Murex (financial software)

Murex is a company that provides financial software 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.[2] Today, the company employs a multi-national force of over 2,200 employees worldwide.[3]

Its main office is in Paris and it has 17 global offices in cities such as New York, London, Dublin,[4] Hong Kong, Beirut, Sydney and Singapore.[5] 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,[6] the National Bank of Canada,[5] the Bank of China,[7] OCBC Bank,[8] China Merchants Bank,[9] the National Bank of Kuwait,[10] Banorte [11] and ATB Financial.[12]

Maroun Edde is the current Chief Executive Officer.[1]

In the Truffle 100 rankings for 2020, Murex was recognised as the third largest French software publisher with an announced turnover of 569 million euros.[13]

History

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.[14]

In 2014, the Singaporean-based bank, DBS, adopted MX.3 in its risk management operations.[15] That same year, Murex partnered with Tullet Prebon, allowing them to use TPI data for internal model validation.[16] Then, in November, 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.[6]

In the Truffle 100 rankings for 2016, Murex became the third largest French software publisher with an announced turnover of 460 million euros.[17]

In 2017, 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.[9] Murex took part in the pilot project for Teen Turn in Dublin, an initiative that seeks to create a talent pipeline for women in science, technology, engineering, and mathematics (STEM).[18] Murex announced its partnership with Microsoft, bringing MX.3 into the cloud with certification on Microsoft Azure.[19]

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) in August 2017.[20] In 2020, the final phase in the project was completed as ATB’s commodities desk went live. [21]

In December of 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.[22]

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.[23] Murex partnered on the project with Sapient Global Markets who delivered testing automation to fast-track deployments.[24]

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.[25]

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.[26] 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.[26]

The Depository Trust & Clearing Corporation (DTCC) partnered with Murex to support reporting requirements under the Securities Financing Transactions Regulation (SFTR).[27] Murex’s SFTR solution will link to DTCC’s Global Trade Repository to enable simplified reporting and lower implementation costs.[27]

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.[11]

Ping An Bank, a Chinese joint-stock commercial bank, adopted Murex’s MX.3 platform in 2019. The bank’s aim was to close the gap between front and back office, enabling its expansion into new areas.[28]

In 2020, Thai bank Krungsri (Bank of Ayudhya) implemented Murex’s IT platform MX.3 to simplify its existing IT infrastructure and improve regulatory reporting transparency.[29]

In 2020, Murex facilitated the first overnight indexed swap derivatives transaction based on the new Thai reference rate THOR for Kasikornbank.[30]

Ahead of the Libor transition, a global effort to reform interest rate benchmarks, Murex is working with banks in Hong Kong to prepare their IT systems.[31]

Corporate affairs and culture

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.[32] In 2018, Murex again sponsored Teen Turn, supporting an event for mentors and women in technology in Dublin.[33]

Murex was ranked tenth for companies of 500 to 999 employees in the Les Echos Happy at Work survey of 2018.[34] In 2019, Glassdoor ranked Murex in its top three companies to work for in France.[35]

References

  1. ^ Jump up to:ab “Company Overview of Murex S.A.S”. Bloomberg. Bloomberg L.P. Retrieved 10 October 2017.
  2. ^ Jump up to:ab >Mokbel, Liliane (3 February 2017). “Salim Edde. Un entrepreneur philantrope qui a du flair”. Magazine Le Mensuel(in French). Archived from the original on 16 February 2018. Retrieved 16 February 2018.
  3. ^>Grygo, Eugene (3 May 2019). “Murex Focuses New Offering on LIBOR Transition”. FTF News. Retrieved 25 February 2019.
  4. ^“Murex Software Firm Expands Workers”. Irishdev.com. 10 January 2011. Retrieved 21 November 2017.
  5. ^ Jump up to:ab net Staff (25 January 2017). “Market risk technology vendor of the year (system): Murex”. Risk.net. Infopro Digital Risk. Retrieved 10 October 2017.
  6. ^ Jump up to:ab Schäfer, Daniel (19 January 2014). “UBS to outsource fixed income trading platform”. Financial Times. London. Retrieved 21 November 2017.
  7. ^Dew-Jones, Steve (31 January 2013). “Bank of China Implements Murex Platform”. Waters Technology. Retrieved 10 October 2017.
  8. ^Tan, Esther (5 December 2012). “OCBC eliminates inefficiencies by automating and standardising end-to-end systems”. The Asian Banker. Retrieved 21 November 2017.
  9. ^ Jump up to:ab Hamilton, Alex (22 August 2017). “China Merchants Bank goes live with MX.3 from Murex”. IBS Intelligence. Archived from the original on 1 December 2017. Retrieved 21 November2017.
  10. ^Alex Hamilton. “National Bank of Kuwait replaces its legacy systems with Murex’s MX.3”. Fintech Futures. Fintech Futures. Retrieved 27 March 2020.
  11. ^ Jump up to:abGallagher, Josephine (18 February 2019). “Banorte Digitizes Risk Operations”. Waters Technology. Retrieved 27 March2019.
  12. ^Hamilton, Alex (16 October 2017). “China Merchants Bank goes live with MX.3 from Murex”. IBS Intelligence. Archived from the original on 1 December 2017. Retrieved 21 November 2017.
  13. ^“Le palmarès des éditeurs de logiciel Français”. Truffle100. Truffle 100. Retrieved 1 December 2020.
  14. ^Whybrow, Martin (6 February 2013). “Case study: National Australia Bank – NABbing the advantage”. IBS Intelligence. Archived from the original on 13 August 2018. Retrieved 21 January 2020.
  15. ^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.
  16. ^Faulkner, Joanne (19 January 2014). “Murex Adds Tullet Prebon OTC Data”. Waters Technology. London. Retrieved 22 February 2017.
  17. ^http://www.truffle100.fr/2017.html, section Palmarès
  18. ^Burke, Elaine (11 February 2017). “Teen-Turn: A direct link to STEM careers for young women”. Silicon Republic. Retrieved 21 November 2017.
  19. ^Dudley, Sean (18 October 2017). “Sibos 2017: Murex’s MX.3 platform coming to Microsoft Azure”. The Record. Retrieved 28 November 2017.
  20. ^Hamilton, Alex (16 October 2017). “ATB goes live with Murex solution”. IBS Intelligence. Archived from the original on 1 December 2017. Retrieved 28 November 2017.
  21. ^“Murex Delivers Fully Managed SaaS Solution to Key Client in North America”. Bobsguide. Bobsguide. Retrieved 1 December2020.
  22. ^Davidson, Clive (12 December 2017). “Murex moves flagship trading and risk system on to cloud”. Risk.net. Retrieved 16 February 2018.
  23. ^Lomax, Jenna (17 January 2018). “Murex’s MX.3 goes live at Nationwide”. Securities Lending Times. London. Retrieved 17 July 2018.
  24. ^Boyle, Bill (17 January 2018). “Nationwide Building Society goes live with Murex MX.3 risk platform”. IBS Intelligence. Retrieved 17 July 2018.
  25. ^Hamilton, Alex (6 February 2018). “Banca IMI migrates to Murex MX.3 platform”. IBS Intelligence. Retrieved 17 July 2018.
  26. ^ Jump up to:ab“Bankdata expands use of Murex’s MX.3”. institutional asset manager. institutional asset manager. Retrieved 11 February 2019.
  27. ^ Jump up to:abMcDowell, Hayley (9 October 2018). “DTCC partners with FIS, SimCorp and Broadridge to streamline SFTR trade reporting”. Global Custodian. Retrieved 11 February 2019.
  28. ^“Ping An Bank adopts MX.3 for all capital markets activities”. Institutional Asset Manager. Retrieved 27 March 2020.
  29. ^“Krungsri selects Murex for IT overhaul”. Finextra. Finextra. Retrieved 1 December 2020.
  30. ^“KBank completes first transaction on new Thai reference rate”. The Asset. The Asset. Retrieved 1 December 2020.
  31. ^Lee, Georgina (18 October 2020). “Hong Kong’s slow reform of interest rate benchmarks has put US$2.2 trillion worth of hedging contracts at risk, say market observers”. South China Morning Post. Retrieved 1 December 2020.
  32. ^Burke, Elaine (11 February 2017). “Teen-Turn: A direct link to STEM careers for young women”. Silicon Republic. Retrieved 6 December 2018.
  33. ^“Silicon Republic and Huckletree to host Teen-Turn ‘Power of Influence’ evening”. Silicon Republic. 18 June 2018. Retrieved 6 December 2018.
  34. ^Mediavilla, Lucas (20 June 2018). “Classement : les secrets des entreprises reines du bonheur au travail”. Les Échos (in French). Retrieved 11 February 2019.
  35. ^Vicky McKeever. “These are the best companies to work for in France in 2020, finds Glassdoor”. CNBC. CNBC. Retrieved 27 March 2020.

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