Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals, recycling, energy and soft commodities, announced today that Royce Corporation, a US-based international trading company, has selected Brady to handle its trading, risk management and logistics processes.
Royce Corporation, founded in 1986, is a US-based international trading company headquartered in Miami, Florida, specializing in trading ferrous, non-ferrous metals and plastics. Royce, an active member of both ISRI and BIR recycling associations, maintains a global presence having extended operations to various South American countries and with agencies across Asia and Europe.
Royce will implement Brady’s physical trading solution automating trading, hedging and physical metal purchase and sale contract management, logistics and traffic operations, and automate back office functions including invoicing, treasury, document management, and financial settlement. Using the Brady Physical system Royce can marry physical contracts with their respective hedges providing a real time overview of the company’s hedge position, intra day profit and loss, customer credit exposure and margin position. Royce will also implement Brady’s multi-company, multi-currency accounting package that is linked to trading and specifically designed to provide immediate access to real-time key financial data, to ensure optimal risk monitoring, treasury management and overall business control.
“Implementation of the Brady solution extends our ability to manage our price, counterparty and market risk in real-time,” said Max Fischbach, CFO of Royce Corporation. “Brady is the best provider in this space that is able to offer the depth of knowledge we required and an integrated platform offering the ability to tightly link both physical and financial trading activities with our overall results, enabling us to analyse and manage our business effectively”.
Gavin Lavelle, CEO of Brady plc, commented: “Brady is committed to providing companies trading the full portfolio of metals, from primary metals and steel to scrap, with a solution that also manages the basis risk between locations, qualities and the marketplace, and simultaneously providing those companies exposed to market price volatility with the most advanced, real-time solution to buy, sell and transport commodities.” Continuing, he said: “We are excited about the opportunity to assist Royce in its management of the value chain and protect the margins of its trading operations”.