London – Reuters (LSE: RTR; NASDAQ: RTRSY) today announced it has signed two deals for its Kondor suite of products in the middle east with the Government of Dubai, Department of Finance (DoF) and the Commercial Bank of Qatar (CBQ) – the second largest bank in Qatar.
Both have purchased the full Kondor suite of trade and risk management products, comprising Kondor+ for the front office, and Kondor Global Risk for the middle office. The Commercial Bank of Qatar will use Kondor+ Trade Processing for the back office whilst the Government of Dubai will use Kondor Trade Processing in the same role.
The Dubai Department of Finance intends to use Kondor+ to automate and streamline its treasury operations whilst the focus for The Commercial Bank of Qatar is to innovate its treasury operations, particularly in derivative instruments, for which there is increasing customer demand. CBQ is also currently evaluating the extension of Kondor+ into its proprietary capital markets department and risk management.
Andreas Raggl, Reuters Head of Trade and Risk Management, Middle East and Africa, said: “Reuters clients in the Middle East are becoming increasingly sophisticated in their use of financial products. We are delighted to be able to meet their needs with the Kondor+ product suite which offers solutions in every step of the trading cycle. The deal documents Reuters continued ability to keep up with the increasing demand for fully integrated Treasury front to back solutions.”
Ashley Free, Head of Treasury Sales, Commercial Bank of Qatar, said: “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.”
Sami Al Qamzi, Director General, Government of Dubai, Department of Finance, said: “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.”