murex was recognised as the third largest French software publisher with an announced turnover of 507 million euros.[11]
History[edit]
In 2013, National Australia Bank undertook an overhaul of its trading operations by going live on MX.3 to support its FX trading and processing. MX.3 was first adopted in Melbourne and subsequently rolled out to its international operations on a phased basis.[12]
In 2014 the Singaporean-based bank, DBS, adopted MX.3 in its risk management operations.[13]
UBS announced that it had chosen Murex’s software to replace a large part of its fixed income platform technology, including the booking of trades, valuation and risk management. This was considered to be a significant technology shift by a large lender at the time, driven by the need to cut costs and replace a patchwork of systems with a standardised solution.[5]
In the Truffle 100 rankings for 2016, Murex became the third largest Frenchsoftware publisher with an announced turnover of 460 million euros.[14] It employs around 2,200 employees worldwide, including 800 in Paris.[citation needed]
Murex partnered with Tullet Prebon, allowing them to use TPI data for internal model validation.[15]
China Merchants Bank (CMB) went live on Murex’s MX.3 trading platform to improve the technology at its Shenzhen and Shanghai operations, following the bank becoming one of the first Chinese financial institutions to join the R3 blockchain consortium.[8]
Murex took part in the pilot project for Teen Turn in Dublin, an initiative that is seeking to create a talent pipeline for women in science, technology, engineering, and mathematics (STEM).[16]
Murex announced its partnership with Microsoft, bringing MX.3 into the cloud with certification on Microsoft Azure.[17]
Salim Edde, one of the founders of the company, is referenced in the Panama Papers.[18]
ATB Financial began the first phase of moving its infrastructure and application management into the cloud with the implementation of Murex’s MX.3 Software-as-a-Service (SaaS) solution[buzzword] in August 2017.[19]
In 2017, Murex collaborated with Amazon Web Services to make MX.3 available on Amazon’s cloud platform. MX.3 on the cloud can be used for applications such as development and testing, running production processes, disaster recovery and for accessing cloud-based managed services.[20]
In 2018, Nationwide Building Society went live on MX.3 to replace its legacy system and secure wider funding sources, review pricing rules and implement tighter risk, liquidity and collateral controls.[21] Murex partnered on the project with Sapient Global Markets who delivered testing automation to fast-track deployments.[22]
Italy-based Banca IMI, a subsidiary of Intesa Sanpaolo, migrated its equity derivatives business to MX.3 as part of a technology update for its capital markets business.[23]
Bankdata, a Danish banking IT provider, announced it was expanding its use of MX.3 to its remaining member banks following implementation with Jyske Bank and Sydbank.[24] MX.3 replaces legacy systems, providing one platform covering the whole trade lifecycle and centralising risk calculation, trading and settlement data for real-time processing.[24]
The Depository Trust & Clearing Corporation (DTCC), partnered with Murex to support reporting requirements under the Securities Financing Transactions Regulation (SFTR).[25] Murex’s SFTR solution will link to DTCC’s Global Trade Repository to enable simplified reporting and lower implementation costs.[25]
In 2019, Banorte, Mexico's second largest investment bank, announced it was extending its use of MX.3 for some of its main risk and compliance functions. MX.3 will enable Banorte to automate and digitize its operations, including counterparty risk, derivatives valuation adjustment (XVA) and collateral management.[9]
Corporate affairs and culture[edit]
Murex is involved in the Teen Turn programme, an initiative that is seeking to create a talent pipeline for women in science, technology, engineering, and mathematics (STEM). In 2017 Murex sponsored Teen Turn’s pilot project, hosting a two-week work placement at their offices in Dublin where female employees acted as mentors for local students.[26] In 2018, Murex again sponsored Teen Turn, supporting an event for mentors and women in technology in Dublin.[27]
Murex was ranked tenth for companies of 500 to 999 employees in the Les Echos Happy at Work survey of 2018.[28]
References[edit]
- ^ ab'Company Overview of Murex S.A.S'. Bloomberg. Bloomberg L.P. Retrieved 10 October 2017.
- ^ ab>Mokbel, Liliane (3 February 2017). 'Salim Edde. Un entrepreneur philantrope qui a du flair'. Magazine Le Mensuel (in French). Retrieved 16 February 2018.
- ^'Murex Software Firm Expands Workers'. Irishdev.com. 10 January 2011. Retrieved 21 November 2017.
- ^ abRisk.net Staff (25 January 2017). 'Market risk technology vendor of the year (system): Murex'. Risk.net. Infopro Digital Risk. Retrieved 10 October 2017.
- ^ abSchäfer, Daniel (19 January 2014). 'UBS to outsource fixed income trading platform'. Financial Times. London. Retrieved 21 November 2017.
- ^Dew-Jones, Steve (31 January 2013). 'Bank of China Implements Murex Platform'. Waters Technology. Retrieved 10 October 2017.
- ^Tan, Esther (5 December 2012). 'OCBC eliminates inefficiencies by automating and standardising end-to-end systems'. The Asian Banker. Retrieved 21 November 2017.
- ^ abHamilton, Alex (22 August 2017). 'China Merchants Bank goes live with MX.3 from Murex'. IBS Intelligence. Retrieved 21 November 2017.
- ^ abGallagher, Josephine (18 February 2019). 'Banorte Digitizes Risk Operations'. Waters Technology. Retrieved 27 March 2019.
- ^Hamilton, Alex (16 October 2017). 'China Merchants Bank goes live with MX.3 from Murex'. IBS Intelligence. Retrieved 21 November 2017.
- ^'Le palmarès des éditeurs de logiciel Français'. Truffle100. Truffle 100. Retrieved 6 December 2018.
- ^Whybrow, Martin (6 February 2013). 'Case study: National Australia Bank – NABbing the advantage'. IBS Intelligence. Retrieved 16 February 2018.
- ^Aggarwal, Neeti (2 September 2014). 'Combining vendor-based and in-house solutions helped DBS optimise risk management capabilities'. The Asian Banker. Retrieved 21 November 2017.
- ^http://www.truffle100.fr/2017.html, section Palmarès
- ^Faulkner, Joanne (19 January 2014). 'Murex Adds Tullet Prebon OTC Data'. Waters Technology. London. Retrieved 22 February 2017.
- ^Burke, Elaine (11 February 2017). 'Teen-Turn: A direct link to STEM careers for young women'. Silicon Republic. Retrieved 21 November 2017.
- ^Dudley, Sean (18 October 2017). 'Sibos 2017: Murex's MX.3 platform coming to Microsoft Azure'. The Record. Retrieved 28 November 2017.
- ^http://www.lemonde.fr/panama-papers/article/2016/04/09/panama-papers-de-riches-francais-muets-sur-leurs-montages-offshore_4899119_4890278.html, Maxime Vaudano and Jérémie Baruch: Panama papers: de riches Français muets sur leurs montages offshore
- ^Hamilton, Alex (16 October 2017). 'ATB goes live with Murex solution'. IBS Intelligence. Retrieved 28 November 2017.
- ^Davidson, Clive (12 December 2017). 'Murex moves flagship trading and risk system on to cloud'. Risk.net. Retrieved 16 February 2018.
- ^Lomax, Jenna (17 January 2018). 'Murex's MX.3 goes live at Nationwide'. Securities Lending Times. London. Retrieved 17 July 2018.
- ^Boyle, Bill (17 January 2018). 'Nationwide Building Society goes live with Murex MX.3 risk platform'. IBS Intelligence. Retrieved 17 July 2018.
- ^Hamilton, Alex (6 February 2018). 'Banca IMI migrates to Murex MX.3 platform'. IBS Intelligence. Retrieved 17 July 2018.
- ^ ab'Bankdata expands use of Murex's MX.3'. institutional asset manager. institutional asset manager. Retrieved 11 February 2019.
- ^ abMcDowell, Hayley (9 October 2018). 'DTCC partners with FIS, SimCorp and Broadridge to streamline SFTR trade reporting'. Global Custodian. Retrieved 11 February 2019.
- ^Burke, Elaine (11 February 2017). 'Teen-Turn: A direct link to STEM careers for young women'. Silicon Republic. Retrieved 6 December 2018.
- ^'Silicon Republic and Huckletree to host Teen-Turn 'Power of Influence' evening'. Silicon Republic. 18 June 2018. Retrieved 6 December 2018.
- ^Mediavilla, Lucas (20 June 2018). 'Classement : les secrets des entreprises reines du bonheur au travail'. Les Échos (in French). Retrieved 11 February 2019.
External links[edit]
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