Banorte implements TRS in Mexico
28 September 2026 Mexico
Image: Belikova Oksana/stock.adobe.com
Banorte has implemented total return swaps (TRS) in Mexico following regulatory approval, supported by technology provider Murex.
The bank says it is the first in Mexico to implement TRS, adding the derivatives product as part of a wider programme to expand its treasury and capital markets capabilities.
TRS allows counterparties to transfer the economic performance of an underlying asset without transferring ownership.
Banorte will use the product to support balance sheet management, risk management, and capital efficiency.
The implementation forms part of a multi-year derivatives transformation programme between Banorte and Murex.
Murex has supported the programme through its MX.3 platform, including product launches and market infrastructure changes across credit, equity, FX, and rates.
Abraham M Izquierdo, managing director of traded and treasury risks at Banorte, says: “The implementation of Total Return Swaps represents another important step in our long-term strategy to provide innovative financial solutions and strengthen our risk management capabilities.
“Being the first bank in the country to implement TRS reflects our commitment to anticipating market needs and building capabilities that create value for our clients and our business.”
Imane Cheradi, head of Murex Americas, adds: “The successful implementation of total return swaps highlights Banorte's vision and commitment to continuous transformation.
“Together, we have delivered a broad range of treasury, trading, and risk management capabilities across asset classes.”
The bank says it is the first in Mexico to implement TRS, adding the derivatives product as part of a wider programme to expand its treasury and capital markets capabilities.
TRS allows counterparties to transfer the economic performance of an underlying asset without transferring ownership.
Banorte will use the product to support balance sheet management, risk management, and capital efficiency.
The implementation forms part of a multi-year derivatives transformation programme between Banorte and Murex.
Murex has supported the programme through its MX.3 platform, including product launches and market infrastructure changes across credit, equity, FX, and rates.
Abraham M Izquierdo, managing director of traded and treasury risks at Banorte, says: “The implementation of Total Return Swaps represents another important step in our long-term strategy to provide innovative financial solutions and strengthen our risk management capabilities.
“Being the first bank in the country to implement TRS reflects our commitment to anticipating market needs and building capabilities that create value for our clients and our business.”
Imane Cheradi, head of Murex Americas, adds: “The successful implementation of total return swaps highlights Banorte's vision and commitment to continuous transformation.
“Together, we have delivered a broad range of treasury, trading, and risk management capabilities across asset classes.”
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