Aligning Murex Architecture

Last week, our Integration Development team received a client request that, on the surface, appeared straightforward: deliver a set of new curves aligned to EUREX, the European clearing house.

But as is often the case in complex financial ecosystems, this request was not simply a technical adjustment, it was the beginning of a broader transformation.

To meet the client’s needs, we engineered a suite of new revaluation curves along with the supporting artefacts required to embed them into their Murex environment. This included tailored EUREX market rate sheets, EUREX specific generators for various financial products, and a purpose-built pre-trade rule to ensure automatic and consistent assignment of the correct curves whenever a trade met the criteria for EUREX clearing.

When clients approach us for new configuration, development, or enhancements, understanding the underlying driver is essential. It allows us to design solutions that are not only technically correct but strategically aligned. The solutions remain scalable and compliant with the evolving regulatory landscape.

So why were the new curves necessary?

The catalyst is the EU’s Active Account Requirement (AAR), introduced under the broader EMIR 3.0 regulatory update. The AAR mandates that firms maintain an active clearing account at an EUbased clearing house, with activity levels that genuinely reflect their overall trading profile. In other words, maintaining an account is no longer enough, firms must actively clear a representative portion of trades through an EU venue such as EUREX.

Why is the EU doing this?

A substantial share of euro denominated derivatives has historically been cleared outside the EU (notably at UK Clearing Counterparties (CCPs) such at London Clearing House). The AAR aims to rebalance clearing towards EU CCPs to mitigate financial stability risks and bolster strategic autonomy, without forcing a full migration overnight.

This regulatory shift compels firms to reconsider how clearing, valuation, and operational workflows are structured within Murex. It is not merely a compliance checkbox; it triggers fundamental changes in pricing, risk management, and operational processes.

By introducing EUREX specific revaluation curves and rate sheets, we aligned pricing and risk to the actual EU CCP margining and market conventions, preventing basis drifts between valuation and cleared exposure. This is foundational for dependable P&L and hedge effectiveness as trading activity shifts.

Our pretrade rule auto assigns the correct EUREX curves when a trade meets the client’s EUREX criteria, ensuring front to back consistency without manual intervention, which is directly supportive of the AAR’s operational readiness pillar.

By providing the appropriate development and configuration, including accurate revaluation curves and robust assignment logic, we help our clients remain fully compliant with emerging regulations, ensure precision in instrument pricing, and reduce operational risk during the transition.

This work serves as a reminder that when we look beyond the technical request and engage with the strategic drivers behind it, we deliver more than a solution, we deliver insights, resilience, and long term value.