Reuters Trade and Risk Management has signed five trade deals in the Asia Pacific region for Kondor systems in the first quarter of 2007. This adds to the 140 existing customers serviced by Reuters in thirteen countries across the region. Following on from the sale announced recently at New South Wales Treasury Corporation (TCorp), four more banks are now planning installations of Reuters Kondor systems.
Kondor is a suite of trade and risk management tools covering front and back office and all asset classes and instrument types. The suite includes tools such as pre-trade counterparty credit limit control management and configurable workflow management for the back office.
The first of the five deals is with Metropolitan Bank and Trust Company (Metrobank), the largest commercial bank in the Philippines. The bank is implementing a centralised market risk system to effectively manage risk exposure and meet requirements set by the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines.
Korea Exchange Bank, the largest foreign exchange bank in Korea, is upgrading to the latest version of Kondor+ 3.0 for its front office, including a number of new modules for derivatives trading, structured products and risk management. Korea Exchange Bank reviewed a number of other systems before selecting Reuters to take advantage of the enhanced derivatives functionalities added through the acquisition of Application Networks with JRisk in 2006.
Bank of East Asia is establishing a new trading room in Shanghai, China. The bank has signed a contract with Reuters to leverage on its existing Kondor front, middle and back office system in Hong Kong while building up a strategic move into mainland China.
Reuters has signed an agreement with a long-term client in Hong Kong to provide consultancy services to create a hot backup disaster recovery service for its Kondor applications. An important part of business contingency planning, this project enables the bank’s treasury and risk management team to switch to the disaster recovery site within a short time frame and continue trading and real-time limit management without any interruption, thus reducing operation risks.
Lastly, following an extensive selection process New South Wales Treasury Corporation (TCorp) recently chose Reuters Kondor+ and its integrated Middle and Back Office modules to support its requirements for trade and risk management. TCorp is the central financing authority for the New South Wales public sector and a leading issuer of semi-government securities in the Australian market.
TCorp is replacing their existing systems with Kondor+ to provide deal capture, risk management and straight through processing across all asset classes, integrated with Reuters Kondor Global Risk for pre-trade credit limit management.