Petro-Diamond, one of Japan’s major traders of physical crude oil, has deployed Aspect Enterprise Solutions’ (AES) software-as-a-service (SaaS) trade and risk management across its global operations.
AspectCTRM is being rolled out to trading seats at Petro-Diamond’s offices in Tokyo, Singapore, and London, replacing worksheet-based systems as the company seeks to manage risk implicit in an increasing volume of buy/store/sell/ship trades of physical products, and associated trades of derivatives for hedging.
“The pattern of our business is evolving with the times and we are forced to do more position taking in combination with hedges to mitigate risk, which exposed the limitations of worksheet-based techniques,” said Tony Nunan, assistant general manager of the risk management office at Petro-Diamond’s parent company Mitsubishi Corporation. “As trading volumes increase, so too does the clerical workload and any mistake propagates across multiple worksheets. We felt we needed an automated solution that lifted this burden, is integrated and gives full transparency across several geographical locations in real time.”
Nunan and his colleagues cut eight vendors down to a short-list of three before selecting AspectCTRM on grounds of cost of ownership and ease of deployment. He said the SaaS delivery model is right for the times.
“No upfront purchase cost, no need for investment in third party software or servers, and no need for an IT department to maintain them. AspectCTRM also meant we could deploy quickly. We went from a one-month trial at our three sites straight into commercial deployment. Traders got up to speed by inputting actual live trades in parallel with the old worksheet system, so at the end of the four week trial period AspectCTRM was populated with live current positions,” said Nunan.
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