Poll by Triple Point Reports Only 11 Percent of Respondents Have Straight-Through-Processing for Commodity Trading & Risk Management Systems; 94 Percent Report Need for Such Capabilities
February 17, 2006 (PRLEAP.COM) Technology News
WESTPORT, Connecticut (February 17, 2006) – Only 11 percent of professionals participating in a poll conducted by Triple Point Technology reported this week that they have the integrated commodity and risk management systems to provide the ‘straight-through-processing’ of information needed to produce detailed audit trails and make the same data available throughout the commodity trading life cycle. Conversely, 94 percent of the attendees also see the cost and efficiency benefits of adding the ability to enter data once and use it throughout the organization to achieve seamless linkage across all departments to improve business results.
“The bad news is that so many companies are not taking advantage of the technology advances that are available today to improve their performance,” said Michael Schwartz, chief marketing officer, Triple Point Technology. “The good news is that more and more companies are recognizing the need to incorporate the latest solutions to achieve straight-through-processing and improve results at every step of their trading, risk management, accounting, and executive operations.”
Triple Point Technology, the leading global supplier of cross-industry software platforms for the supply, trading, marketing and movement of commodities, in conjunction with UtiliPoint International, the utility and energy industry thought leader, is conducting a series of educational webcasts to provide a real-world understanding of the business and regulatory environment as it exists today, and introduce solutions available now to give companies a competitive advantage.
“These poll results are very much in line with our own UtiliPoint research,” said Dr. Gary M. Vasey, vice president, UtiliPoint International. “Our research also reveals that the majority of trading and risk management environments have low integration levels, are not used to enter data immediately, and lack necessary security, risk management and security features. The need is there and is recognized by these companies.”
Attendees at the session represented the gamut of titles and types of companies who are seeking better solutions in meeting regulatory requirements. Risk managers, accountants, portfolio managers, schedulers, IT directors, company principals and directors, from energy companies, trading organizations, utilities, banks, hedge funds and accounting firms all signed on to hear the program on the need to standardize risk management practices and improve business processes.
Schwartz noted that Triple Point’s Commodity XL™ suite of solutions is based on next-generation architecture and has been built from the ground up with the straight-through-processing and real-time capabilities that meet regulatory requirements and improve business operations.
The next webcasts in this series, “Risk Management is the Key to Success” takes place March 7, and “The Business Case for an ETRM System” is scheduled on April 4. Register for these sessions at www.tpt.com/resourcecenter.
About Triple Point Technology
Triple Point Technology is the leader in trading, risk management, scheduling and logistics solutions for commodities including power, oil, gas, coal, metals, agricultural products and freight. Triple Point Commodity XLTM profitably manages the complex, ever-changing requirements of physical and financial markets. Commodity XL integrates front-to-back office and delivers best-of-breed functionality for the supply, trading, marketing and movement of commodities on a single next-generation platform. Triple Point's real-time system helps customers of all sizes streamline trade processing, reduce transaction costs, maximize supply chain efficiencies, precisely measure and manage market risk, evaluate performance, and ensure regulatory and accounting compliance.
Named "Software House of the Year" by Energy Risk, Triple Point's award winning solutions are used by more than 25 percent of both Global 500 commodity trading companies and Global 500 energy companies including Amerada Hess, HETCO, Louis Dreyfus, BP, Lehman Brothers, Morgan Stanley, Preem, Tesoro, Valero, OMV, BPCL, ConocoPhillips, Petronas, Oxy, Cinergy, Marathon Oil, Noble Group, Commerce Energy, ITOCHU, General Maritime and Glencore. Founded in 1993 and headquartered in Westport, Connecticut, USA, Triple Point serves clients in Asia, Africa, Australia, Europe, North America and South America from its five development and support centers strategically located around the world. More information is available at www.tpt.com.