Ey Commodity Trading and Risk Management Systems Overview December 2018 Edition

Commodity trading
and risk management

systems overview
December 2018
Contents Executive summary
Hot topics in commodity trading and risk management systems and the commodity industry 04 Volatile commodity markets, pressure on profit margins and the unprecedented speed
of technological progress have marked the years since the financial crisis in 2007.
Commodity companies dominated S&P 500’s top 10 by market cap back then, but have
Insights from commodity traders on commodity trading and risk management systems 08
since been cast aside by technology companies. In addition, a strong wave of regulation
as a response to the last financial crisis has marked the last decade. The adoption of
Commodity trading and risk management system landscape 12 EMIR, MiFID or Dodd-Frank has forced companies to review their trading activities and
to comply with stricter requirements.
Commodity trading and risk management system selection approach 16
As a consequence of volatile commodity markets and decreasing margins, commodity
companies have to increase volumes while improving efficiency. However, larger
How EY can help 20
volumes can only be handled with a sophisticated and robust commodity trading and
risk management (CTRM) system. New technologies such as big data analytics, robotic
Commodity trading and risk management system vendor profiles 24 process automation, artificial intelligence and blockchain can supplement a strong
CTRM system to gain efficiency.
CTRM systems are crucial when it comes to handling the life cycle of a physical
commodity transaction that carries all manner of risk with it. A transaction needs to be
overseen and managed from its initial execution through to its final settlement. CTRM
systems have been at the forefront of front, middle and back-office desks. They assist
and enable market participants to follow up and hedge against market price movements,
monitor their credit risks and obtain an overall view of the numerous other factors that
affect their trading portfolio. The choice of a CTRM system should be an informed and
practical one. EY is at the forefront of the latest developments in the commodity and
technology industries, and EY has dedicated commodity centers of excellence worldwide
supporting CTRM projects.
The vendor information contained in this brochure is sourced directly from respondents
who agreed to participate in the questionnaire prepared by EY’s CTRM team. The
brochure also includes observations on the current CTRM system trends coming from
both EY experts and our clients, our suggested approach to CTRM system selection and
an overview of selected CTRM-related services that EY can provide.
We hope that this brochure will give you a clear picture of the CTRM system landscape
and the relevant challenges that your organization may be faced with when selecting
and implementing a new CTRM system.
Jean-Noël Ardouin Vuk Stancic

Director Senior Manager
+41 58 286 5563 +41 58 286 5989
jean-noel.ardouin@ch.ey.com vuk.stancic@ch.ey.com
2 Commodity trading and risk management systems overview Commodity trading and risk management systems overview 3
Hot topics in Robotic process automation
commodity trading Robotic process automation (RPA) can be used across software and allows the
capture, interpretation and execution of a business process in a repetitive,
auditable and controlled manner. RPA can handle repetitive, deterministic
35%
of potential cost-savings by
and risk management

and high-volume tasks efficiently, reliably, quickly and can be deployed 24/7. deploying RPA
As such, it allows human resources to focus on more challenging tasks that
need subjective judgement, such as exception handling, change management,
systems and the

process improvement or relationship building.
Although difficult to measure, various studies conclude that RPAs can lead
to significant cost reductions. A recent EY study estimates a cost-saving
commodity industry 35%

potential of up to 35% for operational processes. This can prove interesting
for commodity trading houses seeking to refresh old business processes in an
increasingly complex and fast-paced industry. Commodity firms can look into
of existing processes are
new ways of leveraging on RPAs to improve their profit margins.
impacted by RPA
Artificial intelligence
Mass collection of data, coupled with progress in the areas of artificial intelligence
24/7
and machine learning have opened up new operational possibilities. Complex
algorithms requiring efficient data storage and structuring can learn from data
and tackle complex decision-making tasks. Machine learning can complement deployment of RPA without
human decision-making, such as short-term price predictions of commodity interruption
prices based on voluminous data sets.
EY teams have developed various proof-of-concept models applying

machine learning techniques in the context of commodity trading:
• P
 rice prediction for various commodities leveraging data from different
42 vs 11
sources (marine and land weather observations, public and school
holidays, market prices)
• P
 rice prediction of vessel performance based on Automatic Identification 42% of commodity companies wish to
System (AIS) data and marine weather observations see AI applications in CTRM systems
while only 11% of surveyed CTRM
• P
 rediction of benzene price based on WTI, Brent, Naphtha, and FX rates
systems currently provide AI solutions
for proxy hedging that is automatically optimized to market conditions
Commodity trading firms have experienced significant changes over recent years. Increased volatility in commodity
prices, decreasing margins, extended regulatory and compliance measures and stunted economic growth have put
additional pressure on firms to gain a better mastery of their inherent risks, while maintaining acceptable levels of financial
performance. These pressures have more than often translated into a quest for cost and volatility reductions that are often
reliant on efficient technological solutions. Recent advances in technologies offer the potential to tackle the new challenges
that commodity trading companies face.
4 Commodity trading and risk management systems overview Commodity Trading and Risk Management Systems Overview 5
Blockchain applications Increasing regulation,
In the commodity trading space, this technology offers new ways of financing and handling the exchange complexity and speed
of physical commodities by bringing more speed and transparency at a lower cost to the process. There
With recent adoptions of EMIR and MIFID II in Europe and Dodd-Frank in the
74%
are many potential applications and pilot projects that have been successfully conducted in the space of of CTRM vendors report
US, commodity trading firms have reviewed their trading operations to ensure
trade finance. capabilities on Dodd-Frank
their compliance. A flexible commodity trading and risk management (CTRM)
A technology providing a shared database supporting Blockchain technology is currently not implemented on a system can help in performing gap analysis, monitoring limits and generating
multiple authors whose records are confirmed and signed large scale in the commodity industry but rather in pilot relevant regulatory reports. With the wave of regulation far from over, stricter
by an integrated verification model that constitutes an projects by commodity market participants. The main regulatory requirements has driven investment in robust, reliable and flexible
irreversible transaction capable of activating a transaction obstacle to its widespread usage is the lack of a mature CTRM systems.
process. blockchain solution that is accepted as an industry While electronic trading in equity, bonds and FX markets has already started
As an example, in cooperation with Maersk, one of the
standard. Nevertheless, efforts have been observed in
the marketplace to build consortiums and standards that
years ago, it is not as common in commodity markets. With the rise of
algotrading and a surging need for data scientists, companies are seeking to
63%
leading global shipping companies, EY helped to develop would simplify operations in commodity markets, e.g.,: of CTRM vendors report
a marine insurance platform based on blockchain execute trades in milliseconds to achieve best execution.
capabilities on EMIR
technology. This platform provides accurate and real- • Verification of customer identity (KYC)
Commodity markets are becoming more fast-paced and complex. With the
time information on marine insurance contracts shared • Digitization of letters of credit application of new technologies and stricter regulation, CTRM systems are
with clients and brokers, which significantly improved the also starting to evolve with the speed of the times to remain competitive.
operational efficiency and the data transparency across • Digitization of physical post-trade processing
the whole value chain. As a result, administrative costs
and risks were reduced, benefiting all market participants.
Commodity trading
Source Insure Finance Transport firms have evolved and
many are considering
the investment into an
in-house built CTRM
system as opposed
to purchasing third
Hash “Source” Hash “Source” Hash
Hash“Insure”
Hash Source
Source Hash “Finance” party solutions. As the
dilemma between in-
Hash “Insure” Hash
Hash“Finance”
Hash Insure
Insure Hash “Transport”
house built and third
party solutions persists,
system vendors are
Transform Store Certify Supply adapting their offering
with more targeted
and lighter solutions
designed to respond
to specific needs at
different budget levels.
Hash “Transport” Hash “Transform” Hash “Store” Hash “Certify”
Hash “Transform” Hash “Store” Hash “Certify” Hash “Supply”
Simplified representation of blockchain technology applied to commodity trading
6 Commodity trading and risk management systems overview Commodity Trading

Commodity
and Risk
Trading
Management
and RiskSystems
Management
Overview | 2018
Systems edition 7
Overview
Insights from Based on our interviews, 55% of interviewees were overall either
satisfied or very satisfied with their current commodity trading and risk
commodity traders
management (CTRM) solution. Nevertheless, 64% of the companies are
planning to change at least part of their current CTRM solution in the near
future to achieve a better fit with their business requirements, which was
also the main area of discontent cited by the respondents (55%). Other
55%
on CTRM systems
commonly cited challenges are performance issues (42%) and a lack of of interviewees were overall
flexibility (42%) in their current CTRM solution. either satisfied or very satisfied
with their current CTRM solution
From their experience of past CTRM implementations, our respondents
cited a lack of skilled resources as their major issue (55%), followed by
budget constraints (45%) and weak project management (36%).
Companies can choose to buy a system from an external vendor with

an existing product, build their own system in-house from scratch or
combine both approaches. A CTRM implementation project comes with
many financial and operational risks and companies thus often decide
to partner with an established CTRM provider for any implementation.
Among our respondents only a minority of 25% would choose a pure
in-house development, while the other 75% would partner with an
75%
Would partner with an
established CTRM provider.
established CTRM provider.
CTRM systems have become very complex tools and vendors are working
on various fronts to stand out from their competition and meet the
expectations of their clients. Ninety-one percent of our interviewees
cited performance as the most important aspect of a CTRM system. All
processes within the system must run seamlessly and quickly to avoid
any business interruption. Other aspects that were cited as key were the
flexibility of the system (75%), so that new functionalities can be added
or removed, as well as front-to-back coverage of the system (50%).
In future, CTRM users would like to see CTRM vendors improve system 82%
functionalities in the areas of process automations (75%), modularity and of CTRM users would like to see
interconnectivity (67%), data protection (50%), and artificial intelligence, CTRM system improvement in
machine learning and big data analytics (42%). Blockchain applications the area of process automation
or facilitations were only cited by 9% of the interviewed persons as
important factors, which is due to the early stage of this technology.
EY long-standing relationships with leading global commodity trading companies gives first-hand industry insights
on CTRM systems. EY commodity teams across the globe conducted interviews with key CTRM system dependent
employees from numerous commodity companies to gain specific market relevant insights. The sample of commodity
trading companies that were interviewed are diversified across all commodities.
Evolution of CTRM-related cost in past 2 years
0% to 10%
-10% to 0%
-25% to -10%
<-25%
0% 10% 20% 30% 40%
Most valued CTRM aspects

Commodities traded by respondents
Performance
Gas
Flexibility
Refined oil products
Front-to-back coverage
Crude oil
Vendor support
Agricultural
Interconnectivity
Base metals
Competitive price
Power
Coal
Regular updates
Emissions Multi-device
Other
0% 20% 40% 60% 80%
Freight
Precious metals
Desired features of CTRM system
0% 20% 40% 60% 80%
Process automations
Principal challenges with current CTRM solution Cost savings
Does not cover business requirements Modular set-up/interconnectivity
Lack of flexibility Data protection
Performance issues AI/ML/BD

Outdated software Cloud/mobile applications
Weak architecture
Customizable user interfaces
High maintenance cost
Data lake
Too many customizations to meet demands
Blockchain applications
Weak vendor support
0% 20% 40% 60% 80%
0% 20% 40% 60%
CTRM system In the emergence of a more digitalized age, and with
easier access to technology overall, a wide variety of
Complexity and simplification (a wider
and more competitive landscape)
landscape
commodity trading and risk management (CTRM) system
providers are offering a large palette of different types
of solutions. Although it would be difficult to summarize With an increase in the complexity and multiplicity of
the whole supply side of CTRM systems, we do observe financial instruments and transactional choices, as well
different categories, each of which is trying to appeal as a more stringent regulatory environment, commodity
to the needs and goals of an even more diverse base of trading firms are expanding their skillsets to new horizons.
prospective buyers. From an operational point of view, we We observe an overall tendency to require more out of
can broadly put them into three categories: a CTRM system, without necessarily burdening budgets
significantly.
• Off-the-shelf solutions that respond to targeted
functional requirements and need minimal configuration, This trend has led CTRM system vendors to rethink
but can sometimes have limited extension possibilities their offering from both a functional and technological
perspective. In many instances, they have sought to
• Extendable solutions that have certain off-the-shelf
expand not only their functional workflow coverage,
properties, yet allow the user to build on the data model
but also their asset class coverage. On top of this, with
and functionalities, sometimes through a product specific
the general increase of cloud solutions in the enterprise
coding language
software space, more and more CTRM vendors are offering
• Base framework solutions that are deemed to provide hosted variants in addition to their deployed solutions.
the essential technological structure for the creation of a
customized solution Moreover, this environment of increased competitiveness
has been helped by the ease of access to technological
There are clearly overlaps between these categories among development. Hence, the emergence of more traditional
many vendors, and potential customers will seek out enterprise (and financial) solution providers in the CTRM
whichever one best meets their overall requirements. space has not been uncommon.
Commodities covered by CTRM vendors In addition to this, newer and smaller CTRM system
vendors have appeared on the market over the last
94%
decade, offering a variety of solutions that are more
83%
83%
83%
83%
72%
72%
accessible to medium-sized and small companies. These
61%
56%
solutions, which are for the most part hosted (implying
50%
reduced setup costs), aim to meet the needs of smaller
firms faced with similar challenges to those of their larger
equivalents.
It is also worth noting that more traditional industrial and
Coal
Power
Freight
Crude oil
Emissions
Agricultural
Base metals
Refined oil
Gas, LNG,LPG)
Precious metals
products
Gas (Natural
manufacturing companies, whose primary focus is not on
commodity trading, are now becoming potential buyers
of CTRM systems, particularly those that have set up
centralized trading and risk management entities (often
called “margin management” functions).
The benefits of using CTRM systems

Commodity traders and risk managers have been using CTRM systems in their daily workflow, as they provide them with
the basic capabilities to:
1 Execute and track their actions and transactions 3 Account and report on where they stand with whom
Measure the risks they have taken Provide some form of monitoring dashboard for
2 (and help them decide on what to do next) 4 their senior management
As the overlap between supply and demand in the commodity trading and risk
management (CTRM) system space extends, we have noticed a few trends when Cost ranges of CTRM systems
it comes to recent market and regulatory developments:
• A
focus on efficiency and system performance — be it for executing transactions,
computing results or reporting.
11%
56 %
High range
84%
• A
more blurred line between financial and physical trading — which implies price- of solutions support pricing of
cost optimization (under physical constraints), multiple modes of transport and of system vendors report High and medium range complex physical trades
a tendency to have access to some form of geospatial visualization capabilities on Artificial
Medium range
Intelligence applications
• N
ewly generated needs for automated workflows and embedding of controls Medium and low range
into the CTRM system, versus offline spreadsheet-based controls (94% of
Low range
surveyed vendors reported capabilities on typo programming automated 14 %
processes)
• N
ewly created regulatory compliance rules reporting (43% of surveyed vendors
reported capabilities on European Market Infrastructure Regulation (EMIR) 14% 14 % 68%
coverage for European markets) of solutions support Hedge
Accounting
21%
• T
he integration of new technologies in existing CTRM systems. In fact, of
surveyed system vendors 11% report capabilities on Artificial Intelligence and
21% report capabilities on Blockchain. of system vendors report
capabilities on Blockchain
applications
Overall, the landscape of CTRM systems has

become both more competitive, but also more
complete. As traditional vendors are faced with
the challenges of expanding their coverage and
deployment methods, new (and often niche)
vendors are filling the market gaps created by
smaller buyers that are increasingly trading in
their spreadsheets for more efficient and flexible
94%
of system vendors report
screen solutions capabilities on programming
automated processes
14 Commodity trading and risk management systems overview Commodity

CommodityTrading
tradingand
andRisk
riskManagement
managementSystems overview 15
systems Overview
CTRM system CTRM system selection road map:
selection approach
• Define
► the needs of the business for today and the future
without taking into account vendor capabilities
• Prioritize
► requirements by business value and validate • License
them with senior management
• Maintenance
• Define
► system needs, taking into account the constraints
Cost
of the existing IT system and compliance considerations • Support
• Evaluate
► CTRM vendor packages to meet systems needs • Hardware
through a structured, thorough and independent request • Implementation
for proposal (RFP) process
• Integration
• Establish
► RFP process governance and ensure that the
program structure and deliverables are clearly defined
and monitored throughout execution
Technical aspects to take into

consideration:
• Performance levels that are acceptable and stable
• Scalability that corresponds to the firm’s growth plans
• Data and platform security (ensuring confidentiality and
controlling access)
• Enhanced risk management
• Ability to add third-party modules (compatibility and
connectivity) • Richer functionality
• Ease of use
Value
As all companies strive to have the best possible return on
their investments, the cost of your future CTRM system will • Growth enabler
also play a role in the decision-making process.
Selecting and implementing a “fit for purpose” CTRM

Key success factors for selecting and system is a significant undertaking. From EY experience,
there are no two selection (or implementation) projects
implementing a CTRM system that are entirely comparable. Although client specifics
will always drive the selection process, we can provide an
illustrative approach.
Selecting a fit-for-purpose CTRM system is a crucial strategic decision. Prior to any vendor system selection process, a
firm should build a solid business case to support the decision to procure or replace a CTRM system.
At EY, we believe that justifying the business case of CTRM system selection must be supported by the prospective
business growth related to the investment, meeting risk management and operational excellence standards, and
achieving the required regulatory compliance through a scalable or extendable solution. In addition, as CTRM projects
require high dedication of key users across the company, it is crucial that every department supports the implementation
of a new CTRM system.
The following are some key elements to take into account before launching the selection process.
Typically proposed timeline for selecting a
CTRM system
The following outline uses our business and technical insights in the CTRM sector to
layout some example stages we could suggest
Define requirements and architecture
Research and agree vendors
Conduct RFP and select vendors
Plan system implementation
Project kickoff
A B C D
Define requirements and Research and agree Conduct RFP and select Plan system
architecture vendors vendors implementation
• Agree vision, • Identify potential • Run RFP for short-listed • Identify the risks and
functional scope and vendors matching vendors “lessons learned”
key non-functional defined requirements related to CTRM system
Key objective
• Agree detailed
requirements (long list ~8-10) implementation
evaluation criteria
(NFRs) with major
• Evaluate long list • Set up a plan, timeline
stakeholders, including • Evaluate vendor pitches
against prioritized for the implementation
relative priority against evaluation
functional scope and project across
criteria including total
• Agree key integration key NFRs technology and
anticipated cost of
and technical business
• Validate short-list of ownership
expectations
~4-5 vendors
• Make final choice of
vendor
18 Commodity Trading and Risk Management Systems Overview Commodity trading and risk management systems overview 19
How EY can help EY CTRM teams at a glance
EY commodity professionals are dedicated to servicing commodity trading
and risk management clients. The teams have the depth of industry and
technology knowledge to realize business visions through the incorporation
of technology initiatives, and specifically:
• A group of commodity industry and financial market professionals
• First-hand industry experience across a variety of systems — both as users
and through system selection and implementation support
• Deep experience in IT infrastructure and system capabilities
• Independence from CTRM system providers
• Presence across the globe and network
EY center of excellence for commodity trading and risk management
Paris
London Düsseldorf
Geneva
Houston
Singapore
Sydney
20 Commodity trading
Trading and
and risk
Riskmanagement
Managementsystems
Systemsoverview
Overview Commodity Trading and Risk Management Systems Overview 21
EY can support you through the business CTRM system-focused services
transformation of your trading operations EY teams of commodity and technology professionals can help by advising on the selection and implementation
of CTRM systems.
CTRM system selection
Design and facilitate the vendor selection process, including RFP support, system selection
EY services scoring, infrastructure costing and vendor background due diligence.
Assisted a power producer in its selection of a CTRM software vendor.
Assisted a major financial entity with tools selection for its CTRM and International
Sample credentials
Organization for Standardization (ISO) management needs, providing an independent review
of the entity’s requirements versus software package capabilities.
Strategy
• Historical assessment of hedging, improvement or trading program

Governance and strategy
Goals
Policy and • Target operating model design CTRM system implementation
objectives
• Organizational structure benchmark and design
• Development of roles and responsibilities

System implementation support lead or support for implementation, including the definition
Target • Policy development
of requirements, testing, deployment and project management.
operating Business model Our services
model Data analytics, reporting and other trade support systems (e.g., pricing, logistics,
actualization and accounting), or custom builds.
Roles and responsibilities Assisted with the design and implementation of a suite of risk management reports to
Sample credentials
support a client’s new CTRM implementation.
Internal controls Internal audit

CTRM technology strategy and assessment
• Benchmark and gap analysis
Define business needs in terms of IT requirements and assess needs versus current system
Process
Trade • Design
Risk
Trading Finance
management • Implementation assistance
capabilities to identify improvement opportunities and define an IT road map.
Regulation
Accounting • User training
and compliance
Our services Design new or assess current CTRM and supporting systems infrastructure, and
Operations Performance Logistics
reporting data management strategy, to help determine improvement opportunities (includes
• Assist with vendor
benchmarking, oversight and validation to complement ongoing work).
selection process
Developed a complete IT strategy for a refined oil products entity, dependent on the
Technology
• Develop business
Enterprise risk Treasury Trade Finance

requirements
Sample credentials parent company for its IT systems and infrastructure, so that the entity could operate its IT
management system system analytical system • Assist with system functions, including CTRM, independently.
tools integration into business
and processes
Commodities data solutions
Design efficient data strategy, architecture, tools and management processes to centralize
and streamline the collection of trade, pricing and valuation data across the organization.
Our services
Support real-time and on-the-go analytics to support automated or ad hoc reporting (for
additional capabilities such as trade surveillance and compliance reporting).
Engaged by a power utility to design a consolidated profit and loss and position reporting
platform, adaptable to the changing CTRM landscape.
Sample credentials
Engaged by an oil producer to develop business intelligence and data analytics strategy and
design.
Please note that the information in this section has been directly sourced by EY from the participating CTRM system
vendors. This overview has been prepared and published to provide factual information on the functional and technical
CTRM system
aspects of the various solutions included in the questionnaire. Please be advised that the list of participating system
vendors is in no way exhaustive and that they vary in size and scope (asset class and functional coverage), as well as
geographical coverage. By including a variety of vendors, interested firms can use the information provided, and their
best judgment, to determine which vendor(s) would be most likely to meet their needs within their budget.
EY vendor profiles
Agiboo B.V................................. 26 Generation 10............................42
Allegro Development...................28 Invensoft Technologies Pvt. Ltd....44
Open Access Technology

Amphora Inc...............................30
International, Inc.........................46
Aspect Enterprise Solutions Ltd*..32 OpenLink*................................. 48
Brady PLC..................................34 Pioneer Solutions, LLC................50
Contigo......................................36 SAP............................................52
Eka Software Solutions................38 TriplePoint*...............................54
FIS.............................................40
• * These entities are part of ION.
24 Commodity Trading
trading and
and risk
Riskmanagement
Managementsystems
Systemsoverview
Overview Commodity trading and risk management systems overview 25
Agiboo B.V. c) General system/solution information
Main solution Date of initial launch Date of latest version Current version Customer base for all products
name(s) release number — number of companies)
Commodities
Agiblocks 2011 30 November 2018 3.28.1 21
oilseeds, softs and diary

Agricultural — grains,
Refined oil products
Section II — Verbatim
nuts, certifications
Other: spices, tea,
Precious metals
EY questions Vendor answers
Base metals
Emissions
Crude oil
Could you please Agiboo is a provider of commodity trade and risk management solutions with a focus on agricultural
Freight
Power
provide a brief and soft commodities. The flagship product Agiblocks has been adopted in the commodity trade
Coal
Gas description of your and risk management industry since 2011. Agiblocks incorporates detailed understanding of the
Front office company and your specific commodity business and latest information technology. At Agiboo, our ambition is to
solutions? make complex matters simple, which ultimately finds its evidence in the Agiblocks intuitive and
Middle office
Supported functions
user-friendly user interface. Differentiators of Agiblocks are the functionality specifics for the
Risk management different softs- and agri-commodity industries (such as cocoa, coffee, sugar, dairy and grains)
and the flexibility to configure the application to your needs.
Back office
Which CTRM • Trade Finance automation
Accounting
capabilities are you • Blockchain Integration
Logistics currently developing
• Repository reporting
as a priority in order
Compliance • APIs to origin/farm/certification applications
to face current and
future challenges
Core capabilities Capabilities in the commodity
markets?
Geographical location of clients by continent Company size of typical clients In your opinion, • C
omplete deal life cycle supported
what are the main • M
ulti-commodity and currency
advantages that your
• O
ther asset classes covered (eg., Equity, Bonds)
software applications
offer compared to • V
ery competitive cost/price
your competitors in • Quick implementation
the same category? • Multi-device (web/cloud)
• Modular set-up/Flexibility
Please tick no more
• Support
Small Medium Large than three options.
• Proven track record of CTRM implementations
1-30 staff 30-300 staff Over 300 staff
• Global presence of company
In your opinion, what • Scalability and Cloud integration
Section I — Company information are the most pressing • Configurability
demands from your
• Low risk implementations
a) Company history clients?
• Risk/Analytical tool integrations
Founding year Headquarter location Other representative offices Number of employees worldwide
as of 31.12.2017
2009 Almere, Netherlands Not disclosed 24
b) General corporate information
Ownership (private/public) Majority shareholder Annual revenue last year (2017)

Private Investor & Management Not disclosed Not disclosed
Allegro Development c) General system/solution information
Commodities
Allegro 2016 April 2018 16.134.4.4 211
Horizon

Allegro April 2018 111
Refined Oil products
Analytics
Precious metals
Base metals
Emissions
Crude Oil
Freight
Power
Other
Coal
Gas
Front Office
Could you please Allegro is the global leader in commodity management software for companies who buy, sell,
Middle Office
Supported Functions
provide a brief produce or consume commodities. For over 30 years, Allegro has delivered position visibility, risk
Risk Management description of your management, comprehensive controls and regulatory compliance through a forward compatible,
company and your next-generation architecture that is built for your business. Allegro’s proven (energy trading and
Back Office solutions? risk management system) ETRM software innovation and flexibility, coupled with a strong global
Accounting network of industry partners, makes its solutions the best on the market for full commodity
portfolio management.
Logistics Which CTRM • The new challenge in the power market is the ability to support the settlement of market
Compliance capabilities are you trades at a 5-minute granularity, which requires digesting an enormous amount of data and
currently developing an efficient settlement engine.
Core capabilities Capabilities as a priority in order • Increasing clearing and an increasing move forward continuous trading. Allegro is focusing
to face current and on cost-cutting and automation of derivative instrument handling a secondary problem/
future challenges historical weakness for our product exacerbated by increasing interest rates and a shift to
Geographical location of clients by continent Company size of typical clients
in the commodity OIS as risk -free rates mean we are improving our handling of interest rates to incorporate
markets? ‘multi-curve’ treatment of yields and yield spreads.
• Real-time intraday analytics rather than next morning. This year, Allegro acquired Financial
Engineering Associates (FEA), the global leader in quantitative analytic solutions, in order to
respond to this market need.
In your opinion, • C
omplete deal lifecycle supported
what are the main • Multi-commodity and — currency
• Other asset classes covered (eg., Equity, Bonds)
Small Medium Large software applications
offer compared to • Very competitive cost/price
Section I — Company information • Modular set-up/Flexibility
Please tick no more
• Support
a) Company history than three options
Founding year Headquarter location Other representative offices Number of employees worldwide • Global presence of company
as of 31.12.2017
In your opinion, what Allegro’s clients demand flexible and scalable solutions that meet their specific business needs,
1984 Dallas, USA Houston, Berkley, London, 363 are the most pressing including real-time position visibility, risk management, comprehensive controls, and regulatory
Zurich, Switzerland Singapore, Jakarta, Dubai demands from your compliance in an ever changing market. We deliver these solutions to each of our clients not only
clients? during the initial implementation, but after as well. We understand our customers’ needs change
b) General corporate information as new technologies emerge and the market changes; and we are proactive in working with each
of them to ensure our solutions align with their business strategy.
Private Vector Capital Not disclosed
Amphora Inc. c) General system/solution information
Commodities
Symphony 1997 2018 3.2 18

Symphony 2007 2015 3.5 5
Freight
Precious metals
Alchemy 2017 In Development 1.0 2
Base metals
Other: Steel
Emissions
Crude Oil
AssayLocker 2016 2018 2.0 2
Freight
Power
Coal
Gas
Front Office
Middle Office
Supported Functions

Risk Management
Could you please Amphora, Inc. is the premier software solution provider for trading, logistics and risk management
Back Office
provide a brief in the global commodities marketplace. Our global presence includes 100+ employees in 5+
Accounting description of your global offices, all of who have direct hands-on experience with commodity trading systems.
company and your Symphony is a highly scalable, end-to-end solution specific to crude oil, refined products and
Logistics solutions? freight trading, that streamlines operations, reduce transaction costs and manage all of your
Compliance business requirements within a single platform. Alchemy offers a specialized concentrates User
Experience and vertical specific profit and loss, and provides a complete contract management
solutions that is catering to the unique pricing of concentrates contracts such as multi dimensional
Core capabilities Capabilities
payable rules, penalties, treatment and refining charges and QP optionality. AssayLocker offers a
central clearing mechanism that replaces the manual and burdensome assay exchange process
to optimize cash flow and the concentrates settlement process.
Which CTRM • Customer and market driven development
capabilities are you • Amphora is working on developing next generation solutions to cover the entire commodity
currently developing supply chain
to face current and
future challenges
in the commodity
markets?
Small Medium Large
1-30 staff 30-300 staff Over 300 staff In your opinion, • Complete deal lifecycle supported
• Other asset classes covered (eg., Equity, Bonds)☐ Very competitive cost/price
Section I — Company information software applications
offer compared to • Quick implementation
a) Company history your competitors in • M
ulti-device (web/cloud)
the same category? • M
odular set-up/Flexibility
• Support
as of 31.12.2017 Please tick no more
• P
roven track record of CTRM implementations
1997 Houston, USA Zug Switzerland, London, 110 than three options
• G
lobal presence of company
UK, Hyderabad, India,
Stamford, CT, Atlanta, GA In your opinion, what • Usability
b) General corporate information are the most pressing • Extendibility
demands from your
Ownership (private/public) Majority shareholder Annual revenue last year (2017) clients?
Private Not disclosed Not disclosed
ION c) General system/solution information
Commodities
AspectCTRM 2004 August 2018 CTRM 18.2 1,200+
released in July

(regular monthly
Other: Concentrates
release)
Precious metals
Base metals
Emissions
Crude Oil
Freight
Power
Coal
Gas
Could you please provide 1. ION is an industry-leading provider of automation solutions and mission critical applications. We enable
Front Office a brief description of financial institutions, central banks and corporations to digitize and automate their most critical business
Middle Office your company and your processes. We are reinventing the way business is done through our innovations in automation technology.
Supported Functions
solutions? 2. ION Commodities is the largest dedicated provider of trade and risk management and treasury solutions
Risk Management in the world. ION promotes a multi product strategy to best address different commodities customers’
unique requirements.
Back Office
a. We have four leading ETRM/CTRM products and 1,200+ clients globally, along with 6 add-on products for
Accounting market data, supply chain, metals accounting and shipping solutions.
b. ION Commodities meets the needs of organizations with varying complexities and at different stages of
Logistics technology adoption. Solutions are delivered via Software-as-a-Service (SaaS) multi-tenant cloud, hybrid
cloud, private cloud, and on-premise.
Compliance
3. We are the only Commodities Solution provider with the ability to deliver all asset classes, physical and
financials, and changing technology needs through:
Core capabilities Capabilities a. Commitment to continuous innovation
b. Track record of successful delivery
Geographical location of clients by continent Company size of typical clients c. Financial strength with a multi-decade strategic view
Aspect Enterprise Solutions provides commodities and trading companies of all sizes, supporting bunker
trading, fuel marketing, oil and petroleum products, metals, agriculture and coal. It’s the only trade and risk
management solution with integrated market data delivered SaaS in the cloud. Aspect’s cloud architecture
enables quick deployment and configuration, controlled costs and rapid ROI.
Which CTRM capabilities • Development is driven by the needs of the market and our clients. Market needs are diverse, therefore
are you currently our development plan is focused around flexibility of the product and ease of integration with other
developing as a priority systems. It allows AspectCTRM to deliver the best personalized experience in the shortest period of
in order to face current time.
and future challenges in • Archiving data for faster performance
Small Medium Large the commodity markets? • Enhanced UI & user experience
1-30 staff 30-300 staff Over 300 staff In your opinion, what • Complete deal lifecycle supported
are the main advantages • Multi-commodity and — currency
that your software
• Other asset classes covered (eg. Equity, Bonds)
Section I — Company information applications offer
compared to your • Very competitive cost/price
a) Company history competitors in the same • Quick implementation

category? • Multi-device (web/cloud)
Founding year Headquarter location Other representative offices Number of employees worldwide • Modular set-up/Flexibility
as of 31.12.2017 Please tick no more than
three options • Support
2004 Dublin, Ireland ION Offices in 40+ locations 5’750+ • Proven track record of CTRM implementations
In your opinion, what • Nowadays the performance is the number one factor. Users demand real time operations and
are the most pressing immediate evaluation of risks based on changes. Users cannot wait hours or days to get PnL and risk
demands from your numbers. Aspect has always been real-time, when other vendors are not, due to in-memory database
Private ION Not disclosed clients? technology. Clients demand the same performance despite the increasing volumes of data.
• Leverage SaaS in the Cloud C/ETRM solution with rapid implementation & expedited time to value.
Brady PLC c) General system/solution information
Commodities
Fintrade 1990 2018 2018.2 37

Trinity 1991 2018 2018.4 25
Other: Concentrates
Precious metals
Brady Energy 2017 In Development 1.0 1
Base metals
Emissions
Crude Oil
Freight
Power
Coal
Gas
Front Office
Middle Office
Supported Functions
Could you please Brady is a leading provider of software solutions for global energy and commodity trading. We offer
Risk Management provide a brief a choice of trading and risk management applications designed to help producers, consumers,
description of your financial organisations and trading companies manage all of their commodity transactions in an
Back Office
company and your integrated solution.
Accounting solutions? Brady has more than 30 years of expertise in the commodity markets with customers worldwide
depending on our software solutions to manage risk and deliver vital business transactions across
Logistics their global operations. Our expert market knowledge, professionalism and proven problem-
Compliance solving abilities enable us to understand the challenges our clients face and develop tailored
solutions that consistently meet and exceed their needs.
Core capabilities Capabilities Which CTRM In commodities:
capabilities are you • Concentrates & tolling: Management of tolling contracts
Geographical location of clients by continent Company size of typical clients currently developing
• Standardisation of APIs for ease of integration
to face current and • ISO 20022 standard for payments
future challenges • Enhanced limit management
in the commodity In energy:
markets? • Regulatory changes: Sizeable changes in terms of compliance, market rules, XML messaging
formats + underlying logistical changes with the introduction of data hubs.
• Big data: New market trends/changes through Smart Metering (AMS) and increased data
volumes.
Small Medium Large In your opinion, • Complete deal lifecycle supported
1-30 staff 30-300 staff Over 300 staff what are the main • Multi-commodity and — currency
Section I — Company information offer compared to • Very competitive cost/price
a) Company history the same category? • Multi-device (web/cloud)
Founding year Headquarter location Other representative offices Number of employees worldwide Please tick no more
as of 31.12.2017 • Support
than three options
1985 Cambridge, UK London, Halden, Oslo, 215 • Proven track record of CTRM implementations
Geneva, New York, • Global presence of company
Edinburgh, Singapore In your opinion, what Ease of integration and continuing to automate more and more processes, including automation
b) General corporate information are the most pressing of flow between trading counterparties and with suppliers, as well as increasing ability to provide
demands from your up-to-the-minute information to all levels of the organization as needed.
Ownership (private/public) Majority shareholder Annual revenue last year (2017) clients?
Public Listed £23 million
Contigo c) General system/solution information
Commodities
enTrader Dec 2009 July 2018 V7.2 25+
enVoy April 2008 July 2018 V4.1

10+
Precious metals
Base metals
Emissions
Crude Oil
Freight
Power
Could you please Contigo develops and supports an energy software suite that manages the full trade lifecycle
Other
Coal
Gas provide a brief from trade capture to portfolio management through to settlement and invoicing. Contigo’s
Front Office description of your Energy Trading and Risk Management (ETRM) Software is designed to support European
company and your energy generators and retail suppliers and is preconfigured with industry data to enable rapid
Middle Office solutions? implementation. The modular software suite also includes scheduling and nomination functionality
Supported Functions
managing data flows with both Elexon and National Grid. Contigo software is offered as a fully
Risk Management
hosted SaaS solution and includes automated trade capture and straight-through processing
Back Office from European Power and Gas exchanges and venues.
Accounting Which CTRM Increased automation and straight through processing capabilities, real-time risk management,
Logistics capabilities are you increased support for prompt trading, automated trading, improved market data access and
currently developing analysis tools.
Compliance as a priority in order
to face current and
Core capabilities Capabilities future challenges
in the commodity
Geographical location of clients by continent Company size of typical clients markets?
In your opinion, • Complete deal lifecycle supported
Please tick no more
Small Medium Large • Support
than three options
1-30 staff 30-300 staff Over 300 staff • Proven track record of CTRM implementations
Section I — Company information In your opinion, what Increased automation, flexibility, ability to easily integrate with other systems, cloud deployment
are the most pressing
a) Company history demands from your
clients?
as of 31.12.2017
2006 Solihull, UK Not disclosed 45+

Private Energy One Group Not disclosed
Eka c) General system/solution information
Commodities
Eka May 2018 8x 88
Commodity

Platform
Precious metals
Base metals
Emissions
Crude Oil
Freight
Power
Other
Coal
Gas
Could you please Eka is the global leader in providing Commodity Management software solutions driven by Cloud,
Front Office
provide a brief Blockchain, Machine Learning and Analytics. Eka’s end-to-end Digital Commodity Management
Middle Office description of your platform enables companies to efficiently and profitably meet the challenges of complex and
Supported Functions
company and your volatile markets.

Risk Management
solutions? Eka’s modern commodity platform is designed for commodity companies that need to flex, grow,
Back Office and adapt to market forces. It is an intuitive commodity software built with features that deliver
in-depth commodity workflows, entirely configurable to your needs as you scale.
Accounting
It is the only digital commodity management platform that breaks monolithic CTRM systems
Logistics into bite-sized chunks of powerful apps that work across the commodity value chain, thereby
enabling faster, data-powered decisions. The solution is comprehensive, connected, on cloud and
Compliance
designed to scale as your business requirements grow.
The platform offers end-to-end functionality and can rapidly configure every workflow from
Core capabilities Capabilities sourcing to trading & risk and supply chain all the way to downstream. Its suite of domain rich,
commodity-savvy apps support every function to help smoothen the entire process.
Geographical location of clients by continent Company size of typical clients With Eka’s flexible solution businesses can start small or big depending on their requirements.
They can configure only the apps they need, with the freedom to add as they go, as their business
grows. By providing end-to-end connectivity and visibility, it empowers commodity businesses to
go beyond and explore new growth avenues.
Which CTRM • Bringing machine learning and AI to commodity management.
capabilities are you • Analytics as core part of decision making.
currently developing
• Flexibility and scalability of true modern cloud based systems so that companies can
implement what they need
to face current and
Small Medium Large future challenges
1-30 staff 30-300 staff Over 300 staff in the commodity
markets?

Section I — Company information what are the main • M
ulti-commodity and — currency
a) Company history • O
ther asset classes covered (eg., Equity, Bonds)
as of 31.12.2017
2004 Bangalore, India USA, India, UK, Australia, 315
Canada, Singapore, UAE • Modular set-up/Flexibility
Please tick no more
• Support
than three options
b) General corporate information • Proven track record of CTRM implementations
In your opinion, what Fast implementations, real-time data and instant access to reports, alerts, data accessible from
Private Silver Lake Not disclosed are the most pressing any/all mobile devices, scalability.
demands from your
clients?
FIS c) General system/solution information
Commodities
Aligne 1998 2018 Aligne 5
XDM 2006 2018 XDM

500

Kiodex 1999 2018 -
Precious metals
MarkMap 1982 2018 MarketMap
Base metals
Energy Energy 7
Emissions
Crude Oil
Freight
Power
Other
Coal
Gas
Front Office EY questions Vendor answers
Middle Office Could you please FIS™ is the world’s largest global provider dedicated to financial technology solutions. FIS
Supported Functions
provide a brief empowers the financial world with software, services, consulting and outsourcing solutions
Risk Management description of your focused on retail and institutional banking, payments, asset and wealth management, risk and
Back Office company and your compliance, trade enablement, transaction processing and record-keeping
solutions? FIS Energy & Commodities offers a multi-commodity solution which includes trading, risk
Accounting management, scheduling and operations, regulatory compliance, settlement, accounting,
Logistics market order management and management information as well as market data, treasury and
finance. The solution helps companies to compete efficiently in global energy and commodities
Compliance markets by streamlining and integrating the trading, risk management and operations of physical
commodities and their associated financial instruments.
Core capabilities Capabilities Which CTRM • Short term trading: FIS is developing solutions for continuous trading including market
capabilities are you bidding and algo-trading real time positioning and asset management, real time market
Geographical location of clients by continent Company size of typical clients currently developing interfacing and integration of customer specific logic in the trading process. Following the
as a priority in order recent market trends on more native integration of optimization and automated trading FIS
to face current and is working in partnership with leading optimization providers which enable full integration of
future challenges sophisticated optimization models with Aligne short term trading solutions. FIS is doing R&D
in the commodity work on integration of new technologies such as AI into algo trading.
markets? • Further work on cloud offering, leveraging HTML5 technology. FIS continuously follows the
strategy to transfer of all products to the new technology to achieve an ergonomic, intuitive
user experience. As for today all operational windows for Front, Middle and Back office are all
on the new technology and will be followed by reference data and configuration screens.
Small Medium Large In your opinion, • Complete deal lifecycle supported
1-30 staff 30-300 staff Over 300 staff what are the main • Multi-commodity and — currency
Section I — Company information offer compared to • Very competitive cost/price
a) Company history the same category? • Multi-device (web/cloud)
Founding year Headquarter location Other representative offices Number of employees worldwide • Modular set-up/Flexibility
Please tick no more
than three options
1968 Jacksonville, USA London, Geneva, Frankfurt 52’000 • Proven track record of CTRM implementations
b) General corporate information In your opinion, what This depends on the market/asset class; within the Power markets, automation and optimization
are the most pressing in real time within the intraday world, usage to AI technique for algo trading, as well as managing
Ownership (private/public) Majority shareholder Annual revenue last year (2017) demands from your retail portfolio’s whereas for the Softs markets, time to market.
Public Listed $9’123 millions clients?
Generation10 c) General system/solution information
Commodities
G10 May 2013 May 2018 4.11
Commodity

Manager
15
Other: Concentrates
D3 Analytics March 2008 June 2018 4.11
Precious metals
Aud.IT August 2017 June 2018 1.10
Base metals
the.Counter February 2018 June 2018 1.04
Emissions
Crude Oil
Freight
Power
Coal
Gas
Front Office EY questions Vendor answers
Middle Office Could you please Gen10 is a specialist Commodity Supply Chain technology company that serves the Agriculture,
Supported Functions
provide a brief Soft, Metals (including concentrates) and Fuel industries, as well as in the areas of trade finance,
Risk Management
description of your insurance, brokerage and inspection services.
Back Office company and your 100% cloud-based, Gen10’s CTRM platform, Commodity Manager™ has a modern, robust
solutions? technology stack and agile architecture that offers a wide range of user preferences from
Accounting
dashboards to page layouts and grid options, personalized business processes and report
Logistics formats. Integration with ERP/accounting systems is simplified via a comprehensive set of web
services.
Compliance
G10’s Commodity Manager platform includes end-to-end transaction processing and analytics,
covering everything from fast trade capture, origination, sample management through export,
Core capabilities Capabilities trading, import, distribution, final settlement and risk management.
Which CTRM • Pricing and premium formula engine
Geographical location of clients by continent Company size of typical clients capabilities are you • Oil Pipeline Scheduling
• More APIs for connectivity with the wider ecosystem
to face current and • Performance metrics for quantifying operational risk and optimization
future challenges
in the commodity
markets?

Small Medium Large advantages that your
1-30 staff 30-300 staff Over 300 staff • Other asset classes covered (eg., Equity, Bonds)
Section I — Company information the same category? • Multi-device (web/cloud)
a) Company history • Modular set-up/Flexibility
Please tick no more
• Support
Founding year Headquarter location Other representative offices Number of employees worldwide than three options.
as of 31.12.2017
2000 Liverpool, UK London 20
In your opinion, what • Optionality
are the most pressing • Operational risk management, Governance
b) General corporate information demands from your
• Agility
clients?
Ownership (private/public) Majority shareholder Annual revenue last year (2017) • Visibility
Private Richard Williamson < $3 millions • Business process optimization
• What-ifs and stress testing
Invensoft c) General system/solution information
Commodities
INVENSOFT- 28 Dec 2005 31 Aug 2018 9.0.1.0 Not disclosed
XBS©

Other: Concentrates
Precious metals
Base metals
Emissions
Could you please Invensoft Technologies is a global IT Company providing Commodity Management Software
Crude Oil
Freight
provide a brief Solutions for Agricultural Commodities, Metals, Minerals and Concentrates. Founded in 2000,
Power
Coal
Gas description of your we are supporting our global customers in over nine Commodity origin countries.
company and your Our solution Invensoft-XBS© is a Unified Commodity Management Platform catering to
Front Office
solutions? Commodity Management (CM), CTRM and 3PL (Third Party Logistics) covering Fully Automated
Middle Office End-to-End features of Commodity Business.
Supported Functions
CM and CTRM provides extensive features for commodity Origin Business, Procurement, Quality
Risk Management
Management, Processing, Warehousing, Certification, Traceability, Trading, Hedging, Risk
Back Office Management, Positions, Exposures, Daily P&L and reporting. 3PL provides innovative features
for commodity 3rd party warehousing and logistics providers.
Accounting
Which CTRM
Logistics capabilities are you
Compliance
to face current and
Core capabilities Capabilities future challenges
in the commodity
Geographical location of clients by continent Company size of typical clients markets?

• Other asset classes covered (eg. Equity, Bonds)
Small Medium Large Please tick no more
1-30 staff 30-300 staff Over 300 staff • Support
than three options
Section I — Company information
In your opinion, what • Origination
are the most pressing • Traceability
a) Company history
demands from your
• Physical Risk Management at Origin
Founding year Headquarter location Other representative offices Number of employees worldwide clients?
as of 31 December 2017
2000 Bangalore, India None 35

Private Founders Not disclosed
OATI c) General system/solution information
Commodities
webCTRM/ 1999 05/31/2018 9.X 75+
webTrader

Other: Renewable
energy certificate
Precious metals
Base metals
Emissions
Crude Oil
Could you please OATI provides software solutions that are proactively transforming the business of energy. OATI
Freight
Power
provide a brief products range from wholesale to retail and include Commodity Trading and Risk Management,
Coal
Gas description of your Transmission, and Smart Grid solutions. The OATI webCTRM solution is designed for multi-
Front Office company and your commodity asset-centric and trading focused companies, capturing physical and financial
solutions? transactions, modeling and valuing assets and supporting operations and settlement processes.
Middle Office
Supported Functions
With Real-Time data management and all necessary front, mid, and back office functions, OATI
Risk Management webCTRM provides the customer with cutting-edge commodity trading and risk management
functionality.
Back Office
Which CTRM OATI is enhancing webCTRM with a comprehensive contract modeling function which will enable
Accounting
capabilities are you clients to not only capture trades but also (long term) contracts with complex fees and rates, and
Logistics currently developing perform P&L, settlement and forward valuations on these contracts.
Compliance
to face current and
future challenges
Core capabilities Capabilities in the commodity
markets?
Geographical location of clients by continent Company size of typical clients In your opinion, omplete deal lifecycle supported
• C
Please tick no more
• Support
Small Medium Large than three options
In your opinion, what The most pressing demand is to establish an enterprise wide CTRM system with front/middle/
Section I — Company information are the most pressing back office support throughout the entire organization. Increasingly, customers are moving from
demands from your a best of breed approach to a single vendor to provide this type of system.
a) Company history clients?
as of 31.12.2017
1995 Minneapolis, USA Redwood, Mohali, 1000+
Hyderabad, Singapore

Commodities
Endur 1992 8/28/2017 V16. 1’200+
RightAngle 1995 8/17/2017 S16.0

Precious metals
Base metals
Other: NGL
Emissions
Crude Oil
Could you please provide 1. ION is an industry leading provider of automation solutions and mission critical applications. We enable
Freight
a brief description of financial institutions, central banks and corporations to digitize and automate their most critical business
Power
Coal
your company and your processes. We are reinventing the way business is done through our innovations in automation technology.
Gas solutions? 2. ION Commodities is the largest dedicated provider of trade and risk management and treasury solutions
Front Office in the world. ION promotes a multi product strategy to best address different commodities customers’
Middle Office
Supported Functions
a. We have 4 leading ETRM/CTRM products and 1,200+ clients globally, along with 6 add-on products for
Risk Management market data, supply chain, metals accounting and shipping solutions.
Back Office technology adoption. Solutions are delivered via SaaS multi-tenant cloud, hybrid cloud, private cloud, and
on-premise.
Accounting
3. We are the only Commodities Solution provider with the ability to deliver all asset classes, physical and
Logistics financials, and changing technology needs through:
a. Commitment to continuous innovation
Compliance b. Track record of successful delivery
c. Financial strength with a multi-decade strategic view
Core capabilities Capabilities Openlink provides award-winning solutions for trading, treasury and risk management to serve energy
companies, commodity-intensive corporations, and financial services institutions—on-premises and via the
Openlink Cloud.
Which CTRM capabilities • Preparation for Algo and High Frequency Trading — We expect a significant increase in transaction
are you currently volume based on programmatic trading (100k+ transaction per day) and will need to focus on non-
developing as a priority functional requirements of this market change.
in order to face current • Cloud & Services — Taking advantage of public cloud including automated, but controlled ramp up/down
and future challenges in (speed vs. cost), services around peer to peer network and automation/efficiency gains, advanced
the commodity markets? business services based on software as well as infrastructure responsibility from single vendor including
running the software.
• Streaming Risk Data — Moving to a real time data stream, accessible for standard visualization tools and
quick decision making (all types of data, but focusing on risk and supporting meta data).
• Support business agility and the ability to expand into new and upcoming markets (Global LNG, Crude
Small Medium Large
Export, Renewable Energy).
In your opinion, what • Complete deal lifecycle supported
Section I — Company information that your software
applications offer
•
•
Other asset classes covered (eg., Equity, Bonds)
Very competitive cost/price
compared to your • Quick implementation
a) Company history competitors in the same • Multi-device (web/cloud)
category? • Modular set-up/Flexibility
• Support
as of 31.12.2017 Please tick no more than • Proven track record of CTRM implementations
1992 Dublin, Ireland ION Offices in 40+ locations 5’750+ three options • Global presence of company
In your opinion, what • Providing a single source of truth and single solution to manage overall commodity portfolio and
b) General corporate information are the most pressing related trading activity.
demands from your • Support of programmatic trading implications (timely reporting, performance, risk management, data
Ownership (private/public) Majority shareholder Annual revenue last year (2017) clients? extract for decision making).
• Total cost of ownership improvements (cost of trade for standardized business) but still providing
Private ION Not disclosed
flexibility and agility to deal with changing market conditions (regulation & compliance, new market
opportunities, etc.)
Pioneer c) General system/solution information
Main solution name(s) Date of initial launch Date of latest Current Customer base for all products
version release version — number of companies)
Commodities number
TRMTracker.com 2018 March 2018 4.2 Not Specified

Other: Renewable
energy certificate
Precious metals
Base metals
Emissions
Crude Oil
Freight
Power
Coal
Gas
Front Office Could you please Pioneer Solutions is a global provider of award-winning C/ETRM, environmental management
provide a brief and financial and regulatory compliance solutions. Since 2003, Pioneer has been serving some
Middle Office
Supported Functions
description of your of the largest energy companies, utilities and midstream producers in the US and Europe.
Risk Management company and your Pioneer’s innovative and flexible solutions have been organically built for rapid implementation
solutions? and superior services at an overall lower cost of ownership. Pioneer’s suite of C/ETRM solutions are
Back Office
based on its web-based FARRMS platform and offer comprehensive front, middle, and back office
Accounting process management for both physical and financial trades of all asset classes and commodity
types. Developed from the back to the front, resulting in industry-leading data processing and
Logistics reporting capability, Pioneer’s modern easy-to-use applications deliver ready “out-of-the-box” or
Compliance tailored functionality designed for ease of implementation and integration with existing systems.
With a user-configurable environment for less reliance on vendor services, and with deployment
options, including a cloud-based Software-as-a-Service offering via www.trmtracker.com, Pioneer
Core capabilities Capabilities
offers a fresh alternative to legacy C/ETRM systems.
Geographical location of clients by continent Company size of typical clients Which CTRM Indicative of the next-generation nature of Pioneer’s offering is that it already supports many of
capabilities are you the features the markets are looking for, including Cloud, SaaS, Ease of Integration, Real-Time,
currently developing Mobile, innovative reporting, logistics, renewable energy certificate management, regulatory
as a priority in order reporting, and an industry leading settlement engine. We work with companies to help them
to face current and connect with exchanges, allow them to take advantages of our modular specialist applications in
future challenges a SaaS environment, and enhance logistics support across commodities. As a result, Pioneer
in the commodity is well positioned to support customers with Digitization, Cloud migration, Automated Trading,
markets? RPA, Control & Optimization.
Small Medium Large
1-30 staff 30-300 staff Over 300 staff • Other asset classes covered (eg. Equity, Bonds)
Section I — Company information
a) Company history • Modular set-up/Flexibility
Please tick no more
• Support
Founding year Headquarter location Other representative offices Number of employees worldwide than three options
as of 31.12.2017
2003 Denver, USA Rotterdam, Kathmandu 90+
In your opinion, what • Flexibility to tailor the system
are the most pressing • Ease of Integration (data in/out)
demands from your
• Real-time “live” system
clients?
Ownership (private/public) Majority shareholder Annual revenue last year (2017) • Lower total cost of ownership
SAP c) General system/solution information
Commodities SAP Commodity 2011 September 2018 SAP S/4HANA >130
Management 1809 On-Premise

Precious metals
Base metals
Emissions
Crude Oil
Freight
Power
Other
Coal
Gas Could you please provide SAP is the world leader in enterprise applications in terms of software and software-related service revenue.
a brief description of Based on market capitalization, we are the world’s third largest independent software manufacturer.
Front Office
your company and your The SAP Commodity Management solution enables customers to run fast, intelligent and tightly integrated
Middle Office solutions? commodity trading and risk management processes with enterprise resource planning (ERP) systems from
Supported Functions
SAP, natively and seamlessly integrated with the ERP components and processes. The SAP Commodity
Risk Management Management solution is available for SAP S/4HANA as well as in the SAP Business Suite software. The
solution is designed to enable enterprises to buy, sell or trade physical commodities. It provides real time
Back Office
and end of day commodity risk analytics and enables to manage price risks with financial commodity
Accounting derivatives.
SAP Commodity Management is commodity agnostic and provides functionality to manage the whole
Logistics spectrum from very complex pricing mechanics to straight forward manual future and basis pricing. It
comes with a query based commodity risk analytics layer that is able to be consumed by the broad range of
Compliance
tools within the SAP Analytics portfolio.
The SAP Commodity Management solution includes the SAP Commodity Procurement, SAP Agricultural
Core capabilities Capabilities Contract Management, SAP Commodity Sales and SAP Commodity Risk Management applications.
SAP Commodity Management for SAP S/4HANA creates a digital core for implementing new technologies
Geographical location of clients by continent Company size of typical clients such as machine learning, artificial intelligence, predictive analytics and Blockchain, as well as new
upcoming technologies like SAP CoPilot, enabling voice interaction. This opens a huge opportunity for
SAP, our implementation partners and our Commodity Management customers to deliver and build the
intelligent enterprise.
Which CTRM capabilities Current development topics are
are you currently • Enhanced deal capture (user experience for traders)
developing as a priority • Mass pricing for commodity contracts
in order to face current • Automated end-to-end “Against Actuals”/“Exchange for Physicals” process
and future challenges in • Commodity derivative order trade execution workbench [including automated broker integration]
the commodity markets? • Interface to 3rd party solution for advanced risk analytics — value at risk, stress testing and scenario
Small Medium Large analysis
1-30 staff 30-300 staff Over 300 staff The roadmap for the various SAP products can be found under https://www.sap.com/products/roadmaps

Section I — Company information that your software • Other asset classes covered (eg., Equity, Bonds)
applications offer • Very competitive cost/price
a) Company history compared to your • Quick implementation
competitors in the same • Multi-device (web/cloud)
Founding year Headquarter location Other representative offices Number of employees worldwide category? • Modular set-up/Flexibility
1972 Walldorf, Germany SAP has office locations in 88’543 Please tick no more than • Proven track record of CTRM implementations
three options • Global presence of company
more than 130 countries
and on most continents In your opinion, what • To integrate their CTRM functionality into a wide range of supply chain processes, managed within ERP
are the most pressing applications, beyond simple accounting integration
b) General corporate information demands from your • Vendor stability is key — secure software investment with a software provider that will stay in the
clients? market for a long period of time
• Customers want to consolidate their software landscape to reduce complexity and cost of ownership
• To consolidate isolated and separated CTRM systems into one instance as single point of truth for
Public Public € 23.77 bn. processing and analytics.
Commodities
TriplePoint Q1 2002 June 2018 8.14 1’200+
Other: Food & Beverage,

Precious metals
Could you please provide 1. ION is an industry leading provider of automation solutions and mission critical applications. We enable
Base metals
a brief description of financial institutions, central banks and corporations to digitize and automate their most critical business
Chemicals
Emissions
Crude Oil
your company and your processes. We are reinventing the way business is done through our innovations in automation technology.
Freight
Power
solutions? 2. ION Commodities is the largest dedicated provider of trade and risk management and treasury solutions
Coal
Gas in the world. ION promotes a multi product strategy to best address different commodities customers’
Front Office a. We have 4 leading ETRM/CTRM products and 1,200+ clients globally, along with 6 add-on products for
Middle Office market data, supply chain, metals accounting and shipping solutions.
Supported Functions
Risk Management technology adoption. Solutions are delivered via SaaS multi-tenant cloud, hybrid cloud, private cloud, and
on-premise.
Back Office 3. We are the only Commodities Solution provider with the ability to deliver all asset classes, physical and
Accounting financials, and changing technology needs through:
a. Commitment to continuous innovation
Logistics b. Track record of successful delivery
c. Financial strength with a multi-decade strategic view
Compliance
TriplePoint is the ideal E/CTRM solution for companies that operate in one or more segments of the energy
and commodity global supply chains, including power, gas, bulk, liquid and packaged commodities. It
Core capabilities Capabilities provides full front to back-office support with sophisticated real-time intelligence and automated processes
for production, sourcing, procurement, processing, marketing, and distribution. TriplePoint’s long history
Geographical location of clients by continent Company size of typical clients and extensive client base make it a proven solution for companies with diverse supply chains and stringent
regulatory and auditing requirements and is particularly suited for mid to top tier companies. It’s proven,
next-gen technology architecture delivers enhanced performance, cloud capabilities, new dashboards and
a cutting edge UI.
Which CTRM capabilities Current priority development includes, but not limited to:
are you currently • Integrating the ION platform and component architecture, system componentization facilitates
developing as a priority modernization and extendibility
in order to face current • Cutting edge UX
and future challenges in • Expanding a scalable, in-memory processing engine, supporting companies with large transaction
the commodity markets? volumes that require intensive processing
Small Medium Large • Operational P/L Attribution and trade version components to report detailed explanation of p/l
correlated to transactional changes as well as market movements
• Compliance and sustainability module to provide a framework for flexible configuration, collection,
management, and reporting of data for various regulatory regimes
• Expanding reporting capabilities through C-ARC module supporting data aggregation and business
Section I — Company information intelligence
a) Company history
Founding year Headquarter location Other representative offices Number of employees worldwide that your software • Other asset classes covered (eg., Equity, Bonds)
applications offer • Very competitive cost/price
as of 31.12.2017
compared to your • Quick implementation
1993 Dublin, Ireland ION Offices in 40+ locations 5’750+ competitors in the same • Multi-device (web/cloud)
category? • Modular set-up/Flexibility
b) General corporate information • Support
Please tick no more than • Proven track record of CTRM implementations
Ownership (private/public) Majority shareholder Annual revenue last year (2017) three options • Global presence of company
In your opinion, what • Enhanced UI, dashboards & reports are important.
Private ION Not disclosed are the most pressing • Manage diverse supply chains with advanced simulation for best transaction, and meet stringent
demands from your regulatory & auditing requirements. Re-engineered solution, new dashboards, enhanced user
clients? experience.
CTRM system vendor profiles Section III — Product features Answer is applicable if cell is marked in yellow
The following section contains specific product functionality questions prepared by EY CTRM Team and the relevant * Please note that unless otherwise stated, the answers provided or ticked would be covered-by one or more of the multiple products listed below.
vendor answers. It allows the reader to verify areas of capability and asset class coverage quickly for the vendor
solutions included.
Name of Agiblocks Allegro Symphony Fintrade Trinity Brady Energy EKA G10 Commodity SAP INVENSOFT-XBS webCTRM/ Endur RightAngle Aspect CTRM Commodity XL TRMTracker Aligne, XDM, enTrader enVoy
software (Agiboo) Horizon (Amphora) (Brady) (Brady) (Brady) Commodity Manager Commodity (Invensoft) webTrader (Openlink) (Openlink) (Aspect) (Triple Point (Pioneer) Kiodex (Energy One) (Energy One)
(Name of (Allegro Platform (Generation 10) Management (OATI) Technology) (FIS)
company) Development) (EKA) (SAP)
Please select Crude Oil

which asset
Refined Oil
classes this
products
product is
relevant for Gas (Natural
Gas, LNG, LPG)
Coal
Power
Emissions
Agricultural
Base Metals
Precious
Metals
Freight
Other- please • Spices • Steel • Concentrates • Iron ore • Many • 3rd party • Renewable • Natural gas • Natural gas • Concentrates • Food • Renewable • Power • Power
specify • Tea • Concentrates • Steel others (eg., warehousing & Energy liquids liquids • Beverages Energy • Gas
• Nuts • Agriculture • Minor metals packaging logistics • Certificate • Chemicals • Certificate
• Certifications materials)
• Concentrates
• Ores
For which asset • Softs • Gas • Crude Oil • Base metals • Base Metals • Power • Agriculture • Base metals • Oil, Gas and • Agriculture • Power • All of the • Crude oil • Crude, product • Agricultural • Power
class (from the • Refined Oil • Agricultural • Precious • Gas • Energy • Concentrates Coal • Metals • Natural Gas above • Natural gas • LPG • Crude Oil • Gas
above) is this products • Cotton metals • Emission • Metals • Metals • Mineral liquids • LNG (under • Refined oil • Oil
product most • Freight • Plastics • Agricultural • Green • Agriculture • 3rd Party • Refined oil development) products • Biofuels
advanced? • Coal • Chemicals certificates Warehousing & products • Base metals • Natural Gas • RECs
• Metals • Concentrates Logistics • Coal • Precious • Softs
• Concentrates • Fertilizers Metals
• Agriculture
Have you Africa
already
Asia
implemented
your product Australia/
in these Oceania
locations? Central/South
America
Continental
Europe
(excluding
Nordics)
UKI
Nordics
North America
Other — please
specify
56 Commodity Trading and Risk Management Systems Overview Commodity trading and risk management systems overview 57
Section III — Product features Answer is applicable if cell is marked in yellow * Please note that unless otherwise stated, the answers provided or ticked would be covered by one or more of the multiple products listed below.
Name of Agiblocks Allegro Horizon Symphony Fintrade Trinity Brady EKA G10 Commodity SAP INVENSOFT-XBS webCTRM/ Endur RightAngle Aspect CTRM Commodity XL TRMTracker Aligne, XDM, enTrader enVoy
software (Agiboo) (Allegro (Amphora) (Brady) (Brady) Energy Commodity Manager Commodity (Invensoft) webTrader (Openlink) (Openlink) (Aspect) (Triple Point (Pioneer) Kiodex (Energy One) (Energy One)
(Name of Development) (Brady) Platform (Generation 10) Management (OATI) Technology) (FIS)
company) (EKA) (SAP)
Does the Financial trade

product offer capture (OTC/
capabilities for exchange)
the following Physical trade
processes and capture (OTC/
functionalities exchange)
inherent to Exchange
front office trade
activities (and execution
its supporting Contract
operations)? management
Hedging
execution
Deal
structuring
Deal
validation/
confirmation
Asset portfolio
optimization
Curves
management
Other — please • Ratio pricing, • Workflow • Pre-deal • Management
specify curve, hedging Management Option & Dashboard
• Price and FX Strategy Reporting
Fixation pricing
• Automatic • Real time
price/fixation position
confirmation
• Basket &
Individual
Hedge
allocation
• Physical
Trade Sample
Management
Name of Agiblocks Allegro Horizon Symphony Fintrade Trinity Brady Energy EKA G10 Commodity SAP INVENSOFT-XBS webCTRM/ Endur RightAngle Aspect CTRM Commodity XL TRMTracker Aligne, XDM, enTrader enVoy
software (Agiboo) (Allegro (Amphora) (Brady) (Brady) (Brady) Commodity Manager Commodity (Invensoft) webTrader (Openlink) (Openlink) (Aspect) (Triple Point (Pioneer) Kiodex (Energy One) (Energy One)
(Name of Development) Platform (Generation 10) Management (OATI) Technology) (FIS)
Does the Mark to market

product offer valuation
capabilities for
the following P&L computation
processes and Standard
functionalities exposure
inherent to management
middle office (Greeks)
and risk Complex
management exposure
tasks ? management
(VaR, correlation)
Trade control
limit management
Pricing models
for standard
products/options
Pricing models
for complex
options
(e.g., swing
options)
Pricing models
for physical
assets
(e.g., gas storage)
Pricing models
for complex
physical contracts
(e.g., contracts
with embedded
options)
FX exposure
calculation
Basic credit risk
management
(counterparty
exposure etc.)
Advanced credit
risk management
such as expected
Exposure, CVA/
DVA, etc.)
Operational risk
management
Stress
testing/“What-
if” scenario/
optimization
Collateral Just margin
and margin management
management
Other — please • Period/Logistics Delegation of
specify management authorities • Management
• PnL/MtM and limit Dashboard
analysis management Reporting
• Bulk position/
period rolling
Name of Agiblocks Allegro Horizon Symphony Fintrade Trinity Brady EKA G10 Commodity SAP INVENSOFT-XBS webCTRM/ Endur RightAngle Aspect CTRM Commodity XL TRMTracker Aligne, XDM, enTrader enVoy
software (Agiboo) (Allegro (Amphora) (Brady) (Brady) Energy Commodity Manager Commodity (Invensoft) webTrader (Openlink) (Openlink) (Aspect) (Triple Point (Pioneer) Kiodex (Energy One) (Energy One)
(Name of Development) (Brady) Platform (Generation 10) Management (OATI) Technology) (FIS)
Does the Scheduling

product cover
Storage and
the following
inventory
processes and
management
functionalities
Freight and
in terms of
transport
logistics
management? Balancing
(optimisation
*For gas, power under
and oil markets constraints)*
Nomination*
Cross-border
capacity
management*
Other — please • Document • Fractioning
specify template • Liquefaction
management and
• Automated Regasification
lost/found
write off
• Logistic cost
budgeting &
analysis
Does the Settlement

product offer preparation
capabilities for (netting,
the following statements etc.)
processes and Counterparty
functionalities settlement
inherent to Confirmations
accounting and
back-office? Reconciliation
SWIFT messaging
Currency and
price management
Hedge accounting
Invoicing
Accounts
receivable/
Accounts payable
Documentation
management
Claim
management
Month-end close
Other — please • IFRS 9 and 15 • Inventory • Warrant/ • Exchange
specify • Cost and accounting inventory settlement
accruals • Netback management,
• PnL/MtM calculation metal pool
analyzer • Revenue account
distribution management
and transfers
Name of Agiblocks Allegro Symphony Fintrade Trinity Brady Energy EKA G10 Commodity SAP INVENSOFT-XBS webCTRM/ Endur RightAngle Aspect CTRM Commodity XL TRMTracker Aligne, XDM, enTrader enVoy
software (Agiboo) Horizon (Amphora) (Brady) (Brady) (Brady) Commodity Manager Commodity (Invensoft) webTrader (Openlink) (Openlink) (Aspect) (Triple Point (Pioneer) Kiodex (Energy One) (Energy One)
(Name of (Allegro Platform (Generation 10) Management (OATI) Technology) (FIS)
company) Development) (EKA) (SAP)
Does the Treasury

product offer management
capabilities for Tax regulation
the following
FERC rules
processes and
and reporting
functionalities
inherent to Dodd-Franck
regulatory, compliance
compliance, and reporting
governance ? EU EMIR
position
reporting and
clearing
Swiss FMIA
position
reporting and
clearing
REMIT
compliance
reporting
CFTC position
limits
Repository
reporting
MiFID II
commodity
position limit
monitoring
MiFID II
commodity
position limit
reporting
MiFID II
ancillary
activity
threshold
calculation
Does the Data lake
product offer
Machine
the following
learning/
additional
Artificial
capabilities?
intelligence
analytics
Blockchain
facilitation
Name of Agiblocks Allegro Horizon Symphony Fintrade Trinity Brady Energy EKA G10 SAP INVENSOFT-XBS webCTRM/ Endur RightAngle Aspect CTRM Commodity XL TRMTracker Aligne, XDM, enTrader enVoy
software (Agiboo) (Allegro (Amphora) (Brady) (Brady) (Brady) Commodity Commodity Commodity (Invensoft) webTrader (Openlink) (Openlink) (Aspect) (Triple Point (Pioneer) Kiodex (Energy One) (Energy One)
(Name of Development) Platform Manager Management (OATI) Technology) (FIS)
company) (EKA) (Generation 10) (SAP)
Please specify ICE

with which
CME (CBOT,
exchanges and
KCB, Nymex,
market data
Comex)
providers you
have already LME
implemented an Euronext
interface with
this product? SGX
EEX
Bloomberg
Reuters
FastMarkets
Argus
Platts
Morningstar
(including LIM)
ICIS
Trayport
Other Any modern • DTN Numerous Nasdaq • FINISS • TT • ECMS • DTN • Mabux • EPEXSpot • EPEX • EPEX
price feed/data • PDS data • ZEMA • Nodal • FAME • Nordpool • Nordpool
feed providers • Many others • PAWS • GME (N2EX)
• PVM • Other
What are the General ledger
usual enterprise application
applications (e.g., SAP,
with which Oracle)
the product is Reporting
interfaced? engine (e.g.,
Business
Objects,
Crystal Report)
Other — please • Embedded • Analytics tools • DMA • API can • Python • Native • Microsoft • Market data • Reuters, • Excel Add-in & • Demand • Trading
specify reporting • Communication platforms interface language integration Power BI applications GlobalView, Power BI forecasting systems
tool with multiple for trade with any, into SAP like Reuters, Bloomberg. • Data modelling • Settlement
• Any modern enterprise execution, for example S/4HANA GlobalView, • Also systems systems
API is platforms corporate Power BI Digital Bloomberg. integration • Scheduling and
supported through its wide data Core, SAP • Integration to trade nomination
API and open warehouses/ Business Suite to trade execution market data
database reporting applications execution
platforms and SAP BI through
tools Trading
Technologies,
and CME
With which Live — Real-
frequency time
does the Delayed (via
product offer batches or
connectivity to similar)
a market data On demand
feed? (user initiated)
End of day
Other — please • Can be
specify scheduled as
often as is
relevant
If the product Live — as soon

offers trading as the trade
capabilities, is matched/
with which executed
frequency Delayed (via
does trade batches or
execution and similar)
confirmation On demand
occur? (user initiated)
End of day
Not applicable
Other — please Automatic • Connectivity • Integration to
specify Real time web is provided Futures Trade
services API via LME Execution
Select and
banks’
proprietary
OMS systems
If the product Live — as soon
offers reporting as the trade
capabilities, is matched/
with which executed
frequency do Delayed (via
the relevant batches or
calculations similar)
(that depend On demand
on external (user initiated)
calculations) End of day
occur?
Not applicable
Other — please
specify
What Deployed
deployment installation
method does (local servers)
the product Hosted cloud
support ? application
Other — please • SaaS solution • Cloud • Client • SaaS —
specify controlled TRMTracker.
SaaS, Within com
customer
firewall
Section IV — Fee model and implementation approach Answer is applicable if cell is marked in yellow * Please note that unless otherwise stated, the answers provided or ticked would be covered by one or more of the multiple products listed below.
Please indicate Perpetual

which license license (one-
fee model time fee)
applies to the License rental
product? (yearly/monthly
recurring)
License
fees are
companywide
(multiple
geographical
sites)
License fees
are on a site by
site basis
Other — please • Subscriptions • Flexible
specify to multi licensing
tenant (SaaS) options
Please indicate License fees for
which user fee named users
model applies are required
to the product? License fees • Subscription
for concurrent Fee (License,
users are Support &
available hosting all
in one for
TRMTracker.
com
Other — please • Subscriptions • Enterprise • License fee
specify to multi options is based on
tenant revenue
Which Implementation
implementation is exclusively
model does done by the
the company vendor
most frequently Implementation
apply? is outsourced
externally
(i.e., done
by a system
integrator)
Implementation
is done by the
client
A combination
of all of both of
the above
Other — please • Can be • Certified • Certified
specify scheduled as vendor vendor
often as is partners partners
relevant
On a scale with Higher range

the rest of the (for large scale
market, and enterprise
to your best deployments)
knowledge, Medium range
which cost (limited site/
range would department
best describe deployments)
this product Lower range
license? (smaller desk/
department
deployments)
Please indicate Telephone
which of the support
following Online support
additional (messenger,
services are mail ,etc.)
included in On-site training
your license (at
no additional Virtual training
costs)? Maintenance
(upgrades,
patches ,etc.)
On-site
technical
troubleshooting
Other — please • All of these • JIRA system • JIRA system • JIRA system • Maintenance • Multilevel • 24 hour
specify: elements access for access for access for is priced maintenance support,
are included monitoring monitoring monitoring separately agreement. upgrades, and
in annual support support support and includes SAP Enterprise maintenance
maintenance requests and requests and requests and telephone Support, in the
fees WIKI access WIKI access WIKI access support, providing subscription
for user for user for user online support, industry-leading
documentation documentation documentation software proactive and
upgrades/ preventive
patches, support across
and on-site all deployment
technical scenarios
troubleshooting
Name of software (Name of In terms of implementation approaches, which of the following statements would you say best describes the majority of the ones done for this product? Please indicate whether you conduct the CTRM implementation with your own staff or Please indicate a link to a relevant product website brochure/description/demo
company) may also work with implementation partners.
Implementation is mainly done offsite and the The product is installed and implemented onsite Other — please specify Own staff Implementation partners
configured package is then installed to the client
Agiblocks (Agiboo) www.agiblocks.com

www.agiboo.com
Allegro Horizon https://www.allegrodev.com

(Allegro Development) Please contact j.english@allegrodev.com to schedule a demonstration of Allegro Horizon
Symphony (Amphora) https://www.amphorainc.com
Fintrade (Brady) Solutions for Physical Commodity Trading and Risk Management
https://www.bradyplc.com/download/solutions-for-physical-commodity-trading-and-risk-management/
CTRM For Metals:

https://www.bradyplc.com/download/ctrm-for-metals/
Trading and Risk Man agement Solutions for Concentrates

https://www.bradyplc.com/download/trading-and-risk-management-solutions-for-concentrates/
Brady Softs and Ags Solutions Overview

https://www.bradyplc.com/download/brady-softs-and-agriculturals-overview/
CTRM for Cotton

https://www.bradyplc.com/download/ctrm-for-cotton/
Trinity (Brady) • Combination of the two. https://www.bradyplc.com/commodities-solutions/

https://www.bradyplc.com/download/lme-solutions-for-clearing-members/
https://www.bradyplc.com/download/hedge-manager/
Brady Energy (Brady) Brady Energy

https://www.bradyplc.com/energy/
Brady Energy Trading and Risk Management

https://www.bradyplc.com/energy-trading-and-risk-management/
Brady Logistics
https://www.bradyplc.com/energy-logistics./
Brady EDM
https://www.bradyplc.com/energy-data-management/
EKA Commodity Platform

https://www.ekaplus.com/platform/
(EKA)
G10 Commodity • Everything done in the Cloud http://generation10.net/generation-10-commodity-manager-demo

Manager (Generation 10)
SAP Commodity Management https://www.sap.com/products/commodity-management.html

(SAP)
https://www.invensoft.co.in
INVENSOFT-XBS (Invensoft)
webCTRM/webTrader (OATI) https://www.oati.com
Endur (Openlink) https://www.openlink.com
RightAngle (Openlink) https://www.openlink.com
Aspect CTRM (Aspect) • AspectCTRM is implemented Software as a https://www.aspectenterprise.com

Service (SaaS).
• No hardware or software required by client.
Commodity XL • Cloud: Offsite and onsite https://iongroup.com/corporations/commodities/

(Triple Point Technology • On-premise: Onsite
TRMTracker (Pioneer) http://www.pioneersolutionsglobal.com/software_trmtracker.php
https://www.trmtracker.com
Aligne, XDM, • Both models can apply depending on the client/

Kiodex (FIS) product
enTrader
(Energy One)
enVoy
(Energy One)
Section V — Technical Aspects Answer is applicable if cell is marked in yellow * Please note that unless otherwise stated, the answers provided or ticked would be covered by one or more of the multiple products listed below.
Does the user • Web browser • Thin (aka • Rich client • Rich client • Rich client • Web • Web browser • Web Browser • Web browser • Thin client • Deployed as • Web browser • Web Browser • Web-based • Thin client • Web Browser
interface • Can be smart) application. application. application. browser and Thin application winform client • Thick clients. application based on
run in a web deployed in client which For Cloud For Cloud For Cloud Client (SAP communicating • Mobile devices with a an HTML5
browser, thin cloud, private updates deployments, deployments, deployments, GUI, SAP over http are supported thin-client interface
or thick client cloud, server from the we use remote we use remote we use remote business under IIS for some point architecture
application? on site. customer’s desktop. desktop. desktop. client) solutions running in
Allegro app Installation Installation Installation such as trade industry
server on a PC can on a PC can on a PC can capture and standard
be made from be made from be made from administration. browers
a central a central a central
deployment deployment deployment
point with no point with no point with no
administration administration administration
rights being rights being rights being
required. required. Some required.
screens within Reporting and
the system are several add-on
browser-based. modules
(EMIR/
REMIT, Sales
manager,
Clearing
report
viewer, are all
Web-based
applications)
Which SQL
programming
languages does HTML
the product c
support ?
C++
C#
Python
.NET
PHP
Java
R
Other: Please T-SQL JavaScript HTML 5 F#, Javascript, Flexible API Javascript ABAP Smalltalk Jython, Groovy
specify PL SQL Kotlin VB supporting most (SAP’s own
programming programming
languages language)
Can you please Programmable

indicate if automated
the following processes
options are Graphical
available for the configuration of
product and its workflows
workflows ? Straight
through
processing
Calendar
management
Security
settings
— control
of viewer/
editor rights
within roles,
geographies
and
departments
of a client site
(enterprise
wide Chinese
wall)
Can the Yes — Agile Yes — we offer Yes — Client Yes — additional Yes — additional Yes — additional Yes — Yes — Yes — extensions Yes — all product Yes — all product Yes — Yes — Yes — via Yes — user Yes — High Yes — By Yes — The client Yes — The client
standard architecture collaborative must go modules modules modules Solutions can enhancements are possible extensions must extensions must within a flexible within a flexible scripting customization, degree of user- configuration, can program can program
solution be supports development through the available. available. available. be extended are added to without code go through the go through the framework framework framework or via SOAP API configurability. or with some against a variety against a variety
extended ? various where clients vendor for Configuration Configuration Configuration only through the core by the modification. vendor. vendor. Aspect as a or product Additional programming by of APIs that is of APIs that is
integration can intervene development. can be done by can be done by can be done by Eka. client or as a The ABAP product feature enhancements programing by either the client comprehensive comprehensive
If so, please and on request in development. user of Brady if user of Brady if user of Brady if service. dictionary and Pioneer. or vendor. and open and open
indicate API’s complex. complex. complex. workbench
whether the allow for plug in
client can custom code
intervene
in own
development
(or must go
through the
vendor)?
Name of Agiblocks Allegro Symphony Fintrade Trinity Brady Energy EKA G10 SAP INVENSOFT-XBS webCTRM/ Endur RightAngle Aspect CTRM Commodity XL TRMTracker Aligne, XDM, enTrader enVoy
software (Agiboo) Horizon (Amphora) (Brady) (Brady) (Brady) Commodity Commodity Commodity (Invensoft) webTrader (Openlink) (Openlink) (Aspect) (Triple Point (Pioneer) Kiodex (Energy One) (Energy One)
(Name of (Allegro Platform Manager Management (OATI) Technology) (FIS)
company) Development) (EKA) (Generation 10) (SAP)
Please indicate Several Six months Depends on Three to four Three annual Bi-annual 2-3 months. Frequency: From Weekend 12 to 16 Weeks Service pack — 3 — 12 months 3 — 12 months Regularly The physical One week Two hours (or Two hours (or
in terms of hours — done depending the upgrade annual upgrades. upgrades upgrades Every 4-6 procedure with two weeks depending on performed over upgrade takes to 9 months less for hosted less for hosted
time-frame, overnight or on upgrade and the delta Time-frame weeks minimized the size of the weekends no longer than a depending on versions) versions)
how long the on weekends complexity between depends on size Duration: <1 downtime to Annual release — footprint and the single day. version and
typical product versions. and impact hour zero downtime 3 months. level of client size
upgrade would customization
take?
Please indicate Continuously/

in terms of real-time
time-frame,
Monthly
how often is
the product
Quarterly
upgraded?
Yearly
Ad-hoc (on
request from
client)
Are updates to
Yes
the software
mandatory for
No
clients?
Who usually Automated
performs these update through
upgrades? the cloud
Manual
upgrade by the
vendor
Manual
upgrade by the
client
Can be either
To contact the authors of this brochure
Switzerland
Roger Disch — Partner Jean-Noël Ardouin — Director Vuk Stancic — Senior
roger.disch@ch.ey.com jean-noel.ardouin@ch.ey.com Manager
Tel. +41 58 286 4159 Tel. +41 58 286 5563 vuk.stancic@ch.ey.com
EY | Assurance | Tax | Transactions | Advisory
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Ey Commodity Trading and Risk Management Systems Overview December 2018 Edition

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Ey Commodity Trading and Risk Management Systems Overview December 2018 Edition

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Commodity trading

and risk management

Jean-Noël Ardouin Vuk Stancic

and risk management

systems and the

commodity industry 35%

EY teams have developed various proof-of-concept models applying

Hash “Transform” Hash “Store” Hash “Certify” Hash “Supply”

Simplified representation of blockchain technology applied to commodity trading

6 Commodity trading and risk management systems overview Commodity Trading

Companies can choose to buy a system from an external vendor with

0% 10% 20% 30% 40%

Most valued CTRM aspects

Does not cover business requirements Modular set-up/interconnectivity

Lack of flexibility Data protection

Performance issues AI/ML/BD

It is also worth noting that more traditional industrial and

The benefits of using CTRM systems

Overall, the landscape of CTRM systems has

14 Commodity trading and risk management systems overview Commodity

Technical aspects to take into

Selecting and implementing a “fit for purpose” CTRM

Define requirements and architecture

Research and agree vendors

Conduct RFP and select vendors

Plan system implementation

EY center of excellence for commodity trading and risk management

CTRM system selection

Assisted a power producer in its selection of a CTRM software vendor.

• Historical assessment of hedging, improvement or trading program

• Development of roles and responsibilities

Internal controls Internal audit

Enterprise risk Treasury Trade Finance

Commodities data solutions

Allegro Development...................28 Invensoft Technologies Pvt. Ltd....44

Open Access Technology

Aspect Enterprise Solutions Ltd*..32 OpenLink*................................. 48

Brady PLC..................................34 Pioneer Solutions, LLC................50

Eka Software Solutions................38 TriplePoint*...............................54

• * These entities are part of ION.

oilseeds, softs and diary

b) General corporate information

Ownership (private/public) Majority shareholder Annual revenue last year (2017)

oilseeds, softs and diary

oilseeds, softs and diary

AssayLocker 2016 2018 2.0 2

EY questions Vendor answers

Private Not disclosed Not disclosed

oilseeds, softs and diary

a) Company history competitors in the same • Quick implementation

oilseeds, softs and diary

oilseeds, softs and diary

b) General corporate information

Ownership (private/public) Majority shareholder Annual revenue last year (2017)

oilseeds, softs and diary

company and your volatile markets.

In your opinion, • Complete deal lifecycle supported

XDM 2006 2018 XDM

oilseeds, softs and diary

Refined Oil products

oilseeds, softs and diary

In your opinion, • Complete deal lifecycle supported

oilseeds, softs and diary

In your opinion, • Complete deal lifecycle supported

Aspect Enterprise Solutions Ltd..32 OpenLink................................. 48