Bank of Hangzhou has completed a successful go-live on Murex’s MX.3 platform. Murex is a provider of trading, risk management and processing solutions for capital markets.
The bank now uses MX.3 across asset classes for capital markets activities, from front-to-back-to risk management, leveraging a localized solution specifically packaged for the China market and eliminating the need for reconciliation across multiple IT systems.
Moving to MX.3 has unlocked opportunities for Bank of Hangzhou across business segments, increasing straight-through-processing rates and empowering the bank to manage market and credit risk, using a unified platform. Furthermore, Bank of Hangzhou has gained access to an extensive product catalogue and advanced market risk functionality.
Mao Xiahong, board secretary and assistant president of Hangzhou Bank, said the bank has expanded business to additional foreign currency derivatives and exotic products as a result.
On the regulatory side, going live on MX.3 enables Bank of Hangzhou to comply with current Basel requirements and has readied the bank for upcoming challenges such as Fundamental Review of the Trading Book (FRTB).
Tarek Barada, managing director of Murex China in Beijing, said in a statement: “Financial institutions like Bank of Hangzhou have taken proactive steps to modernize their IT platforms and meet various objectives, including greater risk management capacity and adaption to evolving regulations.”