Trading Platform Decommissioning and Replacement
Citi
The bank set out to replace Murex with its own proprietary EDealer system across asset classes and geographies, seeking cost savings and tighter front-to-back integration while keeping the desks running throughout.
Scope of work
Migration planning through a product-by-product mapping across interest rate derivatives, FX, credit and equity products, with trade booking, pricing, risk and reporting workflows analysed and the transition sequenced so trading continued.
Platform integration, adapting the bank's pricing libraries for all asset classes, building a custom interface for pricing, risk management and reporting, and implementing custom APIs for trade feeds and market data.
Data migration of over one million live and historical trades, with P&L and risk reports validated against the legacy system and reconciliation of risk and valuation mismatches automated.
Testing and validation through a framework built to validate risk metrics, pricing and operational workflows, with end-to-end user acceptance testing across all asset classes and regions before cutover.
Outcome and value
- Around thirty per cent cost reduction through elimination of Murex licensing and support fees.
- Around twenty per cent performance improvement on the proprietary architecture.
- Risk management strengthened through tighter front-to-back integration.
- A single trading platform established across asset classes and geographies.