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Manila – Reuters (LSE: RTR; NASDAQ: RTRSY) has signed a major contract to implement Kondor Global Risk and Kondor Value at Risk with the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP). The bank is the first customer to use these products for market and credit risk in the Philippines.

Reuters Kondor Global Risk provides tools for credit and risk managers to monitor and analyse market and credit risk exposures in real time. Its scaleable architecture makes it suitable for both single site and global institutions.

Bangko Sentral ng Pilipinas, chose Reuters risk management system because of its capabilities and Reuters global knowledge and local support. Reuters risk management system will position BSP as the role model for local banks to manage financial risks proactively.

John Palmiero, Head of Trade and Risk Management, Reuters Asia, said: “We are delighted that BSP has taken a major step by investing in a global risk system to enhance its risk management practice. This deal establishes Reuters as a major player in the market to help financial institutions in the Philippines comply with market and credit risk controls required by the BSP.”

Alex Hungate, Managing Director Asia, said: “As the Philippines leading bank it is important to us that the BSP has chosen these key products from Reuters Trade and Risk Management. It shows the increasingly sophisticated needs of banks in this region and the ability of Reuters to meet those needs.”