The capital markets are increasingly complex and interconnected. Financial institutions need a dependable IT platform to help them navigate the evolving ecosystem, and a Murex platform is a perfect fit.
As with so many financial institutions, our client required a robust, dependable, yet flexible IT structure. Our client positioned itself as a full-service swap dealer with multi-asset derivatives. In their initial research, they identified the Murex MX.3 platform as a potential trading and risk-management platform for their purposes.
The Solution
SoHo Business Analyst (BA) liaised with our client’s team to determine detailed requirements for the solution. Our expert Business Analyst provided previous experience in implementing the Libor transition in Murex and the XVA in Murex. The BA was responsible for developing the specification for the client’s global operating model.
The BA gathered all the necessary requirements such as:
- Transaction format
- Data pipelines
- Interface requirements
- Validations
- Security
- Business rules & processes
Soho then translated the Scoping and Business Requirements documents into a tailor-made Design Document. Soho consultants followed up on the solution implementation to build the specified configuration.
An MX.3 platform should only be implemented once the requirements are established …
Once developed, SoHo tested the configuration and the Murex functionalities through the project validation phases. Pre-production, the team worked closely with in-house teams to ensure a solid knowledge transfer.
With the requirements and specifications covered, SoHo implemented the required customizations and initiated the MX.3 instance.
Once the setup of the MX.3 platform was complete, SoHo:
- ensured a smooth implementation by coordinating the testing, training, and rollout of the new platform
- mitigated delivery risk by implementing the back-office stream separate from the front-office stream
The Outcome
A regulatory-compliant MX.3 platform installation
The client is empowered with a fully customized, regulatory-compliant MX.3 platform installation. The platform meets all requirements for:
- SIMM/ LiBOR
- Transition / XVA
The client has full access to a large range of products and markets through a single unified system. The operational model and advanced analytics have positioned SoHo’s client to earn a reputation for their outstanding risk-management strategy.
The ROI is significant; teams can now simulate 10 weeks of real production activity in a few days, rather than weeks. Testing of new models is now measured in hours, rather than days. This means that release costs were significantly reduced with cycles lowered to days.
