National Australia Bank (NAB), one of Australia’s largest banks, has gone live with Murex’s MX.3 Foreign Exchange (FX) Cash front-to-back solution. Following a successful upgrade of its Murex FX Options solution in 2011, the bank pursued the deployment of the platform to extend its use to FX Cash activities across the full trade chain including sales, operations, finance, product control and market risk.
In addition to offering front-to-back functionalities, Murex’s FX Cash solution now also empowers the bank with specific local features such as spot rate roll for New Zealand dollars (NZD) trading and intra-day repatriation of overseas margins designed to improve its real-time trading and enhance live desk-level risk monitoring.
Tom Pragastis, global head, FX and commodities trading and financial institutional sales, NAB, said: “The decision to consolidate all FX products on a single platform was a major milestone in our strategy. We were confident in Murex’s capability to deliver a technology that met our standards of business and efficiency and we are already reaping the benefits in terms of cost savings and revenue opportunities. The strong local support and professionalism of the services we received from Murex were contributing factors in our decision to have them as a partner for this new venture.”
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