Normand Tanguay, Head of Murex Canada

Paris-based FinTech Murex said on Monday that the National Bank of Canada (NBC) has gone live with the supplier’s MX.3 Risk and Regulatory Suite. The bank will utilize Murex’s solution for achieving compliance with regulatory requirements including Basel 2.5. The partnership was created with a view to replace the legacy system, reduce time-to-market for new products as well as a need to comply with new regulations such as FRTB.

Philippe Leduc, Senior Risk Manager at NBC said, “Murex has been a key technology partner for financial markets. We are pleased to have worked closely with their team to streamline our approach to market risk management infrastructures, data, and processes. In the long run, it means we have a flexible solution that allows us to simplify the market risk ecosystem and prepare ourselves for future initiatives.”

According to the supplier, the solution is expected to benefit the bank in its front office and risk operations as well as enable it to apply VaR and stress testing methodologies for meeting regulatory obligations. The bank will be provided with incremental scenario generation, import of historical time series for newly traded instruments, wide risk factor coverage, and automation for correction process for trades and market data.

Normand Tanguay, Head of Murex Canada added, “As a result of this project, NBC is in a great position for FRTB compliance. Now that the pending questions have been answered by the regulator, it’s clear that FRTB will have an undeniably large impact on the banking industry and early preparation is key. We are delighted to see the success of this project and look forward to working closely with NBC on future endeavors”.

Recently, Murex announced that its MX.3 platform is now able to be connected with the Bloomberg Market Data Feed (B-PIPE) hosted on AWS.

by Megha Bhattacharya
Market Analyst at IBS Intelligence