Murex, the leading provider of cross-asset trading, risk management and processing solutions, announced today new milestones in its strategy to lower TCO, supported by the continued evolution of its MXpress solution and the extension of its network of system integrators.
The consequences of the financial crisis and various regulatory steps are leading banks and other financial institutions to rethink their approach and adopt new paradigms for managing their capital markets operations. In order to meet clients' business challenges and lower the total cost of ownership of its solutions, Murexs strategy focuses on reaching improved performance in project delivery to enable closer focus of Murex expertise on developing business content and strengthening proximity with clients.
Maroun Edde, Group CEO of Murex, comments: "In a context of rationalization of infrastructure, improvement of processes, and implementation of sound consolidated enterprise-risk frameworks, our clients rely on Murex solutions to accompany their growth strategy and value the ability to benefit from battle-tested functionalities at reduced cost, time and operational risk, implemented by
Murex experts, system integrators, or a combined team sharing a common project approach and one set of tools." The MXpress solution was first brought to the market in late 2008. Not only the packaged business content but also the associated implementation methodology have, since then, been significantly improved thanks to the feedback of our clients and partners involved in successful MXpress projects. One example of functional enrichment is the extension of the catalogue of packaged financial products with more exotic instruments. Beyond the cross-asset front-to-back packaging, the MXpress solution has also been extended to include the Murex distribution solution. The standard MXpress documentation and trainings contribute to the reduced time-to-market and the increased quality of the deployed solution.
Today, 100% Murex projects started in 2009 follow the MXpress methodology. Some examples of projects delivered in less than nine months and covering different client profiles and project scope include:
• In South Korea, Murex strengthened its partnership with one of the leading local banks which aimed to grow its derivatives trading activities through the roll out of two additional business lines (commodities and credit derivatives) onto the existing MX.3 platform. The MXpress catalog considerably reduced the delivery time allowing the bank to increase its market penetration while enhancing its risk management capabilities.
• In partnership with Accenture, Murex helped one of the worlds leading market players undertake a massive infrastructure rationalization program while navigating through the crisis. Backed by the MXpress solution, the bank and the teams involved completed the first phase of the project aimed at consolidating different Murex instances and legacy systems into a single front to back installation, using MX.3 across IRD, FXD, FX/MM, FI and ALM.
• In the US, Murex went live in less than three months for a leading New York credit based asset manager, with a focus on credit derivatives & fixed Income businesses. This demonstrated an ability to meet the aggressive timelines of clients who need to get on-board quickly to retire an existing platform and meet new business needs.
Murex today counts nearly 20 official Alliance and Business Partners across the world (*). Eligible partners have proven their ability to successfully manage Murex implementations and offer first-level support meeting Murexs high standards in customer service. Over the past 18 months, Murex Alliance Partners - Accenture, Capco, DerivIT, Excelian, Iridium Consulting, MindTree and TeamTrade - have benefited from specific mid-term development and knowledge transfer plans including: tripling training programs and webinar presentations of latest product developments. Nasri Bejani, Global Head of Delivery Services, concludes: "The objective is to increase Murexs global reach through the development of our partnerships. We are looking forward to working closer with system integrators (SI) and are now offering many of our Alliance Partners the ability to access Murex environments to develop tools that ease the implementation process and automate specific tasks associated with new installations or upgrades".
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