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Murex MX.3 for Trading and Risk from Murex
Integrated solution for options pricing, market risk, XVA, and analytics. Offers advanced pricing libraries for derivatives, real-time risk monitoring, scenario analysis, P&L, and stress testing capabilities.
Product analysis by function
Options Pricing and Risk Systems for Market Making/Proprietary Trading
Specialized tools for calculating theoretical values of options, managing greeks (delta, gamma, theta, etc.), and optimizing options trading strategies.
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Pricing Calculations
(12 Yes /12 Known /14 Possible features)
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Black-Scholes Model Supports standard Black-Scholes pricing for vanilla options. |
Murex MX.3 documentation and marketing collateral state support for Black-Scholes for vanilla and standard derivatives. | |
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Binomial/Trinomial Trees Calculates prices using lattice-based models for flexible payoff structures. |
Advanced pricing libraries in MX.3 cover lattice methods, referenced in product documentation for structured options. | |
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Monte Carlo Simulation Simulates complex options and exotic derivatives pricing. |
Supports Monte Carlo simulation for complex/exotic options as per product technical briefs. | |
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Volatility Surface Support Handles custom implied volatility surfaces for non-standard option classes. |
MX.3 handles custom implied volatility surfaces, as seen in user guides and risk analytics modules. | |
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Dividend Modeling Accurately incorporates discrete & continuous dividends into valuations. |
The product allows for modeling dividends (discrete & continuous); confirmed by global banks' implementation case studies. | |
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Custom Model Integration Allows integration of proprietary or academic pricing models. |
Murex MX.3 supports custom/principal models integration; referenced in configuration and model customization modules. | |
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Multi-Asset Option Pricing Supports basket, spread, and multi-underlying options. |
Multi-asset support is a core part of Murex for baskets, spreads, and custom underlyings. | |
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Calibration Tools Automated model calibration to market prices or volatility surfaces. |
Auto-calibration tools to market data/vol surfaces are present, as confirmed by product materials. | |
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Grid Speed Average time to calculate prices for 1,000 options. |
No information available | |
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Asset Universe Coverage Number of underlying assets covered by default. |
No information available | |
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Theoretical Value Logging Records all pricing model outputs for compliance and audit. |
Audit trails required by Tier 1 banks and referenced in compliance modules. | |
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Real-Time Price Calculation Delivers live option valuations as market data updates. |
MX.3 real-time architecture delivers live valuations as market data changes. | |
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Automated Revaluation Triggers re-pricing on relevant market or product events. |
Automated revaluation and event-driven architecture is a known feature in Murex deployments. | |
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OTC Product Support Handles pricing for bespoke/OTC derivatives. |
Supports complex OTC derivatives and custom structures. |
Risk Management & Analytics
(12 Yes /12 Known /13 Possible features)
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Delta, Gamma, Theta, Vega, Rho Calculation Real-time computation of all primary Greek sensitivities for each position and portfolio. |
MX.3 computes all standard Greeks in real time, as documented for traders and risk managers. | |
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Cross-Greek Scenarios Analyze sensitivities to simultaneous changes (e.g., delta-gamma hedges). |
Advanced cross-greek scenarios and ad hoc risk calculations are standard features. | |
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Greeks Aggregation Aggregates Greeks at instrument, portfolio, and firm levels. |
Risk aggregation is well-documented at position, book, and enterprise level. | |
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Custom Greek Calculation Supports user-defined risk metrics or secondary Greeks. |
Allows for calculation of custom Greeks through user configuration. | |
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Limit Monitoring Real-time risk limit breach detection and alerting. |
Risk limit frameworks and alerting on breach are key product capabilities. | |
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Stress Testing Scenario or historical-based stress test tools for options portfolios. |
Stress testing tools (historical/scenario) are marketed and confirmed by user case studies. | |
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VaR Calculation Value-at-Risk metrics specific to options portfolios. |
VaR (historical, Monte Carlo) for options and full books is a highlighted capability. | |
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Margin Calculation Estimates initial and variation margin requirements across CCPs. |
Margin calculation modules handle exchange/CCP requirements for derivatives. | |
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Risk Calculation Frequency Number of risk analytics runs per minute for medium portfolio size. |
No information available | |
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What-If Analysis Simulate P&L and risk changes under user-defined market moves. |
What-if scenario analysis is explicitly described in trading and risk modules. | |
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Consolidated Risk Dashboard Central interface for real-time risk monitoring and control. |
MX.3 offers dashboards for consolidated, real-time risk. | |
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Historical Risk Reporting Provides time series reports for all risk exposures. |
Provides time-series and historical exposure risk reports for compliance. | |
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PnL Explain (Attribution) Decomposes profit/loss by risk factors and Greeks. |
Standard feature: PnL attribution by market factor and Greeks. |
Market Data Integration
(8 Yes /8 Known /11 Possible features)
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Options Chain Ingestion Streaming and snapshot updates for entire option series (chains). |
Options chain ingestion is indicated by feed and integration documentation. | |
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Underlying Asset Feed Support Integrates cash, futures, and index feeds for underlying pricing. |
Supports integration for underlying cash, futures, and indices. | |
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Volatility Surface Import Loads implied volatility surfaces from exchanges or vendors. |
Volatility surfaces can be loaded/imported from vendors, stated in data management docs. | |
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Dividend Data Sync Automated updates of dividend forecasts and announcements. |
Automated dividend data sync available in instrument static/enrichment feeds. | |
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Tick Data Storage Stores granular market tick data for backtesting and research. |
MX.3 is used for market surveillance, historical analysis, and backtesting—tick data captured. | |
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Third-Party Data Vendor Integration API connectivity to Bloomberg, Reuters, ICE, etc. |
APIs and adapters for Bloomberg, Refinitiv, and others are a core product offering. | |
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Latency (Live Data Processing) Time from market update to model reflection. |
No information available | |
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EOD Data Support Handles end-of-day updates and corporate actions. |
Handles EOD/Corporate action updates, referenced in reference data documentation. | |
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Data Quality Controls Automated validation and anomaly detection on incoming data. |
No information available | |
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Historical Data Coverage Length of historical options data available for analysis. |
No information available | |
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Configurable Data Normalization Normalizes data across sources and venues for consistency. |
Murex supports data normalization across sources (confirmed in multi-feed configuration manuals). |
Strategy & Automation
(10 Yes /10 Known /12 Possible features)
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Algorithmic Order Execution Automated algorithms to place and manage orders based on model signals and edge. |
No information available | |
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Auto-Hedging Engine Automatically calculates and executes required hedges in underlying or derivatives. |
Auto-hedging and trade-request logic are builtin, as per product sheets. | |
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Exposure Netting Netting logic for correlated exposures across legs/positions. |
Exposure netting is included for risk and capital margin optimization. | |
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Strategy Backtesting Simulation platform using historical tick and event data. |
Supports backtesting of strategies using historical data. | |
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Parameter Optimization Automated or AI-driven calibration of model and strategy parameters for optimal performance. |
Parameter optimization and calibration is featured for pricing and risk models. | |
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Order Routing Rules Customizable logic to route orders across exchanges for best execution. |
Order routing logic configurable for best execution—stated in trading workflows. | |
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Execution Latency Average time from decision to market order placement. |
No information available | |
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Automated Quote Generation Dynamically updates bid/offer quotes based on models and risk appetite. |
Automated quote (bid/ask) generation is a core tool in options market making. | |
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Trade Surveillance Integration Detects and prevents potential market manipulation or limit breaches in automated trading. |
Integration with market surveillance and compliance modules for automated trading. | |
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Custom Scripting/Strategy API Full scripting or programmatic interface for proprietary strategies. |
Offers both scripting and API for proprietary strategies—user programmable interface. | |
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Market Making Parameter Limits Hard/soft guardrails for position sizes, quote widths, etc. |
MX.3 includes configurable parameter limits and guardrails for quotes and positions. | |
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Real-Time Alerts & Triggers Immediate notifications for strategy, market, or risk events. |
Real-time alerting and workflow triggers are described in event processing documentation. |
Performance & Scalability
(4 Yes /4 Known /10 Possible features)
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Order Throughput Maximum new or modified orders processed per second. |
No information available | |
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Position Capacity Number of live instrument positions and trades system can handle. |
No information available | |
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Concurrent User Support Number of simultaneous professional users supported. |
No information available | |
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Latency Consistency Consistency of time-to-action under peak load. |
No information available | |
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Distributed Architecture Designed for scaling across servers or cloud regions. |
MX.3 is distributed and designed for both cloud and on-premise scaling. | |
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Hot Failover Capabilities Automatic switching to backup nodes/data centers without manual intervention. |
References to active-active failover and DR support in global deployments. | |
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Load Balancing Distributes workload for optimal resource usage and resilience. |
Supports software and hardware load balancing—per system architecture docs. | |
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Historical Data Query Speed Average load time for large historical datasets (1MM rows). |
No information available | |
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Real-Time Event Handling Number of market and risk events processed per second. |
No information available | |
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Vertical/Horizontal Scaling Support System flexibility to add processing power or cluster nodes on demand. |
System is configurable for both vertical and horizontal scaling in private/public cloud. |
Connectivity & Integration
(8 Yes /8 Known /10 Possible features)
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FIX Protocol Support Supports order and trade communication using FIX standards. |
FIX protocol support is standard in Murex's OMS/EMS modules. | |
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Exchange API Integration Direct connectivity to major options exchanges and ECNs. |
Direct API integration to major exchanges/ECNs referenced in trading platform guides. | |
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OMS/EMS Integration Connects with order/execution management systems for streamlined workflows. |
Integrates with external OMS/EMS for order execution and workflows. | |
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Risk Platform API APIs for connecting to external firm-wide or third-party risk platforms. |
APIs available for external risk platform integration. | |
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Clearing/Reconciliation Feeds Automates post-trade flows to and from clearinghouses and broker-dealers. |
Clearing/reconciliation feeds are regularly cited and used by institutions. | |
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Backoffice System Integration Integrates positions, trades, and fees with accounting and reporting stacks. |
Backoffice integration modules for position, trade, and accounting are well-cited. | |
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API Rate Limit Number of supported API calls per minute. |
No information available | |
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Custom Plugin Support Supports custom code/plugins for extending integration capabilities. |
Supports custom plugins for extending data and integration capabilities. | |
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Cloud Service Integration Hooks to cloud platforms for scale-out or data storage. |
Supports cloud service integration for compute and data storage/scalability (Azure, AWS, etc.) | |
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Websocket Support Push notifications and streaming data support through web sockets. |
No information available |
User Experience & Visualization
(9 Yes /9 Known /10 Possible features)
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Customizable Dashboards Personalized trader dashboards with drag-and-drop widgets. |
MX.3 provides customizable dashboards and widgets for traders/analysts. | |
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Greeks Heatmaps Visualizes sensitivities across expiry/strike dimensions. |
Supports Greeks heatmap visualizations for risk monitoring. | |
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Scenario Visualizer Graphical tools for market move impact previews. |
Scenario visualization tools—graphical P&L/greek impact—are present. | |
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Spread Builder UI Intuitive interfaces to construct and monitor option spreads. |
Tools for building, saving, and monitoring spreads (spread builder UIs). | |
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Order Blotter Live monitoring of all orders and executions. |
Order blotter/monitoring is a standard front office and compliance tool. | |
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Configurable Layouts Full adjustment and saving of screen layouts per user profile. |
Configurable layouts and personal dashboard settings are offered in the UI. | |
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Event Notification Center Single location for alerts, errors, and system notifications. |
Centralized event/alert notification center is standard. | |
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Keyboard Shortcuts Accelerates key workflows for power users. |
Keyboard shortcuts for order and workflow acceleration are supported. | |
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Theming/Dark Mode Supports multiple themes for ergonomic preference. |
Supports multiple themes and dark/night mode as per UI/UX documentation. | |
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Latency Metrics Display Live display of system and market interaction times. |
No information available |
Compliance & Audit
(9 Yes /9 Known /10 Possible features)
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Full Order/Trade Audit Trail Complete, tamper-proof logs of all system actions and order flow. |
Audit/compliance features include full order/trade logs; required for regulatory usage. | |
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Reg NMS/Reg SHO Support Automated compliance checking for US regulatory requirements. |
US regulatory compliance (Reg NMS/SHO) is supported; mentioned in compliance certifications. | |
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Market Abuse Detection Automated analytics to highlight potential manipulation or wash trades. |
Market abuse detection is included under compliance/market surveillance modules. | |
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User Activity Logging Tracks detailed user actions for investigation and compliance. |
User activity logging is a standard for trade surveillance and investigations. | |
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Change Audit Logging Monitors and records changes in model parameters, risk settings, and limits. |
Parameter and settings change audit is documented in compliance/audit trail documentation. | |
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Confidential Data Masking Obfuscates sensitive client or proprietary data in logs. |
Masking of confidential client data in logs is referenced in security/compliance whitepapers. | |
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Automated Surveillance Reports Regularly generated reports for firm and compliance teams. |
Surveillance and compliance reporting automation is standard. | |
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Retention Policy Management Configurable rules for data retention/deletion. |
Data retention and deletion configuration is offered to comply with regional policies. | |
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Legal Hold Capabilities Suspends deletion for regulatory investigations. |
Legal hold for investigations/litigation is available. | |
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Audit Query Speed Time to produce an audit report for a day’s trading activity. |
No information available |
Security & Permissions
(10 Yes /10 Known /10 Possible features)
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Multi-Factor Authentication Requires more than one authentication method for system access. |
Multi-factor authentication is cited in MX.3 security documentation. | |
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Granular Role-Based Access Control System permissions defined at action, product, and data field levels. |
Granular role permissions are mandatory (action, product, data fields). | |
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Encryption In-Transit/At-Rest Industry-standard encryption for all sensitive data flows and storage. |
Encryption of data at rest and in transit adheres to infosec standards. | |
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Single Sign-On Integration Works with firm-wide or cloud-based authentication providers. |
Single sign-on available (SAML/LDAP integration referenced). | |
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User Session Timeout Automatic logout after periods of inactivity. |
Session timeouts configurable as standard infosec best practice. | |
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Configurable Password Policies Custom criteria for complexity, reuse, and expiry. |
Password policies fully configurable (complexity and expiration settings). | |
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API Key/Secret Management Secure issuance and revocation of integration credentials. |
API key and integration credential management referenced in developer and security docs. | |
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System Access Audit Tracks logins, logouts, failed attempts, and privilege escalations. |
System access and authentication events are fully logged. | |
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Permission Change Logging Records all permission alterations for compliance review. |
Permission granularity and audit logs are features for compliance reporting. | |
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IP Whitelisting Limits platform access to authorized office and VPN endpoints. |
IP whitelisting for access control is supported in enterprise deployments. |
Configurability & Customization
(10 Yes /10 Known /10 Possible features)
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Customizable Pricing/Volatility Models Plug in, modify, or write proprietary pricing models or calibration routines. |
Pricing/volatility model customization via pluggable frameworks is supported. | |
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User-Defined Risk/Exposure Settings Set up and dynamically change risk controls for assets and products. |
User-defined risk/exposure limits and settings possible via admin modules. | |
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Scriptable Trading Rules Insert custom logic for automated trading, quote generation, or hedging. |
Custom scripting for trading rules and automation is exposed through user APIs. | |
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Configurable Blotters and Reports Personalize what data is displayed, how it’s filtered, and output format. |
Report and blotter customization is supported. | |
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Settlements and Fee Logic Customization Edit rules for exchange fees, commission, and settlement cycles. |
Custom settlements/fee logic for exchange and bilateral workflows. | |
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Market Data Mapping Rules Manage mappings from multiple data vendors or manual sources. |
Market data mapping and manual override supported for multi-vendor scenarios. | |
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Multi-Language Localization System UI and reports available in multiple languages. |
Multilingual UI and reports (common in global deployments). | |
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User Macro/Template Support Save personal templates for pricing, risk, or screen layouts. |
User macro/template capability referenced in workspace documentation. | |
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Dynamic Alerting & Notification Rules Define complex alert criteria across risk, trade, and market events. |
Dynamic alerting/notification routing is configurable. | |
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Firm Branding/White Label Re-theme and co-brand interface for institutional clients. |
Supports white labeling/Firm branding in client rollouts. |
Support, Maintenance & Documentation
(10 Yes /10 Known /10 Possible features)
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24/7 Technical Support Around-the-clock helpdesk for production incidents and queries. |
Supports global 24/7 support—Murex is a regulated market infrastructure provider. | |
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Dedicated Account Manager Assigned technical and business contact for issue escalations. |
Dedicated account managers are standard for institutional/enterprise clients. | |
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Release/Upgrade Management Planned updates, hotfixes, and rollbacks managed with minimal risk. |
Release/hotfix and rollback management cited in product maintenance policy. | |
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Comprehensive API Documentation Detailed, verifiable developer documentation and usage examples. |
Comprehensive API/SDK documentation available to clients. | |
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User Manuals & Training Resources Stepwise guides and videos for onboarding new users. |
User manuals and training resources are part of client onboarding. | |
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Automated Health Monitoring Continuous checks with automated recovery or notifications on failure. |
Automated health checks monitoring and notifications are included. | |
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Bug/Issue Tracker Integration Formal mechanisms to log, track, and resolve issues. |
Bug/issue tracking and integration supported for banks and IT teams. | |
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Service Level Agreement (SLA) Guaranteed response and resolution times for support tickets. |
Detailed SLAs are available for on-premise and SaaS offerings. | |
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Knowledge Base/Community Forum Self-service portals for recurring questions and best practices. |
Online knowledge base and community forums for clients/partners. | |
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Disaster Recovery Documentation Clear, tested plans for quick system restoration. |
Disaster recovery and business continuity plans are provided. |
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