UK vendor Reuters is reporting eight new contract signings with European banks for its trading and risk management product suite, Kondor+.
Reuters says Montepio, a commercial bank in Portugal, has signed on for the whole suite of Kondor+ products, while Italy banking group Gruppo Banca Carige has opted for the Kondor+ front and middle office systems across all asset classes.
Banca Della Marche is also implementing the Kondor+ front to back office system. Reuters says the Italian regional bank selected the platform for its strong derivatives functionality.
FastNet Luxembourg, owned by the Crédit Agricole and Fortis groups, has implemented Reuters Kondor+ to support its fund administration operations. The bank uses Kondor+ as a pricing tool to manage the increasing volumes of interest and credit derivatives used within funds it administers.
Ealsewhere BCEE, Luxembourg's state-owned bank has extended its implementation of Kondor+ to cover interest and liquidity risks.
Raiffeisen Landesbank Tirol, a regional banking group based in Austria, has adopted the Kondor+ front office system and is also implementing the middle office risk management software, while Raiffeisen Landesbank Steiermark and Raiffeisenlandesbank Niederoesterreich-Wien have both extended Kondor+ into the back office.
Reuters says the new contracts show that there is a growing need for adequate automation and risk management, particularly in the expanding credit derivatives market.