Trading systems: structured products/cross-asset – Murex

Murex has secured the award for Trading systems: structured products/cross-asset at the Risk Markets Technology Awards 2025. This is a testament to the company’s MX.3 platform, which has set a high benchmark in meeting the complex and evolving needs of structured products markets. Over the past two years, Murex has shown exceptional agility in adapting to significant market shifts, including the resurgence of foreign exchange exotics, the growth in interest rate-linked structures and heightened investor interest in precious metals and cryptocurrencies.

Murex’s MX.3 platform stood out for its ability to provide a comprehensive solution for issuers and traders navigating the challenges of structured products. At a time when market conditions are increasingly volatile and demand for diverse instruments is growing, Murex delivered a solution that not only addressed these complexities, but also turned them into opportunities for its clients.

MX.3 has a comprehensive product catalogue. With more than 350 packaged payoffs out of the box, the platform ensures clients are always equipped to meet market demand. Notable features include its Python-based scripting capabilities, which allow institutions to create new payoff profiles rapidly, and the inclusion of market-standard evaluation models for precious metals and other commodities. This flexibility helps clients remain agile in the face of shifting investor preferences and market conditions. The ability to handle complex payoffs – from simple vanilla options to intricate structures like equity autocalls – demonstrates the platform’s versatility.

A critical factor in Murex’s win was the state-of-the-art analytics integrated within MX.3. Leveraging advanced models such as stochastic local volatility for FX structures and graphics processing unit (GPU)-powered diffusion for real-time portfolio pricing, Murex ensures clients have the tools to price, hedge and manage risk effectively. This analytical depth is complemented by innovations such as the recently introduced ‘one-star’ feature, which offers enhanced protection for investors, and the integration of advanced GPU/central processing unit hybrid architectures for significantly improved model calibration speeds. These advancements highlight Murex’s leadership in high-performance analytics, reinforcing its competitive edge in today’s financial landscape.

Risk management is another area in which Murex excels. The platform’s specialised risk warehousing tools, such as its barrier-monitoring screens and spot ladder functionalities, provide traders with unparalleled visibility and control over portfolio outcomes. These tools are designed to support robust decision-making, even in high-volatility scenarios.

Murex’s success is also rooted in its commitment to client collaboration and tailored solutions. Over the past year, the company has introduced significant enhancements in response to client needs, including support for novel structured products linked to rising gold prices and the addition of features to facilitate the quantitative investment strategy (QIS) business. These improvements highlight not only Murex’s capacity for innovation but also its ability to anticipate market trends, such as the rising demand for cryptocurrency-linked instruments.

The company’s proactive approach to client support was instrumental in its ability to help more than 110 clients navigate the challenges of transitioning away from Libor. Its adaptability and industry expertise have consistently earned praise from clients worldwide. Murex’s dedication to client success, combined with its robust support structure and the expertise of its consulting teams, further solidifies the firm’s position as a trusted partner in the structured products domain.

Murex’s fully integrated front-to-back platform ensures seamless workflows, from trading to risk management and regulatory compliance. This end-to-end integration is a critical factor in enabling clients to scale operations efficiently while maintaining control over costs and risks. Its architecture fosters operational efficiency and supports the rapid adoption of new asset classes and financial products. The platform’s support for a wide range of asset classes, coupled with its scalability, ensures clients can expand their business lines without the need for costly system overhauls.

Looking ahead, Murex is poised to capitalise on emerging market trends, such as the continued evolution of FX exotics and the growing interest in structured products tied to alternative assets. With a road map that includes machine learning enhancements for analytics and the integration of cryptocurrencies into its XVA (valuation adjustments) module, Murex is well positioned to maintain its leadership in the field.

Judges said:

• “Fully integrated platform sets them apart.”
• “Innovations like the one-star feature and specialised risk warehousing are impressive.”
• “End-to-end workflow is a critical feature, and I like the QIS support.”
• “Python scripting for payoffs is a great addition.”
• “A strong contender in the structured products space.”

 

 

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