Being able to trade all financial instruments on a single platform will give ING a full picture of aggregated risk at an enterprise level for the first time. The new deal also allows ING to replace the many localized front-office Risk products from different vendors, which has resulted in increased cost and risk for ING, a barrier to progress and business growth.
The Reuters solution will provide the flexibility and resilience that enables ING to pursue growth in the key areas of structured derivatives and complex products through the use of Reuters Kondor Open Trade. This module of Reuters Kondor+ enables ING to price, capture and process any type of instrument. By using this module ING has already added five new instruments incorporating NumeriX financial libraries.
AndrÃ© Habay, Head of Trading and Sales, ING Belgium Global Market and Sales, said: "When we started a new trading activity in Belgium, our counterparties asked us how we were able to price and monitor such a broad spectrum of complex instruments. We told them that we were using the Reuters Kondor Open Trade solution on Reuters Kondor+."
Denis De Landsheer, Managing Director at ING, said: "Working with Reuters will allow us to achieve three major goals. Firstly, with one platform we are able to aggregate our global risks. This will aid compliance, but more importantly will mean that we are better able to manage our business. Secondly, by using Kondor Open Trade we are now able to dynamically create and launch new products â a dramatic step change in our ability to seize new business opportunities. Lastly, but not least, by moving to a single Reuters platform we expect to realise major cost reductions and improvements to operational efficiencies in the coming years."
Pierre Castagne, Head of Reuters Risk Business in Western Europe, said: "We are, of course, delighted that ING have chosen the Reuters trade and risk management solution. The Reuters Kondor+ solution was the clear leader in an exhaustive selection process. As a result of this new contract we have gained a lead over our competitors and this underlines our leadership position in this market. This is a long term contract and we look forward to working closely with ING to help them realise their business goals."