Leading Nordic Financial Institution

Comprehensive delivery: Murex MX.3 upgrade and new Murex module-based securities back office

Our client, a leading Nordic financial institution, wanted effective delivery against the following key objectives:

  • Reduction of Operational Risk for both their Securities Finance and Structured Equity trading business, through the implementation of an integrated Front Office-Back Office trading solution.
  • Increased levels of STP, overall improved trade and event handling and significantly reduced manual processes.
  • An integrated trading platform aligned with the client’s IT architecture goal, harmonizing applications, in order to increase staff efficiency and realize cost savings.
  • Enhanced capability of business units to considerably increase business revenues, due to improved ability to deliver client solutions, and the removal of volume caps.

From a systems perspective a major upgrade was needed, as the target functionalities required in the Front but especially the Back Office and Accounting department were only available in the latest version of Murex (version MX 3.1), which was at that time only used in the Front Office (version MX Generation 2000 2.11). The identified functionality gaps in the Back Office had to be closed over the project journey, as the result of a substantial element of new functionality development.

Murex and Capco developed a joint proposal that created a single, fully integrated consulting and delivery team to handle every aspect of this challenging project, from scoping to implementation. Given the architecture change from the MX Generation 2000 platform to the new MX.3 version, the upgrade and the implementation strategy necessitated close planning and the involvement of Murex itself, leveraging the lessons learned from the two other MX.3 upgrade projects still running at that time.

Today, our client is a satisfied user of the new system, with high expectations of, and confidence in, the technology and its functionality. The client has acknowledged the very professional and committed project delivery approach adopted by Murex and Capco team members — an unstoppable determination in the face of considerable complexity.

To learn more details about the project download the full case study.