Banorte select MX.3
Posted: 13 February 2019 | Source: Banorte
Banorte, the second largest financial institution in Mexico, has recently selected Murex, a global leader in trading, risk management and processing solutions, to meet its counterparty risk, 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.
To quickly answer market and best practices demands, Banorte required a solution that not only met its immediate compliance needs for XVA, but also enabled long-term business growth. After looking at other solutions available in the market, Banorte decided to expand its use of the MX.3 platform to cover counterparty risk, XVA and collateral management, and achieve synergies of a single technology platform approach.
According to Abraham M. Izquierdo, Risk Management Executive Director Risk at Banorte, “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. Our aim is to gain a single, comprehensive view of our entire Capital, FX, 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.”
Speaking about the project, Joe Iafigliola the CEO of Murex Americas comments “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. 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.”