Reuters inks two Kondor deals in Middle East

Reuters inks two Kondor deals in Middle East

UK news and information group Reuters has signed the Commercial Bank of Qatar (CBQ) and the government of Dubai's department of finance (DoF) to its Kondor trading and risk management technology.

CBQ will use the Kondor+ application for front office management and Kondor Global Risk for middle-office operations, while the Kondor+ Trade Processing platform will support back office functions, focusing on treasury operations in derivative instruments.

Reuters says the bank is also evaluating the extension of the system into its proprietary capital markets department and risk management.

Ashley Free, head of treasury sales, CBQ, comments: "Kondor+ will give us the edge we need to decisively enhance our treasury operations. We have ambitious plans to expand in this area and we need a system that will grow with us as we bring these to fruition."

Dubai's DoF will employ Kondor+ to automate treasury operations and Kondor global risk for middle-office transactions. Kondor+ Trade Processing will support back-office tasks.

Sami Al Qamzi, director general, government of Dubai, DoF says: "The Reuters Kondor solutions will provide the platform we need to build our treasury operations in a way that enables us to move ahead swiftly and in line with the demands and pace of Dubai itself."

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