Reuters Chosen By Six Banks In China To Provide Trade And Risk Management Service
21 February 2006, Beijing– Reuters (LSE: RTR, NASDAQ: RTRSY), today announced that six banks in China have selected Reuters to provide them with the well-proven Kondor product suite to handle their real-time trade and risk management requirements.
They are Bank of China, Ningbo Commercial Bank, China Minsheng Banking Corporation, Bank of Communications, China Development Bank and Export-Import Bank of China.
Bank of China, a long time leading Reuters Kondor+ client, has chosen the Reuters Kondor Open Trade module to pursue growth in structured derivatives and complex products. This module will allow Bank of China to incorporate financial libraries from NumeriX – enabling the bank to price, capture and process all types of complex financial instruments.
Ningbo Commercial Bank signed their contract with Reuters for Kondor+ and Reuters Market Data System (RMDS) ahead of its application for a China Banking Regulatory Commission (CBRC) derivatives license. Reuters solution will allow the bank to reduce costs and risks by consolidating onto a single system.
Zhang Zhenpeng, Head of Treasury, Ningbo Commercial Bank, said, “Reuters was chosen as the preferred option to satisfy the bank’s derivatives trading needs because of the company’s professional expertise in providing enterprise risk services. The bank intends to leverage the relationship with Reuters to improve its risk management practice. Being able to trade all financial instruments on a single platform will allow Ningbo Commercial Bank to better capture market opportunities cost-effectively and with lower risk for the bank"
China Minsheng Banking Corporation and Export-Import Bank of China have both chosen Reuters Kondor integrated front-to-back office solution made up of the specialist modules of Kondor+ and Kondor Global Risk, for trading room position keeping and risk analysis, and Kondor+ Trade Processing, for settlement and accounting processing.
Reuters has secured three back office deals in China in the last five months, showing the strong demand for its seamless trade management solution. Export-Import Bank of China is expected to be the first enterprise in Asia to implement the new Kondor+ version 3.0.
China Development Bank and Bank of Communications are using Reuters Kondor+ to grow their Treasury and Interest Rate Derivative activities. Reuters Kondor+ will provide front and middle office operations at China Development Bank leading to increased operational efficiencies for the bank.
Serena Wang, Managing Director, Reuters China, said, “Reuters Trade and Risk Management has a good number of clients in China and we are able to demonstrate that Reuters is enhancing the business propositions and meeting China’s regulatory requirements.”
Alexander Hungate, Managing Director, Reuters Asia, said, "Banks in China are increasingly choosing services from Reuters as their business activities become more sophisticated and they need to enhance their global risk management controls. These recent deals bring the number of Kondor+ sites to a total of 17 in China, once again proving Reuters to be the market leader in trade and risk management solutions in the country.”
About Reuters Trade and Risk Management:
Reuters has more than 20 years’ experience helping customers successfully manage and control risk. Relied upon by 50% of the world’s top 25 financial institutions, Kondor solutions are installed at more than 700 customer sites providing critical services for 14,000 end users in more than 60 countries worldwide – these customers are supported by more than 700 Risk professionals within the Reuters Trade and Risk Management business. The Reuters Kondor suite of trade and risk management solutions addresses the core risk issues and meets the requirements of traders, heads of desk, risk and operations managers.
Front to back desk-level technology through Kondor+ and Kondor Trade Processing provides real-time pricing, position keeping, trade processing and reporting features including messaging and the generation of accounting entries. Enterprise-wide risk management through Kondor Global Risk and Kondor Value at Risk supports the analysis of credit and market risk exposures at group or firm-wide level.
Reuters modular system is flexible and integrated, offering increased efficiency, control and automation. All of Reuters trade and risk management products can be used independently or fully integrated with each other or third party systems - to provide tailored functionality at every step of the trade.
Reuters (www.about.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Its trusted information drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 15,300 staff in 91 countries, including staff from the acquisition of Moneyline Telerate in June 2005. It also includes 2,300 editorial staff in 196 bureaux serving 129 countries, making Reuters the world’s largest international multimedia news agency. In 2004 Reuters Group revenues, including those of Instinet Group, were £2.9 billion. From July 2005, Instinet Group is being treated as a discontinued operation in the profit and loss account.
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