(26 April 2006 – UK) Reuters has signed a deal to provide Commercial Bank of Qatar (CBQ) and Dubai’s department of finance with its Kondor trading and risk management technology.CBQ will use technology for management of its front and middle office and Reuters’ Trade Processing platform will support the bank’s back office functions, such as treasury and derivatives.
CBQ head of treasury sales, Ashley Free, said the Kondor platform would help the bank greatly enhance its 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,” he said.
Reuters said the bank is also evaluating the extension of the system into its proprietary capital markets department and risk management.
Director general of the Dubai department of finance, Sami Al Qamzi, said the benefit to his organisation would be that its treasury operations could “move ahead swiftly and in line with the demands and pace of Dubai itself”.