SAKONNET TEAMS UP WITH ENERBILITY TO OFFER IMPROVED STP
London, October 17, 2005 - Sakonnet has formed a new partnership with enerbility, the leading provider of electronic confirmation systems (ECMS) for European energy traders. The collaboration will see the integration into Sakonnet’s energy trading and risk platform, Xenon®, of enerbility’s ECMS.
enerbility allows automated matching of electronic confirmations generated by pairs of counterparties to OTC power trades in Europe. If a set of confirms on a trade do not match, an exception notice is sent to the relevant back offices for review. This lets staff focus on resolving the rare exceptions, rather than reviewing hundreds of correct confirms.
Xenon and enerbility’s application will be linked via an XML interface. Because enerbility software is completely compatible across the market, it will allow a user to match his own confirm with one from either another ETRM application or a third-party ECMS.
“enerbility does a great job of freeing up users’ time for value added tasks,” explains Thurstan Bannister, CEO of Sakonnet. “This helps complete the straight-through processing (STP) chain, and we anticipate strong productivity gains for trading floors using the Xenon platform with this extension.”
Xenon captures trades in power, natural gas, crude oil, refined products and emissions credits – along with interest rate and FX hedges. It covers exchange and OTC instruments for these markets, including financial and physical forwards and options, and capacity and transmission trades. Sakonnet offers Xenon on a hosted basis or as an in-house solution, and is continually adding new functionality via both its own software development and integration with technology partner software.
“We are delighted to enter this partnership with Sakonnet”, stated Hannes Stiebitzhofer, principal and co-founder of enerbility, “because through it we can streamline the trade process and create higher ROI for our joint clients.”
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.
enerbility software gmbh is a company in Vienna, Austria, which
originated out of a pilot project to develop an electronic
confirmation matching system (ECMS) for energy traders. This project
was initiated by European power companies in 2003 and resulted in the
first operational ECMS. enerbility specializes in the automation of
back office processes combining the Peer-to-Peer principle and Web
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