Banca IMI, the investment bank of Intesa Sanpaolo, has migrated its equity derivatives business to Murex's MX.3 platform and consolidated all front office activities on a single instance.
Equity derivatives follows the migration of the bank's credit, commodities, FX and rates to Murex. The move is the final part of a multi-year transformation project at the bank to build a more scalable and up-to-date technology architecture for its capital markets business.
'We wanted to completely renew the IT architecture that supports our capital markets activities, taking advantage of new technology developments and functionality," said Rodolphe Petit, head of capital markets & treasury application management at Intesa Sanpaolo. 'Our delivery improved with each stage of the migration, and the final equity derivatives step was a big success.'
The MX.3 centralized cross-asset platform will make it easier for trading desks to interact as all desks are using the same pricing models and other analytics and data. The platform will also provide a single point of entry and for reporting avoiding any need for reconciliation between systems, and aligning the bank's equity derivative activities with new regulatory requirements. The platform will also facilitates the configuration and the activation of new features enabling the bank 'to achieve quicker time to market for new business opportunities'.
As part of their collaborative approach, Intesa Sanpaolo sent a number of its staff to work with Murex teams in its Paris headquarters. This provided not only good training for the staff on the operation of the MX.3 platform, but also led to greater understanding between the bank and Murex. As a result of this and the close working relationship throughout the project, Murex now has greater insight into how the bank operates, which makes it easier to develop new functionality or solve issues for the bank when the need arises.
'Financial institutions are increasingly undertaking multi-year technology transformation projects in order gain the benefits of a single platform,' said Philippe Helou, co-founder and managing partner at Murex adds. 'Our partnership with Intessa Sanpaolo group and Banca IMI started 20 years ago and over time the relationship has developed steadily with mutual trust.'
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