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Banca IMI completes migration to Murex’s MX.3 platform
Murex, provider of trading, risk management and processing solutions for capital markets based in Paris, has announced that Banca IMI, the investment branch of Italian banking group Intesa Sanpaolo, has successfully migrated its equity derivatives business to Murex’s MX.3 platform and consolidated all front office activities on a single instance.
The bank has already completed migration of its credit, commodities, FX and rates business to MX.3 – a centralised cross-asset platform, and the move of the bank’s equity derivatives business is the final part of a multi-year transformation project at the bank to build more scalable and up-to-date technology architecture for its capital markets business.
Rodolphe Petit, Head of Capital Markets & Treasury Application Management at Intesa Sanpaolo, explained that the bank “wanted to completely renew the IT architecture that supports capital markets activities, taking advantage of new technology developments and functionality. Part of the project was the upgrade to MX.3. Our delivery improved with each stage of the migration, and the final equity derivatives step was a big success”.
Philippe Helou, Co-founder and Managing Partner at Murex, said that the technology providers partnership with Intessa Sanpaolo and Banca IMI began 20 years ago. “Financial institutions are increasingly undertaking multi-year technology transformation projects in order gain the benefits of a single platform. Italy is a key market for Murex and we are proud to be a close partner of the leading financial institution.”
The MX.3 platform is bringing a number of business and IT benefits to Banca IMI, as having a single point of entry and a single point for reporting avoids the need for reconciliation between systems, and is helpful given new regulatory requirements, the investment bank said.