Murex focuses on speed and integration

Murex has been investing heavily in its MX.3 Platform to ensure it provides the resilience, speed and integration demanded by clients in increasingly volatile and complex commodity markets. Energy Risk speaks to the firm’s Solène Khy

Growing volatility across commodities markets is driving stronger hedging activity and renewed investor interest. This dynamic is encouraging banks and trading houses to expand or re-establish commodities trading capabilities.

At the same time, many of these firms have determined that legacy platforms, fragmented architectures and existing analytics are no longer fit for increasingly fast-moving and interconnected markets, according to Solène Khy, head of product management for commodities, equities, foreign exchange and digital assets at Murex.

“Over the past two years, we’ve seen a clear shift in what commodities derivatives clients expect from their platforms,” says Khy. “Resilience, speed and integration have become essential. Firms want real-time exposures, profit and loss [P&L] and risk metrics consolidated into a single, coherent view.”

Murex’s ability to understand and meet its customer needs is reflected in this year’s Energy Risk Software Rankings, where the firm won multiple first places across the commodity/energy trading and risk management software providers section, including Best commodity derivatives software.

Power and gas set the benchmark for risk management 

Increasing pressure to assess and manage risk is being felt most acutely in power and gas markets, which are setting the template for how firms must approach risk across all commodities. Artificial intelligence-driven demand from data centres and supply-side disruptions necessitate active trading, while an expanding share of renewables in the energy mix heightens intraday volatility and operational complexity.

“Banks are reopening power desks, utilities are expanding their activities and we are investing accordingly,” Khy says.

Recent investments include more granular power curve calibration and extended coverage across power, gas and carbon markets. Heightened volatility across oil, gas and power has reinforced demand for platforms capable of scaling and aggregating risk, spanning derivatives and physical positions. Clients seek faster model updates and more efficient stress-testing capabilities to support predictive analytics in rapidly changing conditions.

A cross‑asset platform built for scale 

Murex brings more than 35 years of fintech experience to MX.3, its third-generation cross-asset trading and risk platform. Used by more than 60,000 users worldwide, MX.3 supports 65 of the world’s top 100 banks, as well as a growing number of commodities trading houses. More than $800 million has been invested in the platform’s development over the past five years, delivering integrated front-to-back coverage across trading, risk, finance and operations.

“That level of integration is our main differentiator,” Khy says. “Beyond banks, we’re seeing a clear increase in commodities trading houses modernising their technology stacks. Many have outgrown siloed systems that create intraday valuation breaks and limit visibility across desks.”

MX.3 consolidates all commodity derivatives – including oil, metals, power, gas and agricultural – within a single platform. Firms can streamline operations, access near-real-time analytics and integrate physical and financial workflows.

Metals and precious metals gain momentum 

Metals represent another area of strong growth. Structural demand linked to the energy transition, electrification and increased investor activity is driving greater sophistication across precious and base metals markets.

Khy notes growing engagement from leading physical and derivatives traders. Many of these players are expanding into more complex structures and cross-asset strategies, including structured notes and quantitative investment strategy-linked precious metals indexes.

Within precious metals, the ability to manage duality, FX and commodities risk within a unified cross-asset framework is a key differentiator for MX.3. Clients rely on the platform to analyse exposures, support a full range of hedging instruments and manage P&L and risk consistently across desks. Just as importantly, the platform is designed to scale as activity increases, supporting vanilla and complex exotic structures while maintaining operational resilience.

Innovation is also reshaping the precious metals landscape. Following early investments in digital assets, MX.3 supports tokenised commodities, including gold. Tokenisation enables fractional ownership of bullion and more efficient trading and settlement models, while integrating seamlessly into existing risk and operations workflows.

Standardisation, interoperability and AI-driven analytics 

At the platform level, recent investment has focused on standardisation and interoperability, says Khy. While flexibility remains a core strength, Murex has prioritised standardisation to control deployment and maintenance costs, reduce operational risk and accelerate access to new functionalities. This approach allows clients to upgrade more efficiently and more frequently to benefit from enhancements being delivered in a timely manner.

Integration with broader trading and post-trade ecosystems is another strategic priority for the company. Murex has launched a major programme to modernise its application programming interfaces (APIs), align them with market standards and standardise outputs. The programme enables seamless connectivity with exchanges, market data sources and downstream systems. In parallel, Murex is re-engineering MX.3’s analytics APIs end-to-end to provide clear and efficient access to the full range of risk and valuation metrics produced by the platform.

These investments are becoming increasingly important as AI is embedded more deeply into trading and risk management. Murex has incorporated neural networks into its analytics framework to address the growing computational intensity of complex pricing models. By replicating calibration processes with neural networks, Murex delivers substantial performance gains while maintaining the high-precision pricing and Greeks required by regulators. This approach enables support for demanding workloads while significantly improving both performance efficiency and overall cost.

“This is about delivering precision, scalability and efficiency in increasingly volatile energy and commodity markets,” Khy says. “It’s an area in which our analytics capabilities are already making a tangible difference, and one that is clearly reflected in this year’s Energy Risk Software Rankings. Clients consistently recognise MX.3 for energy real-time risk, analytics depth and cross-asset coverage.”

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