Odeabank Successfully Implements MX.3 for FRTB

Murex supports first Turkish Bank to adopt solution built to meet Basel Committee on Banking Supervision (BCBS) standards

ISTANBUL and PARIS, September 3, 2025—Odeabank, one of the most innovative and competitive financial institutions in Türkiye, committed to its mission of becoming the leading Turkish “phygital” Bank, has become the first in the country to implement Murex’s MX.3 for FRTB solution.

MX.3 for FRTB—the Fundamental Review of the Trading Book—covers the full calculation chain down to the final charge and is compliant with the Standard Approach and the Internal Model Approach.

“Through the implementation of MX.3 for FRTB we have optimized our technology infrastructure and are prepared for the regulation, as well as to gauge its impacts on our business,” said Odeabank Chief Risk Officer Hüseyin Gönül. “MX.3 for FRTB is adapted to our existing infrastructure and will help Odeabank meet all necessary obligations. It enables us to align with international standards, improve capital efficiency and operate with greater data integrity and transparency—key priorities as we continue to grow with strengthened infrastructure and a focus on sustainable value creation.”

Following implementation, calculation consistency has been gained across assets and departments at Odeabank, eliminating data duplication along with the need for internal reconciliation. This allows Odeabank to maintain a single golden source of reference and trade data for front-office valuation, while simultaneously calculating regulatory requirements on the risk side.

The solution provides clear and transparent audit trails and calculation, which help make data easily explainable to regulators. Murex is an ISDA-certified vendor and MX.3 for FRTB is compliant with the ISDA Benchmark Unit Tests.

With FRTB scheduled to come into force in Türkiye in January 2026, selecting and implementing the right solution to manage and navigate the regulation were crucial to meet the requirements of this demanding regulation. Murex’s extensive experience helping clients navigate FRTB, along with deep expertise, supported Odeabank in its own compliance journey.

Additional Odeabank requirements around what-if scenarios were able to be met.

“A resilient core team and contributors led to our success in this project,” said Rudolf Lorfing, business development lead at Murex. “We are honored that Odeabank selected our solutions. Murex is ready to support other Turkish financial institutions aiming to adopt MX.3 for FRTB, as well as financial institutions elsewhere.”