Banorte, Murex Lead Total Return Swaps Implementation in Mexico as Part of Broader Derivatives Transformation

Move is the latest advancement of a multi-year innovation strategy

MEXICO CITY, MONTERREY and PARIS, September 28, 2026—Following regulatory approval, Banorte has become the first bank in Mexico to implement Total Return Swaps (TRS), a significant milestone in the evolution of the country's derivatives market, and another example of Banorte's position as a leader in financial innovation in Mexico.

The new capability provides Banorte with an additional tool for balance sheet optimization, risk management and capital efficiency, while expanding the range of sophisticated solutions available to support its business and clients.

The TRS implementation represents the latest achievement in a multi-year innovation roadmap through which Banorte has consistently introduced new products and capabilities across credit, rates, foreign exchange and equity derivatives. Since 2019, the bank has launched or implemented 19 new product streams and market infrastructure initiatives, establishing a sustained track record of innovation across treasury, capital markets, brokerage and transactional banking functions, all of them accompanied by robust risk, operational, regulatory and compliance controls.

Murex has served as a strategic technology partner throughout Banorte's transformation journey. Murex's integrated platform, MX.3, has supported key product introductions and market infrastructure initiatives. From benchmark-rate transitions and credit products to equity, FX and rates innovation, the collaboration has enabled Banorte to accelerate product roll outs while maintaining robust risk, operational and regulatory controls.

TRS enable the transfer of the economic performance of an underlying asset without transferring ownership, offering institutions greater flexibility in managing market exposures, optimizing balance sheet usage and enhancing hedging strategies.

The TRS milestone builds on a broader transformation journey that has seen Banorte consistently invest in new products, infrastructure, automation and regulatory readiness. Over the past several years, the bank has pioneered the adoption of instruments and capabilities including Credit Default Swaps (CDS), Constant Maturity Swaps (CMS), Credit Indices (CDX), advanced equity derivatives, self-service FX platforms, as well as major benchmark-rate transitions from LIBOR to SOFR and from TIIE to TIIEF.

Banorte has adapted to regulatory developments and anticipated market evolution through a proactive approach to innovation. The bank has invested ahead of industry transitions and continuously expanded its capabilities to meet changing client and market needs. The bank’s implementation roadmap demonstrates sustained commitment to product breadth expansion, market infrastructure modernization, risk management capabilities strengthening and innovative solutions delivery that support clients in an increasingly dynamic financial environment.

"The implementation of Total Return Swaps represents another important step in our long-term strategy to provide innovative financial solutions and strengthen our risk management capabilities," said Abraham M Izquierdo, Managing Director, traded and treasury risks at Banorte. "Over the years, we have consistently invested in new products, infrastructure and market expertise to remain at the forefront of financial innovation in Mexico. Being the first bank in the country to implement TRS reflects our commitment to anticipating market needs and building capabilities that create value for our clients and our business."

"We are proud to support Banorte in this latest milestone and throughout its remarkable innovation journey," said Imane Cheradi, head of Murex Americas. "The successful implementation of Total Return Swaps highlights Banorte's vision and commitment to continuous transformation. Together, we have delivered a broad range of treasury, trading and risk management capabilities across asset classes, helping the bank strengthen its market leadership while ensuring the agility, scalability and resilience required to support future growth."