EON is the first bank in Malaysia to choose Reuters straight through processing risk management system and Kondor Global Limits to monitor their real-time, counter-party limits across their operations.
Kondor Global Limits will enable the bank to monitor its counter-party risks on a consolidated basis for all financial instruments, taking netting and collateral effects into account. This will allow them to reduce trading risks considerably enabling them to expand the volume of trade, thus increasing efficiencies.
The EON Bank group, an integrated financial institution comprising of a commercial bank, finance company and merchant bank has plans to grow its treasury and derivatives trading as well as to expand its branch trading and electronic settlement services. EON Bank Group has an extensive branch network throughout Malaysia and a customer base in excess of one million.
Mr Gopala Krishnan, Deputy Chief Executive Officer, Group Treasury & Investment Banking at EON Bank, said : âEON Bank intends to be one of Malaysia's leading financial services institution, offering innovative products and services to serve the needs of its customers, manage its total treasury management solution and ensure proper risk controls. Reuters has met our criteria and has demonstrated the capability to support our mission. Reuters Kondor+ and KTP will support multiple instruments, integrate with our existing infrastructure and will be flexible enough to meet our present Treasury operation requirements and future expansion of derivatives and other electronic trading services.â
Mark Smith, Head of Sales, Reuters Asia said: "I am very pleased that Eon Bank, a leading Malaysian corporation has selected Reuters as its business partner. With an increase in cross border trading resulting from globalisation, disparate systems, new technologies and regulations, Reuters is looking forward to working with Eon Bank to strengthen its businesses and to put in place controls on managing risks â both at an enterprise level and trading level."
With an entirely new technical architecture made available this year, Kondor Global Limits displays money market, foreign exchange and securities holdings from different trading and loan processing systems of a bank and its branch offices, simultaneously and in real time. This enables the bank to monitor limit utilisation at any time, manage risk and meet legal requirements. The system permits a very flexible arrangement of lines at the level of counter-parties, issues, sectors and countries or corresponding hierarchies in order to minimise default risk. Kondor+ provides front office trade capture and risk management while KTP provides back office trade processing services.