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Rabobank expands Murex footprint in Brazil

By Gloria Methri

October 25, 2023

  • Brazil
  • Digital Transformation
  • FinTech
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MX.3, Rabobank, Murex, SaaS, Trading and Capital Markets, FinTech, BrazilMurex has strengthened its partnership with Rabobank with the successful go-live of back office, operations, and finance on the MX.3 platform in Brazil. This replacement project follows previous front office and risk implementations.

Rabobank Brazil’s implementation now supports a wide array of onshore and offshore products, capitalizing on MX.3’s integrated front-to-back nature. Its business scope includes trade capture and pricing, position and treasury management, post-trade and settlement, reporting, market, credit and liquidity risk, P&L, and sub-ledger accounting generation.

Rabobank confirmed the solution relying on MX.3 adheres to Banco Central do Brasil (BCB), Conselho Monetario Nacional (CMN), and Commissão de Valores Mobiliários (CVM) rules and regulations.

Through measured go-lives and progressive delivery and selection of the Murex continuous integration offering, Rabobank Brazil minimized disruption. Design concepts initiated in Rabobank’s implementation of MX.3 were applied to the project with Rabobank Brazil.

“Since implementing MX.3 in Brazil, we have already seen significant improvements in our operational efficiency and risk management capabilities,” said Rabobank COO South America Vivian Pascoalino. “We migrated approximately 60,000 trades from the previous system to MX.3 to enable the back-office processing of all Rabobank trades with Murex. The migration went extremely well and is an important milestone in our front-to-back-to-risk transformation journey. The principles of keeping IT simple, standardizing across locations and products, and maximizing straight-through processing have been critical to the success of our implementation. Overall, the MX.3 implementation will enable us to improve our competitiveness, better serve our customers, and achieve our strategic goals.”

“The Brazilian capital markets, the largest in Latin America, are experiencing significant growth in transaction volume,” said Murex Americas Co-head Joe Iafigliola. “Regulatory changes in recent years helped boost the investment industry. Hence, capital markets are transforming very rapidly with a high appetite for technology to support new regulations, changing market structure, and strategies toward digitalization and rationalization. We are proud as a team to support Rabobank, with the aim to rationalize its IT ecosystem and focus on strengthening its competitive positioning in the region.”

The collaboration with Rabobank Brazil is a continuation of Rabobank’s systems rationalization history with Murex, the global leader in trading, risk management, and processing solutions for capital markets.

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