Banorte, a financial institution based in Mexico, has selected Murex to meet its counterparty risk, X-value adjustment (XVA) and collateral management needs.
Murex鈥檚 MX.3 platform will be used for front-to-back-to-risk activities across Banorte鈥檚 entities, including the bank, brokerage, pension fund and asset manager, to comply with regulations and better manage risk.
Banorte said it required a solution to meet its immediate compliance needs for XVA that also enabled long-term business growth.
Abraham Izquierdo, executive director of risk management at Banorte, said: 鈥淚n our experience, different systems and sources of information, mean inconsistencies. By leveraging one system for front, back and risk, we will gain more accuracy in calculation, benefit from a single source of data and more closely manage risk.鈥�
He added: 鈥淥ur aim is to gain a single, comprehensive view of our entire capital, foreign exchange, derivatives and debt markets business. After evaluating several risk management platforms in the market, we found MX.3 was the best solution for our business.鈥�
Joe Iafigliola, CEO of Murex Americas, commented 鈥淲e have been working in close partnership with Banorte since they first implemented Murex in 2008 and we are excited to start this new chapter.鈥�
He added: 鈥淭he bank was already using MX.3 in the front office across all asset classes and in the back office for sub-ledger and operations. They will soon be able to benefit from our risk management capabilities and gain even more efficiencies and synergies across the business.鈥�
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