STAMFORD, Conn. â May 28, 2003 -- TradeCapture, Inc., the leading developer of global energy trading and risk management systems, announced today that Sinochem will be utilizing TradeCaptureâs ICTS SymphonyÃ¤ to track and manage its international crude oil and refined products trading business.
ICTS Symphony is a fully integrated multi-commodity trading and risk management system that operates across the entire transaction chain and supports all Physicals, Swaps, Futures, OTC Options and Exchange Traded Options. The software pinpoints the value of a position in real-time, precisely tracks the total risk position under any given set of transaction variables and manages all paper and physical transactions in one system. It eliminates data entry and storage duplication and benefits its users with improvements in managing risk, identifying trading opportunities and reduced transaction costs.
Sinochem, a state-owned company is Chinaâs largest trading company and its first multinational conglomerate. It deals in chemicals, primarily in the petroleum industry, but also in rubber, plastics, and fertilizer. It operates through more than 100 subsidiaries in China and abroad in concerns ranging from petroleum trading to real estate. Sinochem is one of only a handful of Chinese companies ranked in Fortune magazine's Global 500.
"After a thorough review of the trading systems in the market today, we decided on ICTS Symphony because its integrated applications and ease of use offered us the best opportunity to automate our business processes and manage our trading functions more efficiently. ICTS Symphony is a complete front-to-back system that will provide us with the competitive advantage of continuous transaction cost management in a distributed environment," noted Charles Southey, the senior trader at Sinochem. ICTS Symphony will improve efficiency through its distinctive STP (straight-through-processing) feature, which will enable traders and risk managers to make better-informed decisions faster, thereby allowing them to spend more time in the market and less time managing the information flow across their organization.
"We are very pleased that Sinochem has selected TradeCapture as its energy trading and risk management software partner and are delighted to welcome such an extremely well respected company as our first Chinese client," said Vincent P. Annunziata, founder and CEO of TradeCapture. The addition of Sinochem as a customer further extends TradeCaptureâs business and presence in the European and Asia Pacific region.