Our expertise is proven by our delivered experience. In our series of case studies we show how Phi Partners overcomes a range of technology challenges to achieve sustainable operational and commercial advantages for our clients.
Murex Equity Derivatives Upgrade


  • Phi Partners was engaged by a large Swedish bank to re-plan and execute an upgrade to the Equity Derivatives instance of Murex.
  • This upgrade was part of a wider Murex program with an FX installation running in parallel.

 Business objectives

  • Upgrade the equity derivatives Murex instance and increase the functional scope.
  • Improve the quality of the implementation.


 In Scope

  • Front-to-back functionality.
  • Equity derivatives.
  • Upgrade from 3.1.21 to 3.1.33.


  • Phi Partners provided the project management, functional and technical analysis, testing phases and support to the client’s wider programme management function.



  • Carried out an initial impact assessment to understand the scope of the upgrade and the functionality impacted moving across multiple binaries.
  • Worked closely and proactively with the vendor.
  • Worked with the SMEs to improve the technical solution, clean the database and rationalise business process.
  • Adopted a structured risk based test approach to focus on key application areas.