China-based Bank of Hangzhou is now live on Murex’s MX.3 platform for enhanced market risk functionality and regulatory compliance.
Bank of Hangzhou now uses MX.3 across asset classes for capital markets activities, from front-to-back to risk management, leveraging a localised solution specifically packaged for the China market and eliminating the need for reconciliation across multiple IT systems.
Moving to MX.3 allows Bank of Hangzhou to increase its straight-through-processing rates while managing market and credit risk.
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.
Mao Xiahong, board secretary and assistant president of Hangzhou Bank, says: “We are delighted about the partnership with Murex. The project was delivered on time and with the right quality. It is already allowing us to expand our business to additional foreign currency derivatives. Our traders now benefit from a flexible solution that gives them confidence to roll out new products in a timely manner as the need comes.”
Tarek Barada, managing director of Murex China in Beijing, comments: “Financial institutions like Bank of Hangzhou have taken proactive steps to modernise their IT platforms and meet various objectives, including greater risk management capacity and adaptation to evolving regulations. As another successful implementation, this project underscores our strong commitment to the China market for clients eager to adopt a unified, future proof platform.”
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