Murex Announces New Signature in China: Bank of China
BEIJING, January 31, 2013 /PRNewswire/ --
Murex's MX.3™ platform chosen by Bank of China to provide a fully integrated front-to-back solution for treasury & trading.
Murex, the leading provider of integrated trading, risk management and processing solutions, today announced that Bank of China, one of the world's top 10 leading banks ("World Top 1000 Banks", The Banker), has selected the MX.3™ platform to streamline their treasury and trading activities for growth.
After a thorough due diligence process and proof of concept involving all key vendors in the market, Murex's MX.3™ front-to-back integrated platform was selected to replace Bank of China's legacy systems and create a consolidated infrastructure to enhance STP efficiency and improve risk management and control.
The implementation spans a comprehensive spectrum of asset classes (Foreign Exchange & Money markets, Fixed Income, Foreign Exchange Derivatives, Interest Rates Derivatives, Commodities, Equity Derivatives, Credit Derivatives and Inflation) and will cover all key functions of the trade life cycle from front to back office, including risk and collateral management, with the aim of enhancing business processes, cost and performance analysis and opening the door to new development projects.
Commenting on the selection of the Murex platform, Zhang CHEN, Head of Information Management, Bank of China: "In a context of rapid growth and development, Bank of China is due to increasingly play a significant role in local and global financial markets. Following the selection process, not only are we convinced that Murex will provide us with the leading edge technology that will take us further towards our strategic goal as a first-class international bank, but also that the market expertise and level of service delivered by the teams are building the foundation for a successful long-term business partnership."
The multi-asset class treasury and capital markets solution will be deployed to 1000 users in BOC's head office and 35 of its overseas branches around the world. Once completed, the MX.3 platform will enable Bank of China to handle trading and treasury activities on a single system, providing a holistic view of risk across the group and supporting the bank's controlled and sustainable growth strategy, while enhancing processing efficiency thanks to automated workflows and exception management.
Guy OTAYEK, CEO of Murex Asia Pacific, says, "We are proud to have such a major player as Bank of China select Murex MX.3 platform to support their capital markets business worldwide. It is a wonderful challenge we have been working towards ever since we opened our office in Beijing back in 2006, and we are sure it will cement further our footprint in China and the region."
Murex recently held a Symposium in Beijing which brought together over 80 key representatives from the 20 leading local banks to share and discuss business insights on front-office analytics and real-time calculation performance. With two offices in China (Beijing and Hong Kong) and ongoing development plans, Murex aims to develop further similar initiatives to establish the company as a key contributor to the Chinese financial marketplace.
About Bank of China (BOC)
As the most internationalized and diversified bank in China, Bank of China provides full range of financial services in China's mainland, Hong Kong, Macau and other 31 countries. It mainly operates the commercial banking business including corporate banking, personal banking and financial market business. It also conducts investment banking business via Bank of China International Holdings Limited, its wholly-owned subsidiary, as well as the insurance services via another wholly-owned subsidiary Bank of China Group Insurance Company Limited and its subordinate and associate companies. Bank of China is also engaged in fund management services via Bank of China Investment Management Co., Ltd., direct investment and investment management via Bank of China Group Investment Limited, its wholly-owned subsidiary, and aircraft leasing via Bank of China Aviation Private Limited. Bank of China ranked the eleventh in terms of core capital among the "World Top 1000 Banks" in the British magazine The Banker in 2009.
About Murex: http://www.murex.com/webdoc/About_Murex.pdf