Value Creed’s Expert Solutions

Enhancing Efficiency with ICE eConfirm Updates

Streamlining Commodity Trading with ICE eConfirm Updates

The ICE eConfirm system streamlines commodity trading by automating trade confirmations electronically. This enables companies to swiftly confirm trades with companies, brokers, and counterparties thereby reducing manual processes. Periodic updates to the system by ICE enhance functionality, data integrity, and regulatory compliance which may involve changes to message formats, data fields, or validation rules. Furthermore, the integration of the ICE eConfirm platform with existing ETRM systems relies solely on API configuration.

Highlights of Recent Enhancements on ICE Trade Vault and Confirms

The recent enhancements on the ICE trade Vault and Confirms feature Unique Product Identifiers to replace OTC derivative taxonomy values for FX, Credit, and IR markets. ICE eConfirm’s updated API enhances XML request construction and response reading efficiency. Furthermore, security upgrades include transitioning to Single Sign-On tokens and configuring certificates for secure connections.

Unique Product Identifiers(UPIs)

As per the CFTC compliance requirement, a UPI replaces the current simplistic OTC derivative taxonomy values.

API

ICE eConfirm updated its core REST API Schema and URL.

Authentication

ICE implemented changes to their authentication cookies, replacing them with Single Sign-On (SSO) tokens.

Certificate

Certificates need to be configured on the ETRM Systems and mapped with the ICE portal.

Key Factors Impacted During Version Upgrades

During version upgrades, compatibility issues can disrupt operations. Failure to implement these enhancements may increase the impact on business operations. Here are some factors that might be affected:

Trade Efficiency

Manual confirmation processes without automation like ICE Econfirm can take 2-3 minutes per trade, leading to inefficiencies and potential losses for high-volume trading firms.

Back Office Streamlining

Relying on manual methods for broker confirmation can cause delays in Accounts Receivable, impacting cash flow and overall operational efficiency.

Regulatory Compliance

Failure to adhere to ICE Schema changes for CFTC compliance (Part 43/45) can result in fines and regulatory scrutiny.

Operational Costs

Inefficient processes increase operational costs for energy companies, with outdated systems incurring higher expenses due to labor hours, error correction, and compliance-related expenses.

Competitive Edge

Technological enhancements and updates offer a competitive advantage by automating processes and integrating real-time data.

Connectivity Security

Installing digital certifications ensures legitimate data exchange, enhancing system security and functionality.

Value Creed specializes in ensuring smooth transitions and maintaining submission consistency without interruptions. ICE eConfirm’s announcement of v1’s deprecation necessitates migration of all submissions and logs to API Batch v3.

eConfirm Integration Approach

Click to Enlarge >

The Crucial Role of Trade Confirmation Processes and System Integration

Trade confirmation processes are vital in enhancing various aspects of business operations. Quick confirmation ensures accuracy and minimizes risks, although manual methods may be time-consuming, requiring 2-3 minutes per trade. Manual broker confirmations in the back-office can cause delays in Accounts Receivable processes, impacting cash flow.

When implementing updates in the eConfirm schema, various challenges arise for ETRM systems. These challenges include ensuring seamless integration, adjusting data mapping configurations, and meeting reporting requirements.

System Integration

Inadequate incorporation of eConfirm schema updates disrupts workflow, necessitating seamless integration for efficient trading and risk management.

Data Mapping

Schema adjustments introduce new or modified fields, demanding ETRM systems’ data mapping configurations. Without updates, correct data interpretation may falter, risking critical process errors.

Reporting and Compliance

Schema alterations affect reporting mandates, obligating ETRM systems to produce and transmit reports. Non-compliance can incur penalties and reputational harm.

The automated system substantially decreases manual effort and processing time, resulting in a more streamlined and efficient invoicing process.

Through automated validation and approval stages, there is a notable improvement in accuracy and adherence to regulatory standards, mitigating the risk of errors and potential penalties.

Leveraging the customizable file-naming feature enhances the organization and retrieval of invoice documents, leading to more efficient data management practices.

Expert Services for Seamless Integration and Effective Migration

Our team of experts excels in tailoring ETRM systems to accommodate updates from ICE eConfirm and Trade Vault, offering a comprehensive array of services. We meticulously compare schema columns provided by ICE with ETRM tables, making necessary adjustments for seamless integration. Additionally, we adapt processes to utilize the new API for transmitting deal data to eConfirm, ensuring smooth functionality.

Step 1

Obtain Release Notes

Necessary documents are obtained from the ICE portal to facilitate a detailed and seamless upgrade.

Step 2

Verify API Configuration

Verify the current API configuration with the ETRM interface and ensure compatibility.

Step 3

Obtain Data Mappings

Communicate with users to obtain the latest data mappings or adjust mappings as necessary.

Step 4

Validation Tests

Conduct comprehensive post-implementation tests to validate submissions, submission logs, XML file generation, user configuration, and security rights.

Step 5

Task Execution

Execute all tasks while adhering to deadlines and ensuring no loss of data or submissions during the version upgrade.

Step 6

Implementation

Implement a robust approach to managing the transport protocol, including parsing HTTPS headers, manipulating cookies, and forming/transmitting requests.

Step 7

Error Handling

Handle errors and exceptions by integrating the <Response> element from the provided schema, enabling client code to parse and manage diverse error codes and responses according to the relevant schema(s).

Step 8

Review

Perform a thorough system study and analysis to understand the downstream customer's reliance on eConfirm services and any customizations related to automated confirmation processes.

Discover the Value Creed Advantage

Proactive Monitoring

We keep abreast of impending schema changes through ICE and other channels, proactively monitoring updates' impact on ETRM systems.

Technical Expertise

Count on us to incorporate changes seamlessly, ensuring your ETRM system remains current and efficient.

Rigorous Testing

Our team conducts comprehensive post-implementation testing to guarantee smooth transitions and optimal performance.

Communication

We bridge communication gaps, liaising directly with ICE representatives to implement custom integrations or configurations as needed.

Recommended Resources

Elevate Your Business Operations with Value Creed's Integrated Invoice Document Generation System Solution

Revolutionize Natural Gas Scheduling with Value Creed's Comprehensive Solution and Robust Reporting Suite

Navigating Credit Risk Complexity with Forward Analysis

Ready to get started?

Explore our suite of solutions designed to empower your trading and risk management functions. Partner with us for a transformative CTRM experience that drives success in today’s ever-evolving markets.

Home

Who We Are

Our Services

Featured Insights

Culture & Careers

LearnSmart

Contact Us

CBOL

Advisory Services

Business Process Optimization

Energy Risk Management

Software Selection

Program Management

Power Purchase Agreement (PPA) Management

DAER

Data Driven Success

Data Transformation

Database

Analytics & Reporting

Allegro

RightAngle

Endur

Other CTRM Products

Allegro

RightAngle

Endur

Other CTRM Products

Testing Services

BPO

CTRM Journey

CTRM Training

CTRM Implementation

Allegro

RightAngle

Endur

Other CTRM Products

PCI

A2

Consultant's Journey

Culture

Cohort

Fast

Executive

Wellness

Entrepreneurship

Learn by Example

Workcation

Gaming Zone

Client Training

Careers

Cloud Services

Intelligent Automation

DevOps

Enhancing Efficiency with ICE eConfirm Updates

Streamlining Commodity Trading with ICE eConfirm Updates

Highlights of Recent Enhancements on ICE Trade Vault and Confirms

Unique Product Identifiers(UPIs)

API

Authentication

Certificate

Key Factors Impacted During Version Upgrades

eConfirm Integration Approach

Click to Enlarge >

Click to Enlarge >

Click to Enlarge >

The Crucial Role of Trade Confirmation Processes and System Integration

System Integration

Data Mapping

Reporting and Compliance

Expert Services for Seamless Integration and Effective Migration

Discover the Value Creed Advantage

Proactive Monitoring

Technical Expertise

Rigorous Testing

Communication

Recommended Resources

Ready to get started?