15 January 2007

As the need for adequate automation and risk management grows, particularly in the expanding credit derivatives market, Reuters Trade and Risk Management continues its expansion in Europe, signing eight clients to its Kondor+ product suite:

- Montepio, a leading commercial bank in Portugal has signed on for the whole suite of Kondor+ products.
- Gruppo Banca Carige, the Italy based banking group has opted for the Kondor+ front and middle office solutions across all asset classes.
- FASTNET Luxembourg, owned by the Crédit Agricole and Fortis groups has implemented Reuters Kondor+ to support its fund administration operations. FASTNET uses Kondor+ as a pricing tool to manage the increasing volumes of interest and credit derivatives used within funds it administers.
- BCEE, Luxembourg’s state-owned bank is a long term user of the core Kondor suite to support its cross-asset class trading activities. BCCE has extended its implementation of Kondor+ to cover interest and liquidity risks.
- Banca Della Marche, an Italian regional bank has chosen Kondor+ front to back office solution based on its strong derivatives functionality and full front to back workflow.
- Raiffeisen Landesbank Tirol AG, a regional banking group based in Austria has adopted the Kondor+ front office solution and is also implementing the middle office risk management solution.
- Raiffeisen Landesbank Steiermark in Austria has extended Kondor+ into the Back Office to enhance the business through improvements in trade processing and operational efficiencies.
- Raiffeisenlandesbank Niederoesterreich-Wien AG also based in Austria has extended Kondor+ into the Back Office for FX/MM and derivatives.

The Reuters Trade and Risk Management range of products provides a single access point to all the tools needed by banks for trading and straight through processing (STP) - from pre-trade analytics, risk management and compliance reporting through to post-trade settlement. It covers the range of financial instruments from vanilla assets to exotic derivatives and structured products all in one system, reducing costs through the consolidation of trade processing onto a single platform.

Andrew White, Reuters Global Head of Trade and Risk Management Solutions said: “We are delighted to be working with these new banking customers and continue to develop our business in Europe, a key market for us. Kondor+ is now a straight through solution providing front to back office trade processing across a full range of asset classes, and we look forward to further enhancements with the new derivatives expertise brought through Kondor JRisk.”

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