Brady (BRY.L), the leading global supplier of trading, risk management and settlement solutions to the metals and commodities sectors, is pleased to announce that the world's fourth largest copper producer, Xstrata Copper, has gone live with Brady Trinity 2009.
Xstrata Copper Middle East (XCME) is now using Brady for risk managing its physicals book for refined and unrefined metals globally.
The key activities of the Dubai-based operation are:
- An internal brokerage offering hedging services to Xstrata Copper units worldwide
- A trading operation managing Xstrata Copper's global copper position.
- A risk management body managing the metal price risk, initially for XCME but ultimately for Xstrata Copper worldwide.
Says Mike Lockwood, Manager Price Risk at XCME: "I would like to thank Brady for a successful brokerage project. The professionalism of the Brady team was crucial in enabling us to achieve our goals and enjoy a stable and productive system. It has been a pleasure working with the team and we now look forward to achieving the increased trading speed and risk management efficiencies across our trading operations."
Gavin Lavelle, CEO of Brady, commented: "Miners and producers know very well that trading and managing risk in the metals markets can be far more complex than most other asset classes and it is highly significant that so many of the world's largest mining and trading companies continue to choose Brady as their solution. It is a market we have focused on for many years and our clients understand and value the unique functionality and benefits that we provide."
As well as trading, hedging and risk management Brady is being used to improve brokerage capabilities at XCME. Brady will give the brokerage the capability to easily administer positions using a wide number of financial instrument types including, swaps, futures, forwards, options and OTC equivalents - LME options and Traded Average Price Options (TAPOs).