Triple victory at the Risk Markets Technology Awards: Murex

Triple victory at the Risk Markets Technology Awards: Murex
Risk Markets Technology Awards 2024 Winner

Murex wins in three categories at this year’s Markets Technology Awards, taking home the Pricing and analytics: structured products/cross-asset, Best support for risk-free rates market and XVA calculation product of the year awards. 

As a leading provider of enterprise-wide, cross-asset capital markets technology solutions, the firm’s success across all three awards is driven by its integrated platform MX.3. The platform stands out for its native, front-to-back risk approach, which streamlines operations and enhances collaboration. It ensures consistency in pricing, trade representation and analytics across asset classes and processes, from pre-trade limit control through to settlement and accounting. With regard to valuation adjustments – known collectively as XVA – it facilitates the accurate measurement and management of all of these, from vanilla to exotic products.

Judges said:

  • “It is good to see the focus on Asian benchmarks.” 
  • "Murex seamlessly ties software and modelling developments to real-world developments in the structured products market.”
  • “Good understanding of the market.” 
  • “Lots of strong features.”

MX.3 has exceptionally comprehensive catalogues and extensive model sets. It provides a wide array of packaged products in the market, covering popular structures of all regions, and offers a full range of risk-free rates (RFR) products. Continuous enhancements to MX.3’s functionalities and coverage mean Murex reacts quickly and comprehensively to market evolution. In the past 12 months it has launched models in areas such as underdetermined search curve calibration, equity derivatives and interest rate volatility. It has also implemented new carbon products, including carbon offset trading for XVA.

MX.3 for XVA Management provides precise, real-time XVA calculations. Its XVA Pricer enables users to price XVA seamlessly and transfer fees instantly, as well as gain immediate hedging cost insights through pre-deal sensitivities and run multiple what-if scenarios. Its architecture encompasses a high‑throughput XVA aggregation server and a scalable calculation engine that leverages graphics processing unit-accelerated computation and reliability.

The platform allows customers to explore potential profitability avenues through stress tests and versatile scenario evaluations. It provides a robust foundation for informed decision-making, offering comprehensive sensitivity analyses across risk factors and asset classes. 

Over the past 12 months, the firm has enhanced XVA Pricer – introducing a deeper layer of what-if functionalities and incorporating pre-deal sensitivities alongside cross‑currency management. It has also expanded asset classes to include electricity markets and crypto derivatives.

Underpinning its success in the RFR support category, Murex has made significant investments to ensure seamless and fast adaptation to the RFR transition. The firm assembled a worldwide team of experts spanning all financial domains impacted by the transition, and leveraged its regional presence to capture all specificities, including the complex dynamics of the Asian market. 

This has ensured a comprehensive solution covering all aspects of the transition. Its components are compatible with all impacted business processes, including trading, finance, market risk, hedge accounting and XVA. In addition, close interactions with clients during the transition meant Murex took on more of an advisory partner role, with support for crucial RFR transition aspects, including dedicated transition procedures and an internal models validation ecosystem.

Bruno Castor, head of enterprise risk management at Murex, says:

Bruno Castor, Murex

“XVA represents a continuous journey. From accounting for its impact on profit and loss while navigating active risk management and hedging, to optimisation of capital requirements, our ambition is to support our clients in effectively managing XVA impacts. Murex has made substantial investments in developing a product that aligns with those business requirements. We also aim to accelerate the adoption of innovation for our clients, allowing them to concentrate on their core business. Murex provides the software solution, the infrastructure and the seamless integration of new innovations as they emerge.”

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