FORTIS US SELECTS XENON™ FOR NEW ENERGY TRADING BUSINESS
New York, June 22, 2004 – Fortis Financial Services LLC (Fortis US), the market trading affiliate of Fortis Bank, has selected Sakonnet Technology’s Xenon™ trading and risk management application for its new energy trading activities in New York.
Fortis will make markets in energy transactions for clients as well as trade for its own account. Initial commodities covered will include natural gas, crude oil and refined products in the North American markets. Xenon will be used for deal capture, straight-through processing (STP) and risk management, including real-time book positions, credit and Value at Risk (VaR). Sakonnet will be providing primary customer and technical support services for Fortis, including remote server hosting with a private line link to Fortis’ New York City trading floor.
“Our energy business will leverage Fortis’ double A credit strength, client relationships, market-making skills and credit intermediation role,” commented David Jones, Senior Vice President and head of Energy Trading and Marketing at Fortis US. “We chose Xenon as the technology platform to accelerate our startup and for the flexibility it provides to handle new product types and reporting requirements.”
“We look forward to providing a fast, adaptable base for Fortis’ entry into the US energy markets,” said Thurstan Bannister, Sakonnet Technology’s Chief Executive Officer. “Their decision demonstrates Xenon’s depth in terms of underlying coverage, trade processing and risk management.”
About Sakonnet Technology
Sakonnet Technology is the market leader in Software as a Service (SaaS) for energy trading and risk management. Sakonnet's expert international teams provide an unrivalled level of hosting, support, upgrade and consulting services linked to its advanced Xenon® platform. These services along with Xenon's streamlined interfaces and workflow, transform the end-user experience, resulting in higher productivity, stronger risk control and a trading edge. Sakonnet addresses the needs of energy companies, banks and hedge funds trading in power, natural gas, crude oil and related markets and has offices in New York and London.
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