Banorte selects Murex’s MX.3 platform
12 February 2019 Paris
Image: Shutterstock
Banorte, a financial institution based in Mexico, has selected Murex to meet its counterparty risk, X-value adjustment (XVA) and collateral management needs.
Murex’s MX.3 platform will be used for front-to-back-to-risk activities across Banorte’s entities, including the bank, brokerage, pension fund and asset manager, to comply with regulations and better manage risk.
Banorte said it required a solution to meet its immediate compliance needs for XVA that also enabled long-term business growth.
Abraham Izquierdo, executive director of risk management at Banorte, said: “In our experience, different systems and sources of information, mean inconsistencies. By leveraging one system for front, back and risk, we will gain more accuracy in calculation, benefit from a single source of data and more closely manage risk.”
He added: “Our aim is to gain a single, comprehensive view of our entire capital, foreign exchange, derivatives and debt markets business. After evaluating several risk management platforms in the market, we found MX.3 was the best solution for our business.”
Joe Iafigliola, CEO of Murex Americas, commented “We have been working in close partnership with Banorte since they first implemented Murex in 2008 and we are excited to start this new chapter.”
He added: “The bank was already using MX.3 in the front office across all asset classes and in the back office for sub-ledger and operations. They will soon be able to benefit from our risk management capabilities and gain even more efficiencies and synergies across the business.”
Murex’s MX.3 platform will be used for front-to-back-to-risk activities across Banorte’s entities, including the bank, brokerage, pension fund and asset manager, to comply with regulations and better manage risk.
Banorte said it required a solution to meet its immediate compliance needs for XVA that also enabled long-term business growth.
Abraham Izquierdo, executive director of risk management at Banorte, said: “In our experience, different systems and sources of information, mean inconsistencies. By leveraging one system for front, back and risk, we will gain more accuracy in calculation, benefit from a single source of data and more closely manage risk.”
He added: “Our aim is to gain a single, comprehensive view of our entire capital, foreign exchange, derivatives and debt markets business. After evaluating several risk management platforms in the market, we found MX.3 was the best solution for our business.”
Joe Iafigliola, CEO of Murex Americas, commented “We have been working in close partnership with Banorte since they first implemented Murex in 2008 and we are excited to start this new chapter.”
He added: “The bank was already using MX.3 in the front office across all asset classes and in the back office for sub-ledger and operations. They will soon be able to benefit from our risk management capabilities and gain even more efficiencies and synergies across the business.”
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