NEW YORK, March 15, 2001– SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), today announced that Xcel Energy’s Energy Markets business unit has selected Panorama to support its aggressive goals for growth. Panorama will provide trading and risk management support for Xcel’s regulated and non-regulated energy trading activity.
Xcel selected Panorama as part of its ambitious plan to achieve multiples in trading volumes and to support its expansion into new regions and structured products marketing.
Cary Oswald, director of risk operations and systems at Xcel, said, "As we enter into the marketing of structured products, our proprietary models and methodologies are important in maintaining a competitive advantage. Of the software solutions we considered, Panorama seems best suited to enable us to easily add our own models to the solution and fully integrate new trade entry screens for future trade capture. We chose Panorama as we expand the breadth and scope of our business because it can accommodate our growing volume and transaction types and because of its strength in the front-office, including its ability to provide desk-level risk analysis and customized what-if scenarios."
Xcel has been using Panorama Core Energy for risk management in the middle office. Mr. Oswald said, "SunGard proved to be a reliable vendor partner in our implementation of Panorama Core Energy. We anticipate the same attention to service and reliability with this new product. The SunGard team demonstrated solid experience and knowledge not only of technology but also of the business."
Jim Ashton, chief executive officer of SunGard Trading and Risk Systems, said, "With this single vendor solution, Xcel traders will be able to fully integrate entirely new commodity and financial products, for both front- and middle-office processing, in less than one hour. These products can be added with new data requirements and entirely different valuation methodologies without any changes to the code. Panorama will provide Xcel with a robust technology platform on which to confidently grow its business."