New Enterprise-Wide Risk Management Solution from Reuters - Helping Customers Manage Credit Risk for Complex Products and Meet Requirements for Basel II.
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RTR Ready to Roll , Nasdaq: RTRSY), the global information company, today announced at The Global Risk Management Summit the launch of Reuters Kondor Global Risk - a sophisticated, enterprise-wide tool for managing limits and credit exposures including additional functionality for Basel II Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. The purpose of Basel II is to create an international standard that banking regulators can use when creating regulations compliance.
Reuters Kondor Global Risk is a module within the Reuters suite of Kondor trade and risk management solutions which are already used by 14,000 users across 60 countries worldwide. This is an important product launch for Reuters as it demonstrates commitment to the risk industry and complements the well established Reuters Kondor+ and Trade Processing systems.
The new Reuters Kondor Global Risk module is an enterprise-wide credit risk and limit control application which consolidates information across all subsidiaries and distributes risk figures in real time onto every desk.
It has two important areas of functionality:
--A complete firm-wide limit management framework covering trading and banking book instruments, including credit risk mitigation techniques (netting agreements, collateral management, guarantees and credit derivatives) and leveraging workflow capabilities for excess management and double validation of static data - providing improved flexibility in limit management.
--A Basel II regulatory capital module - to improve compliance in the credit risk area, for both the trading book Trading Book
The portfolio of financial instruments held by a brokerage or bank. The financial instruments in the trading book are purchased or sold to facilitate trading for their customers, to profit from spreads between the bid/ask spread, or to hedge against various types of and the banking book. Enabling customers to calculate risk parameters (exposure at default, probability of default Probability of default (PD) is a parameter used in the calculation of economic capital or regulatory capital under Basel II for a banking institution. This is an attribute of bank's client. , loss given default, risk weights) and capital requirements Capital requirements
Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. against the three proposed methodologies (standardized method and foundation and advanced internal rating-based approaches). This is achieved through the application of a common framework to measure, value, monitor and report trading and banking book exposures.
Reuters Kondor Global Risk includes a risk engine for Monte-Carlo simulation based Potential Futures Exposures for better credit exposure analysis - to assess credit risk for instruments sensitive to market moves, such as complex derivatives and structured products - where traditional add-ons are too static. This sophisticated computational functionality has been designed to make use of Grid technologies to ensure delivery of today's most demanding requirements for increased power and lower cost of ownership.
To ensure the effective enablement of Grid technology, Reuters is collaborating with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Intel and DataSynapse. IBM is currently undertaking performance benchmarking on Kondor Global Risk on IBM's Blade Center technology, equipped with Intel's advanced processor technology and a Red Hat Linux Red Hat Linux, assembled by Red Hat, was a popular, "middle-aged" Linux distribution (not as old as Slackware but older than Ubuntu) upon its discontinuation in 2004.
Red Hat Linux 1.0 was released on November 3, 1994. operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . Early results of the benchmarking indicate that the application can complete a full PFE 1. (text, editor) PFE - Programmer's File Editor.
2. (language) PFE - Portable Forth Environment. analysis for an average bank in less than 5 minutes - bringing this type of advanced complex analysis into the reach of most banks through superior price performance.
Tom Swett, IBM General Manager, Global Financial Markets, said, "We are proud to collaborate with Reuters in such an exciting domain as computational finance. IBM is committed to delivering industry leading infrastructure solutions and Grid enablement is a key example of this. We look forward to continuing to work closely with Reuters in taking this to other areas of the Kondor product suite."
Thibault Le Masson, Head of Enterprise-Wide Risk Management at Reuters, said, "The launch of Kondor Global Risk is Reuters response to banks needing greater sophistication so·phis·ti·cate
v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates
1. To cause to become less natural, especially to make less naive and more worldly.
2. in limits management, coupled with the requirement to comply with Basel II. The power of Kondor Global Risk, including the complex simulation functionality can be fully realised through the use of Grid technology - allowing us to deliver a superior solution with impressive price performance."
Building on more than 20 years experience in the risk industry, the Kondor suite is a highly sophisticated, modular solution designed to provide a best fit with your business requirements. More than 50% of the world's top 25 banks rely on Reuters Kondor trade and risk management solutions at every step of the trade.
About Reuters Kondor+
Reuters Kondor+ is a real-time pricing, capture and position keeping system offering a sophisticated and flexible means of managing deals and positions across all instruments. Together, Reuters Kondor+ and Kondor Trade Processing offer a seamless, two way, interactive front-to back-office solution. Kondor Global Risk and Kondor Value at Risk deliver tools for the management of complex global market and credit risk.
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