Israel Discount Bank and Mercantile Discount Bank are implementing a front to back office solution from Reuters for its trading room in Tel Aviv. The project includes Kondor+ from Effix, the core system of Reuters Risk Management product line, as the limits order management function of Reuters FX Trade Management (FXTM). The bank has also agreed to take a back office settlement and accounting system from Diagram of Paris, called Diagram Capital Markets (DCM).
“This agreement places our dealing room on a par with the most advanced dealing rooms in the world,” says Ilan Raviv, manager of Global Markets trading at Israel Discount Bank. “The new systems will enable the bank to provide some of the best professional services in the country.”
“These advanced systems are important, especially considering the globalisation processes occurring in the financial markets. It will allow the bank to trade in all types of financial products in foreign markets, including market making in FX, money markets, fixed interest bonds and more,” he adds.
The installation marks the first time Reuters will be responsible for the project management and integration of its solution in Israel. The project includes trading over the Dealing 3000 system, position keeping, analysis and risk management, as well as a standard interface to DCM in the back office, which is being developed and maintained by Reuters.
Raviv adds that the systems will significantly help the bank to control and minimise its market, credit, settlement and operational risks.