Wing Hang Bank of Hong Kong has signed an agreement with Reuters to provide a front office trade capture and risk management system as well as a back office trade processing system across its treasury business in Greater China.
Wing Hang Bank, which has about 40 branches in Hong Kong, Macau and China, will use Kondor+ and Reuters Trade Processing (RTP) for deal capture, position keeping and risk management across a wide range of products including foreign exchange, money market and derivatives. All instruments will be processed via the same integrated solution.
Tommy Lee, Assistant General Manager, Wing Hang Bank said: “The banking industry is facing increasing competition and pressures to focus on trade efficiencies and risk management. As our bank grows its treasury activities, we believe that the Reuters solutions, having a open and modular system will give us the benefits of a value added global solutions to grow our market share, to streamline our business and to stay ahead of changes in the financial market, regulatory policy and technological advances in the region.”
Mark Smith, Solutions, Director, Reuters Asia said: “I am delighted that Wing Hang Bank, one of the leading banking groups in Greater China had decided to embrace sophisticated technologies such as Reuters straight through processing solution to implement its treasury back-office system and to integrate their trading and risk management application. Reuters solutions aim to help financial corporations meet the requirements for lower costs, increased efficiencies and integrated performance.”
Reuters Trade Processing is an open and modular back office system that handles all processing and cash management requirements for a wide range of instruments. A real time integration module between Kondor+ and RTP provides the ideal front to back office solution for customers looking for straight-through-processing of their treasury and investment activity. For RTP, being modular enables the possibility to select only the features it currently requires while leaving the door open for expanding the functional scope of deal administration, risk management, cash management, accounting ledger and inhouse banking.
Kondor+ is a real-time position keeping system that offers a sophisticated and flexible means of capturing deals and managing risk. The application provides a wide range of tools and functions that give up-to-the-second information and analytics. With Kondor+, users make informed decisions in managing the financial exposure of a trading room’s activities. Kondor+ handles a wide range of financial market transactions, including securities, foreign exchange, money market , exchange traded and over-the-counter derivatives. The application manages portfolios, displays real-time positions and results, calculates the value and risk exposure of any combination of financial operations.