SAKONNET DEEPENS COVERAGE OF NW EUROPE
LEADING ETRM PROVIDER NOW COVERS TRADING, CLEARING OF POWER INSTRUMENTS ON NORD POOL
London, August 10, 2006 - Sakonnet Technology, the leading provider of energy trading and risk systems under the Software as a Service (SaaS) model, announced today that its latest (4.6) release of its Xenon® application includes coverage of the Nord Pool, the power trading exchange for the Nordic region.
The functional extension will enhance clients' ability to receive and deliver physical power, and hedge and trade in the European power markets, via integrated spot and forward trading out to four years. Nord Pool instruments include futures, swaps and forwards, spread trades or contracts for differences (CFDs), options on forwards and swaptions. The new functionality lets traders see immediately on the Xenon Dashboard the change to their exposures, and over time the trades' migration to the spot date (cascading). They can mark exchange and custom trades to both the exchange and their own forward curves with 1-hour granularity. Full back office reports and reconciliation are also supported.
Nord Pool (www.nordpool.com) has three divisions covering physical spot trading, financial medium-term trading and OTC trade clearing. The notional value of all trading in 2006 is $64 billion (annualized), and of clearing $110 billion. The Nord Pool also enables CO2 emissions trading, and is adding on September 25, 2006, the means to trade the German power market on an intraday basis.
"Xenon's flexible architecture has proved itself in allowing us to cover swiftly the Nord Pool" commented Eric Min, Sakonnet's Chief Operating Officer. "This reinforces Xenon as the ideal unified platform for trading, STP (Straight-Through Processing) across the energy commodity markets of Europe."
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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