Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals, recycling, energy and soft commodities, announced today that SKS Kraftsalg AS has selected Brady for trade reconciliation with Nasdaq OMX and automated trade entry from the exchange into its Brady ETRM solution.
The SKS Group is Northern Norway’s second largest producer of renewable energy, producing 1,800 GWh of hydroelectric power from 12 power plants in the region, equivalent to the consumption of 90,000 households. SKS is also, alone or with other companies, involved in a number of commitments that could significantly increase production of renewable energy in the region. The Group is headquartered in Fauske, Norway and has around 160 employees.
SKS’s requirement was for a matching engine to be integrated within its Brady ETRM solution that would reconcile trades reported from Nasdaq OMX, as well as a solution that could load trades directly from the exchange into its ETRM solution. There was a need to have all trades registered in a uniform way that was also fully automated, in order to facilitate position control between SKS and the exchange.
Arnt Pedersen, Head of Trading at SKS Kraftsalg AS commented: “One of our challenges is to mitigate as much risk as possible. By automating the processes of trade reconciliation and trade entry, we are speeding up the process and removing the possibilities of error through limited manual intervention. This enables us to augment the high standards that we set for our trading activities and allows our personnel to focus more on growing our business through concentrating on other areas that require manual intervention”.
“Brady Energy’s Clearing Report Viewer and Contract Clearer are initiatives that have developed out of the need by companies to automate as much of the trading process as possible. Having developed our business out of close associations with Nasdaq OMX, many of our customers trade on this exchange and these automated functionalities have proven to be a very welcome addition to the Brady ETRM solution for those companies,” said Gavin Lavelle, CEO of Brady plc. Continuing, he added: “By staying closely in touch with our customers and market requirements, we aim to deliver as much new functionality that could be beneficial to a large number of customers as well as be adaptable to other markets, which in this instance would be other exchanges”.