Grupo Financiero Banorte has partnered with Murex to enhance FX derivatives trading for corporate clients. This move involves implementing a self-service solution through the MX.3 platform, Murex's integrated platform, to enhance efficiency in FX derivatives trading processes.

Abraham Izquierdo, the Managing Director for Traded and Treasury Risks at Banorte, mentioned: "The Banorte transformation journey has involved many breakthroughs. However, one of the most significant milestones has been the self-service product offering. This offering aligns closely with Banorte's digital strategy and meets the specific expectations of our client base."

Enhancing Risk Management with Automation

Banorte has adapted its internal workflows and risk management procedures to accommodate this self-service offering. The integration of MX.3 software eliminates the need for manual processes, significantly reducing errors and delays, the company said. Through automation , Banorte has managed to increase resource efficiency, saving up to 38 percent of person-hours for users.

This collaboration between Banorte and Murex builds upon their 12-year history of working together. Over this time, Banorte has expanded its use of MX.3, incorporating new modules and asset class coverage. In 2022, Banorte created a new XVA desk and revamped its PFE limits management, selecting Murex to support its risk and front office teams.

Conversely, Murex has been expanding its operations globally. Last month, Rabobank and Murex rolled out operations based on the MX.3 platform in Brazil. Rabobank's implementation in Brazil encompasses various onshore and offshore products, leveraging the integrated capabilities of the MX.3 platform.

Murex's Strategic Partnerships

It covers aspects such as trade capture, pricing, position, and treasury management, post-trade and settlement processes, reporting, market analysis, credit and liquidity risk management , P&L calculation, and subledger accounting generation.

Besides that, Murex announced its partnership with the London Stock Exchange Group (LSEG) in May. The partnership allowed for integrating the MX.3 platform with LSEG through Amazon Web Services. This collaboration introduced a significant advantage for financial companies by providing fast access to real-time market data from multiple global exchanges and over-the-counter markets via the cloud.

With this connectivity, Murex's clients can choose how they retrieve real-time market data within the MX.3 platform. They can select from three distinct deployment models offered by LSEG, all of which are designed to cater to different client preferences.