Full spectrum trader Point Energy Trading FZE, a specialist in the trading of oil products, mainly originating from the CIS into the global markets, has deployed the AspectCTRM trade and risk management solution by leading global cloud vendor Aspect Enterprise Solutions after evaluating four contending solutions.
The deal will see AspectCTRM used at Point Energy’s trading operations and finance office in Geneva, Switzerland and the back office of their headquarters in Ras AL Khaimah, UAE.
Point Energy’s evaluation team judged AspectCTRM to be ahead on functionality, speed to deployment, and total cost of ownership. Singled out for particular praise was AspectCTRM’s new Custom Report Builder tool which enables trading companies’ own staff to quickly and easily develop bespoke reports using simple scripting language rather than complex Java code like other systems. Configurable reports are possible due to Aspect’s unique and innovative underlying architecture which has been developed through a project called AESthetics. The goal of AESthetics is to empower companies with tools and applications that are more efficient, less costly and leverage standardized processes and best practices across commodities industries.
Andrew Choynowski who was hired in Geneva to setup the Point Energy Group of companies and is Managing Director of Swiss operations and finance said, “We wanted to get off to the right start in risk management and Aspect for oil trading companies is second to none for the middle and back office rolls in many ways. We feel it will not only fulfill our needs, but also makes it straight forward and simpler for our financing banks, when reporting the company’s risk exposure. The addition of Custom Report Builder to AspectCTRM is a very significant move. It means we don’t need to hire a specialist Java coder or pay a vendor to customize reports, we can do it ourselves saving time and money and retaining the ability to make changes as our needs evolve.”
Aspect CEO Steve Hughes said, “We are continuing to innovate in the CTRM space. Having shown the energy trading world how to do cloud-based trade and risk management, we’re demonstrably pushing down the cost of deployment and ownership still further. Through our AESthetics initiative and with additions such as Custom Report Builder we are de-skilling the implementation process and empowering customers so that they can secure even faster and less costly results.”