Firstly, please can you explain the overall project that Excelian completed?
Sourav Basu: The project scope covered the migration of the client’s Commodities business from Murex 2.11 to Murex 3.1 as part of the Murex Integration Programme.
And can you describe the business problems which the client needed to address?
Sourav Basu: The client wanted to consolidate their business onto a strategic platform namely Murex 3.1 on a single instance for FX, FXO and Commodities asset classes. Since FX and FXO had already been migrated to Murex 3.1, the client wanted to move the last asset class, Commodities, to this platform.
What were the unusual technical problems the client needed to address?
Sourav Basu: The client wanted to consolidate its IT infrastructure by maintaining one strategic IT system across the two entities and the three asset classes to act as a trade repository, valuation engine and back office processing system.
So what was the solution that Excelian provided for the client?
Sourav Basu: Excelian provided an out-of-the-box solution leveraging its in-house expertise in the Commodities business, Financial Markets and Regulatory frameworks ensuring all requirements were seamlessly integrated within the client’s business. This involved working with numerous in-house client departments; Finance, Operations, and Compliance/Regulators to provide integration of the Commodities business with the existing Murex 3.1 platform. This was achieved by enabling Trade Entry, Front-Back straight-through-processing of trades, trade valuations, and extensive in-house and Regulatory reporting of Commodities trades.
What were the major challenges that were faced during the implementation?
Sourav Basu: The project faced challenges around product scoping within CFTC definitions of Commodities products, connectivity tests through the Front to Back Office value chain and engaging the Finance business users to get their buy-in for the proposed solution.
Why was this such an important project for Excelian?
Sourav Basu: This project had high visibility at the Programme level and was by far the biggest project delivered in 2014 by the client. It showcased that Excelian could deliver a project of this complexity and visibility in a short span of 5 months with a small team before the end of the year.
Describe the business benefits the client experienced as a result of the project
Sourav Basu: The client was able to consolidate its business onto one strategic platform, namely Murex 3.1, for all three asset classes: FX, FXO and Commodities. It also gave the client an opportunity to save on operational cost by no longer having to fund multiple platforms. Not only this, the client was able to benefit from a more efficient platform and from the synergies of integrating the asset classes onto the same platform.
How would you describe the client’s experience of working with Excelian?
Sourav Basu: The client chose to work with Excelian in order to leverage the functional and technical expertise of Excelian resources. Having successfully engaged with Excelian in the past, the client felt assured of the expertise and of project delivery.