Banca IMI consolidates trading business on Murex MX.3 platform
Italy-based Banca IMI, the investment bank of the Intesa Sanpaolo banking group, has consolidated all front office trading activities on a single platform – MX.3 from Murex.
The multi-year project started with the migration of credit, commodities, FX and rates to MX.3, and culminated with the migration of the bank’s equity derivatives business onto the new platform.
Banca IMI consolidates trading ops on Murex MX.3
Murex is a long-standing supplier to Intesa Sanpaolo, having provided its treasury and capital markets (TCM) tech to the banking group for over two decades.
The migration was completed on time and within budget, Murex states. “A key to the success of the migration was the new relationship approach that Banca IMI and Murex developed over the course of the project,” the vendor explains.
The MX.3 centralised cross-asset platform is bringing a number of business and IT benefits to Banca IMI, Murex says, such as easier interaction for trading desks (as all desks are using the same pricing models and other analytics and data), single points of entry and reporting (thus no need for reconciliation between systems), cost effectiveness and quicker time to market.
“We wanted to completely renew the IT architecture that supports our capital markets activities, taking advantage of new technology developments and functionality,” says Rodolphe Petit, head of TCM application management at Intesa Sanpaolo.
“Part of the project was the upgrade to MX.3, and in doing this, we saw the opportunity to build a new partnership with Murex. We shared a common objective and approach, and made decisions together.
“Our delivery improved with each stage of the migration, and the final equity derivatives step was a big success.”
