Alliance Gas, the natural gas option trading arm of Norway's Statoil is to use Picasso, an ASP-based energy position and risk management solution provided by Sakonnet.
Robert Minsaas, supply and trading manager at Alliance Gas, says the product will be used to deliver vital position and risk data in real time. "As a leading market-maker in the UK natural gas market, it’s the kind of fast and dynamic technology platform we need," he says. "It is also cost-effective as Sakonnet delivers it on an application service provider or ASP basis, which frees up internal IT resources for other tasks."
Sakonnet’s production release of Picasso covers trade capture, trade processing, position monitoring and risk management for physical and financial trading in crude oil, refined products and natural gas markets in the US and Europe. Picasso 2.0 represents the first-ever production release of an ASP-based energy risk management system covering all these markets, claims the New York-based firm.
Sakonnet was set up in March last year by a group of traders and technologists previously at JP Morgan.