Banorte implements the Murex solution for automation of risk management
By Joy Dumasia
Murex, the global leader in trading, risk, and processing solutions for capital markets, is pleased to announce that Banorte has successfully implemented Murex’s flagship MX.3 platform for its credit risk management and XVA desk deployment.
Sales, trading and operations teams have relied on the Murex platform for more than a decade. Following an extensive selection process, Murex’s platform was chosen by Banorte to adopt advanced credit risk mitigation technics and enable the organization to deploy a new XVA desk.
Jean Carrer, Head of Business Development in Murex’s Mexico offices, said: “We are delighted to see Banorte is using the MX.3 platform for its XVA desk. It strengthens our partnership, paves the way to additional systems replacement and highlights Murex’s position as the leading technology vendor in the credit risk and XVA space in Latin America.”
Abraham M. Izquierdo, FRM: Executive Director, Risk, at Grupo Financiero Banorte, said: “At Banorte, we successfully implemented the Murex PFE solution to enhance the analytical credit risk solution we had been using for many years with Murex and deploy more modern credit limit management metrics. This rollout of PFE was made possible thanks to our partnership with Murex and its Upgrade as a Service. Within 24 months, we upgraded twice and brought many new functions to our business: collateral, equity desk opening, LIBOR reform, and, of course, PFE and XVA. Murex’s ownership of this process allowed Banorte to focus on our own complete internal operating overhaul for setting up a dedicated XVA desk.”
Recently, IBS Intelligence reported that Gulf Bank had launched the MX.3 integrating platform in collaboration with Murex, the global leader in trading, risk management and processing solutions for capital markets. The platform implementation is a transformative step for the Bank as it develops and automates its treasury and capital markets systems.
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