MDX Technology (MDXT), an innovator in connectivity and SaaS low-code workflow solutions for financial institutions, announces a significant expansion of their existing relationship with Marex Solutions. The firm is now using the MDXT low-code workflow platform to automate post-trade processes for their US-based grains business. Marex Solutions, a division of Marex, specialises in the manufacture and distribution of customised OTC Derivatives and Structured Products.
Marex Solutions is an existing customer of MDXT Connect for the distribution of real-time data from internal trading systems. The addition of the MDXT workflow module allows them to seamlessly automate addendum creation, enriched with trade, customer and legal data. In addition, it connects multiple teams within Marex Solutions and externally with their trading partners. MDXT delivered an MVP (minimum viable product) in under four weeks, and the project went live within 12 weeks. The grains business implementation is the first phase of a wider rollout across multiple asset classes.
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Eugene Faller, Head of Enterprise Solutions at Marex Solutions, commented. “This project represents a customer-led pivot in how we develop and adopt modern, highly flexible technology-driven service capabilities. Traditionally new development initiatives would disrupt the core development roadmap but now we can quickly spin-up and sandbox novel ideas in parallel. Low-code means that we can test embryonic ideas and implement continuous feedback and improvement cycles as a collaborative approach with our customers. The commodities market is diverse and highly fragmented, so there is no “off the peg” solution that works well across a broad spectrum. However, with MDXT, we can now quickly and cost-effectively develop different solutions for more targeted or specialist business areas.”
Nigel Someck, CEO at MDXT, concluded. “Interoperability across the trading infrastructure – the ability to seamlessly integrate multiple applications and data – has long been the holy grail for financial markets firms. Particularly in the front office, where traders across both the buy and sell side often have a number of applications open at any o******* to perform a wide range of repetitive tasks. Our workflow solution is designed specifically for financial services firms. We have a unique understanding of how to connect different teams in a highly regulated and time critical environment. The Marex team are an inspiration to work with, their forward-thinking approach is completely aligned to ours and we are delighted that we have continued to further enrich the services we offer.”
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