Bankdata Expands Use of Murex’s Capital Markets Platform, MX.3

Innovative Bank Utility Model Helps Secure the Future for 11 Danish Banks

PARIS, 26 June 2018 — Bankdata, an IT service provider to the Danish banking industry, has recently gone live with another stage of its transformation program. Bankdata recently migrated interest rate and cross-currency swaps from its legacy systems to Murex’s MX.3 platform, the leading solution for trading, risk management and processing for the capital markets.

Simplification of system landscape with Murex’s platform, MX.3

Bankdata is currently implementing MX.3 for Jyske Bank and Sydbank and will soon extend to the rest of the member banks. This gives the banks the benefit of economies of scale in terms of support and daily operations. One of the major advantages of the Murex platform is that it allows the two banks to improve operational efficiency by retiring several legacy systems and manual work processes and migrating to a common shared platform that covers the whole trade lifecycle, from trading and risk management all the way through to accounting.

“Murex’s platform provides a coherent interface to our customers where we have all data – from pricing, to confirmation and posting – in one system”, says Pia Brink Andersen, department director from Customer, Interest and Currency in Sydbank. Pia adds “We have increased speed and flexibility in our trades and can now offer a much better service. We have greater transparency, which is a plus for both our customers and future regulatory requirements. Regulators are applying pressure on banks and in particular on their underlying settlement and clearing systems, which will be expected to move towards real time. By having all trades and functionalities in Murex’s MX.3 platform, the system already supports all processes in real time and thus secures the future of the bank”.

“With this milestone we part ways with outdated systems and manual processes. Concretely, MX.3 gives our employees better opportunities with one common system including faster pricing, shared data for market risk calculation and reporting, together with automatic settlement processes. We are implementing a capital markets platform that is secured for the future, and will be able to meet client and market demands as they arise. The Murex platform will play an important role in increasing client and trade volume”, says Lene Hjortshøj, Area Director in Capital Development in Jyske Bank.

Commenting on the project, Maroun Edde, CEO Murex said: “Murex and Bankdata in conjunction with Denmark’s leading banks, are carving out a new model in capital markets technology. Banks are under pressure to reduce costs, improve efficiency and customer service while complying with complex regulations. Their underlying technology is often the key to success or failure and Bankdata’s utility approach is an innovative and promising alternative to the traditional deployment model.”

"The capital markets are a very specialized sector and the MX.3 platform is purpose built to manage the complexity. We have a very close relationship with Murex and have benefitted greatly from the designated project organization they established, which supports the high degree of cooperation and flexiblity required." says Flemming Krath Engedal, CIO for Capital Markets and Finance in Bankdata.

An open capital markets platform that is ready for the future

This latest extension of the MX.3 platform is another step along the road towards one shared capital markets platform. Since Bankdata licensed MX.3 the company continues to extend its use to cover additional business lines. The platform is already used for FX options, interest rate and cross currency swaps and all derivatives, securities and fixed income desks will be migrated in the future.

The result will be a capital markets first. Bankdata will be able to offer banks highly advanced risk calculation, trading and settlement data centralized in the MX.3 platform and powered by Murex, a global leader in capital markets technology.