Reuters reports more China bank contracts

Reuters reports more China bank contracts

UK news and information group Reuters is reporting six new contract signings with banks in China for its Kondor trade and risk management product suite.

Reuters says Bank of China, Ningbo Commercial Bank, China Minsheng Banking Corporation, Bank of Communications, China Development Bank and Export-Import Bank of China have all signed licence agreements for its Kondor technology.

Bank of China has chosen the Reuters Kondor Open Trade module to pursue growth in structured derivatives and complex products. This module will allow the bank to incorporate financial libraries from NumeriX – enabling it to price, capture and process all types of complex financial instruments.

Ningbo Commercial Bank has licensed the Reuters Market Data System (RMDS) and the vendor's Kondor+ software ahead of its application for a China Banking Regulatory Commission (CBRC) derivatives licence. Reuters says the technology will allow the bank to reduce costs and risks by consolidating onto a single system.

Zhang Zhenpeng, head of treasury, Ningbo Commercial Bank, says: "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 the Kondor integrated front-to-back office system for trading room position keeping and risk analysis, and the Kondor+ Trade Processing system for settlement and accounting processing.

Reuters says the new deals bring the number of Kondor+ sites inn China to 17.

The news follows the vendor's announcement yesterday that it had signed four of China's largest banks, along with Bank of Montreal, to its foreign exchange trading system, Dealing 3000.

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