Auctions
Commodity auctions are usually run by hand: rounds and price steps are counted on a calculator. The extension is watched on a clock. The solution runs all four auction types with rounds, timers and the extension rule from one window. With the solution the lot sells by the specification rules, with no dependence on a careful scorekeeper. In setup rounds, steps and timers come as reference data without code changes.
Order book
Spot orders and forwards usually live in different spreadsheets, and the trade trail gets lost. The solution brings limit orders into one book and leaves a line in the tape and a delivery instruction. With the solution spot and forward run in one place, and the depth of demand is visible. In setup the order and trade journal is visible, and the collateral checks are set in configuration.
Specifications
A specification usually lives in documents, and every change turns into a letter to the participants. The solution keeps specifications with versions: classes, basises, tariffs and admission rules. With the solution the trading terms change as reference data, and participants see the current version. In setup the version history and the differences are visible without code changes.
Warehouses and warrants
Receipts and warrants are usually passed on paper, and only the warehouse sees the title to the goods. The solution runs receipts, warrant transfer and rights on CSD commodity accounts. With the solution the reliance is on accredited warehouses, and the buyer gets a confirmed title. In setup the movement of every warrant is visible, and the warehouses and accreditation windows are configured per segment.
Delivery
Delivery is usually assembled over the phone: windows, shipment and documents stay outside the system. The solution runs delivery windows, shipment and the documents around them. With the solution the delivery date is visible in advance, and failures are not unpicked after the fact. In setup the status of every delivery is visible, and the window rules come from the setup.
Clearing with novation
Clearing is usually computed after trading in a separate circuit, and net positions appear by the morning. The solution turns trades into obligations and a multilateral net, and runs the money legs through the bank. With the solution obligations are known on the trade day, and settlement is not rolled over. In setup net positions and instructions are visible for every participant, and the clearing rules are part of the configuration.
Reports and regulator
Regulator extracts are usually assembled from spreadsheets by hand, and the data diverges from trading. The solution builds the reports from live transaction data and keeps the trail of every day. With the solution the regulator gets trading figures, and reviews pass along a ready journal. In setup the extract scope and the dispatch history are visible, and the schedule comes as reference data.
