A prominent energy midstream company operating in Western Canada, faced the challenge of upgrading their Endur system from an unsupported version v17 to v23, necessitating a thorough assessment to determine the complexity, cost, and feasibility of the upgrade. They needed to categorize the upgrade project into either homogeneous or heterogeneous, assess the total cost of ownership for different Endur versions, review technical aspects such as code, configuration, and dependencies, identify the scope of impact and incongruences between v17 and v23 solutions, and evaluate platform engineering and infrastructure requirements. Additionally, they sought to establish a robust quality assurance framework for testing the upgraded Endur system.
Increase in certainty on scope, cost, schedule, and risks.
Reduced total cost to deliver based on optimization recommendations
Identified risks due to disparities in critical solutions between v17 and v23 Endur
Reduced costs by leveraging shared tenants, cost optimization measures and FinOps practices
Value Creed’s comprehensive Endur Upgrade Advisory program addressed the client’s challenges through a strategic approach, incorporating key insights throughout:
Capability, Process & Implementation Mapping: A thorough assessment of capabilities, processes, and implementation requirements is crucial for effective project planning and decision-making. By developing solution blueprints across business verticals and engaging key stakeholders, Value Creed ensured a thorough understanding of requirements, fostering collaboration and alignment.
Conduct Version Selection Advisory: Careful consideration of Endur version selection based on business needs and risk assessment is paramount for maximizing the value and success of the upgrade. Through meticulous analysis considering risk appetite and solution architecture fitment, Value Creed facilitated strategic Endur version selection, maximizing the value of the upgrade.
Planning of Upgrade Project: Early detection and mitigation of risks are essential for minimizing disruptions and ensuring smooth project execution. Value Creed coordinated with ION, planned capacity, allocated resources, and managed risks, laying a robust foundation for a successful upgrade while ensuring efficient resource utilization.
Organizational Change Management: Identifying key stakeholders and devising effective communication strategies, Value Creed facilitated smooth transition and adoption of the upgraded Endur system, fostering stakeholder engagement and alignment.
Proactive Risk Identification: Early identification of potential pathways and risks was key to minimizing disruptions and ensuring seamless transitions. We identified 16+ risks including API depreciation, custom code conflicts, and cybersecurity vulnerabilities.
Cost Optimization: With our experience in tackling issues and risk patterns in past Endur upgrades, we offered various insights and guidance. This approach not only facilitated optimal resource utilization but also enabled effective budget management, leading to successful project outcomes.
Our Advisory services not only will help you guide your operations but also help you achieve your vision by taking all stakeholders into consideration. Our highly experienced team has combined full lifecycle, functional and technical expertise to deliver frameworks and guidance around building reliable and scalable commodity trading businesses.
Our team is made up of industry-leading CTRM experts who help you model new business requirements to ensure a future-proof setup. We empower you to customize and enhance performance. Our primary focus is to optimize functionality across the board, aligning with market demands through a holistic solution.
Value Creed offers unparalleled expertise in upgrades, providing meticulous planning, substantial cost savings, early risk detection, stakeholder engagement, and cloud cost optimization. With a track record of success, we ensure seamless transitions, aligning Endur versions with business needs and mitigating potential disruptions. Our commitment to excellence and client satisfaction makes us the ideal partner for companies seeking efficient, cost-effective, and reliable upgrade solutions.
Performance Enhancement A leading global trading firm faced a significant challenge integrating trades from diverse external sources into their Endur ETRM system. With multiple ETRMs
Performance Enhancement A leading global trading firm faced significant challenges with their End-of-Day (EOD) processes. The complexities of trading across multiple markets and geographies, coupled
Performance Enhancement A Midstream producer sought to enhance the performance of their Endur ETRM system. Their primary goal was to streamline the Order to Cash
Customize & improve business processes with Value Creed’s Implementation Services
A leading global trading firm faced a significant challenge integrating trades from diverse external sources into their Endur ETRM system. With multiple ETRMs catering to different commodities, the lack of a standardized validation process led to errors, delays, and increased operational overheads. Manual validation methods were time-consuming and prone to inaccuracies, posing risks to the integrity of trade data and regulatory compliance.
Improved Data Accuracy: Quarter on quarter from the time of deployment
Enhanced Operational Efficiency: Reduced errored trade count total trades per day
Risk Mitigation: Increase in timely reporting to trade repositories
Streamlined Reconciliation: Reduced manual verification hours for front-office (2 Desks & 7 Members)
Drawing upon our extensive expertise in ETRM systems and technology, we architected & developed a middleware layer that served as a data layer & pipeline between external trade sources and ETRM systems. Our solution incorporated the following critical components:
Centralized Validation Tier: By introducing a common validation tier for all ETRMs, our solution streamlines the validation process. Trades from external sources undergo validation before entering respective ETRMs, eliminating the need for multiple validation methods and reducing redundancy in the workflow.
Data Standardization: The middleware layer handles various data formats such as XML, JSON, and FIX, converting them into a standardized XML format. This standardization ensures uniformity in data processing and facilitates seamless integration with the validation tier.
Real-time Error Management: Our solution incorporates a dashboard within the validation framework, providing traders with real-time visibility into all trades entering the system. Any errored or misaligned trades are promptly flagged, allowing traders to review and rectify discrepancies efficiently. This proactive approach minimizes the risk of erroneous trades entering the ETRM systems.
Enhanced Trade Modeling: Through enhancements to the Endur data model and GUI screens using OpenComponent library extensions, our solution enables the modeling of complex trade structures such as multi-commodity trades, multi-parcel modules, and multileg trades in Endur. This capability ensures that trades from various external sources are interfaced into Endur without any errors or missing data, further optimizing the trading process.
Reduction of Reporting Errors: By pre-validating trade data before it enters the ETRM systems, our solution significantly reduces reporting errors, including those related to Profit and Loss (PnL) calculations and position reporting. This proactive validation approach minimizes manual work and reprocessing efforts, which would have been necessary to rectify incorrect trades at later stages in the trade lifecycle.
Audit Trail Enablement: Our solution provides comprehensive audit trails, capturing all trade validation activities and changes made by traders. These audit trails not only facilitate regulatory compliance but also support reconciliation efforts, ensuring transparency and accuracy in trade data management.
Unlock operational effectiveness and elevate the efficiency and reliability of your database through Value Creed’s services. Optimize performance with fast and accurate data extraction, reconciliation, calculation, and reporting.
Value Creed helps organizations integrate DevOps across CTRM and manage the cultural shift that perpetually feeds on itself to deliver continuous improvement and proactive identification and creation of desirable product features.
By centralizing validation, standardizing data formats, implementing real-time error management, enabling enhanced trade modeling, and reducing reporting errors, our solution empowers traders to operate with confidence, knowing that their data is accurate, processes are streamlined, and regulatory compliance is assured. Partner with Value Creed to navigate the complexities of the energy trading landscape with agility and precision, driving business growth and maintaining a competitive edge in the market.
Performance Challenge Due to manual efforts, a company encountered data analysis challenges that hindered its operations. Generating multiple reports, such as monthly reports for various
A diversified energy company based in New York needed to upgrade its CTRM, but had no experience with major technical software upgrades in the past
Global Energy Company’s Ambitious Growth Goals Powered by Value Creed’s Seamless CTRM Upgrade The Imperative Challenge A global energy company engaged in natural gas production,
Customize & improve business processes with Value Creed’s Implementation Services
Achieving a competitive edge requires agility and seamless data integration. This case study details how we revolutionized railcar integration and tracking for a top energy trading firm. The client encountered significant operational challenges in managing the in-transit inventory across 80-100 railcars. Manual tasks consumed 10-12 hours of labor due to the absence of an automated and integrated railcar management system. Implementing our suggested solution reduced manual entry, costs, errors, and improved inventory and service efficiency.
Our solution prioritized Inventory Management, reducing stockouts, optimizing resources, and enhancing financial reporting precision. It’s adaptable to market shifts, improving cash flow visibility for efficient working capital management.
In-Transit Inventory Management
Efficient Time Management – Records processed within 10-15 minutes
Automates updates to railcar orders and movement status
Market Risk, Credit and Replacement Risk, In-transit Inventory Risk
No extensive reconfiguration is required
Reduction in manual data entry
Value Creed suggested a customized solution that utilized RightAngle’s advanced features, including custom tasks, reports, and integrations.The strategy was centered on using Car Location Messages (CLM) to automate data flow between external railcar tracking systems and RightAngle. This ensured accurate, real-time updates on railcar locations and statuses, streamlining operational workflow. The implementation phase included several essential components:
Creating Custom Interfaces: Developing interfaces to connect RightAngle with external railcar tracking systems.
Data Mapping and Transformation: Ensuring smooth data exchange across different systems, formats, and standards.
Automating Data Updates: Setting up workflows for real-time data updates in RightAngle to minimize manual errors.
Customizing Scheduling: Tailoring scheduling for railcar tracking to improve transaction settlement tracking.
Ensuring Quality: Implementing rigorous testing protocols to ensure system reliability and accuracy.
Planning for Scalability: Designing solutions with scalability in mind to accommodate future business growth and changes.
Unlock operational effectiveness and elevate the efficiency and reliability of your database through Value Creed’s services. Optimize performance with fast and accurate data extraction, reconciliation, calculation, and reporting.
In our approach to addressing operational challenges around practical railcar integration and tracking, we prioritize efficiency, reliability, and scalability. For instance, our focus has been on improving in-transit inventory management, as our clients typically handle around 80-100 in-transit railcars per month, totaling 1-1.5 million gallons of volume. With our solution, we’ve achieved significant cost savings of 10-15% annually on in-transit inventory management.
Through our emphasis on efficient inventory management, precise timekeeping, streamlined operations, and improved risk management, our team addresses current market complexities while paving the way for the client’s sustained success and future growth in a dynamic market environment.
Performance Challenge In their pursuit of operational enhancement, one of our leading energy clients recognized the need to stay up-to-date with the latest version that
Performance Challenge A leading Energy Company based out of Houston found itself at a crossroads when it needed assistance with upgrading its ETRM system. Lacking
Business Challenge When embarking on an upgrade, it is crucial for clients to dedicate an upfront focus to their business prerequisites and how these align
Customize & improve business processes with Value Creed’s Implementation Services
A leading global trading firm faced significant challenges with their End-of-Day (EOD) processes. The complexities of trading across multiple markets and geographies, coupled with dependencies on various data sources and systems such as Endur, Price Publishing Houses, and SAP, resulted in frequent delays and operational inefficiencies. These delays not only impacted individual EOD closures but also caused cascading delays across multiple entities, leading to increased congestion and manual intervention.
Improved Agility: The solution architecture’s agility score increased by 45%
Reduced EOD Runtimes: End-of-day runtime delays decreased by 1.5 hours across three geographies
Cost Savings: Cost savings of $250,000 by minimizing manual labor involved in monitoring
Optimized EOD Integration: Value Creed suggested an event-driven EOD solution focused on micro-batching EOD activities by market areas, commodities, and book structures. The solution leveraged a common orchestration platform acting as a “TrafficCop” to seamlessly integrate Endur with external systems such as Price Publishing Houses and SAP. Two solution architectures were considered:
API Integration: This involved linking external systems with Endur’s Connex webservice gateway through APIs. API calls from external systems triggered Connex Methods, initiating the required tasks, processes, or workflows within Endur. Process logs were captured, and results were stored in the Endur database, with outputs shared back to the external systems via API connections.
DB Connect: The chosen architecture utilized JDBC connectivity to Endur’s database, allowing the BPO tool to instruct Endur on target jobs to be run. Data updates were pushed periodically or in real-time to Endur’s database, triggering tasks, processes, or workflows. Logs were maintained, and data updates were reflected in the database, with the option to transfer data to external systems.
Capabilities Enhanced: By streamlining EOD processes, the firm unlocked capabilities to leverage risk-as-a-service, valuation-as-a-service, and reconciliation-as-a-service, originating from Endur’s core capabilities. This integration allowed Endur to leverage the capabilities of other systems more effectively, enhancing overall operational efficiency and decision-making.
Integrated EOD Control: After conducting a thorough analysis, the client opted for the DB connect solution due to its cost-effectiveness and suitability for their needs. The capabilities modeled within Endur provided comprehensive control over essential actions during End-of-day (EOD) processes, including running tasks, workflows, scripts, and TPMs, while logging responses. These capabilities ensured that all in-scope activities for EOD were efficiently managed and monitored within the system.
Unlock operational effectiveness and elevate the efficiency and reliability of your database through Value Creed’s services. Optimize performance with fast and accurate data extraction, reconciliation, calculation, and reporting.
Value Creed’s expertise enabled the implementation of an event-driven EOD solution, optimizing integration across market areas, commodities, and systems. Interested in streamlining your energy trading operations? Reach out to explore how Value Creed can assist you in leveraging Business Process Orchestration for enhanced efficiency and risk management. Let’s streamline your operations together.
Performance Challenge Due to manual efforts, a company encountered data analysis challenges that hindered its operations. Generating multiple reports, such as monthly reports for various
A diversified energy company based in New York needed to upgrade its CTRM, but had no experience with major technical software upgrades in the past
Global Energy Company’s Ambitious Growth Goals Powered by Value Creed’s Seamless CTRM Upgrade The Imperative Challenge A global energy company engaged in natural gas production,
Customize & improve business processes with Value Creed’s Implementation Services
Today’s energy trading businesses face the challenge of optimizing their operations due to evolving market dynamics. Amidst this complexity, businesses are seeking ways to optimize their operations efficiently. Energy trading operations often face challenges due to manual processes, leading to errors, delays, and compliance risks. Navigating through various systems can be cumbersome, hindering seamless execution and decision-making. One key solution to these challenges lies in Business Process Orchestration (BPO), a strategic approach to streamline workflows and enhance efficiency and risk management.
Endur, being a comprehensive ETRM solution, integrates trade execution, risk management, compliance activities, Workflow Automation, Trade Execution, and Confirmation, Compliance Monitoring, Data Integration, and Market Connectivity. Business Process Orchestration in ETRM, particularly within the Endur platform, offers a robust framework for automating and orchestrating critical business processes.
By defining workflows that outline tasks, dependencies, and triggers, organizations can ensure coordinated execution throughout the trading lifecycle. Integration with external systems and tools enhances communication and data flow, thereby improving operational efficiency and risk management.
Automation of trade lifecycle processes within Endur, from capture and validation to settlement and reporting, reduces errors and delays.
Real-time integration of risk analytics tools enhances risk visibility and enables swift responses to market changes.
Automated compliance checks and timely report generation ensure adherence to regulatory requirements, mitigating compliance risks.
Integration of data from various systems minimizes discrepancies and streamlines communication, ensuring access to up-to-date information.
Integrating industry-standard workflow orchestration tools like Control M, Apache Airflow, and Apache NiFi complements Endur’s orchestration capabilities. This integration allows organizations to seamlessly schedule, monitor, and manage processes within Endur, enhancing operational efficiency. For instance, orchestrating trade settlements and risk calculations based on market prices reduces manual errors, streamlining operations effectively.
Value Creed leverages its expertise in Business Process Orchestration and Endur to empower organizations, with a focus on optimizing operations, enhancing efficiency, and mitigating risks. Here’s how Value Creed can help businesses navigate the complexities of the energy market effectively:
Value Creed offers a holistic approach to addressing EOD challenges by considering system dependencies, data sources, and operational workflows across multiple geographies and markets. With our expertise, we ensure comprehensive solutions tailored to your unique needs.
Seamlessly integrating systems is vital for optimizing EOD processes and reducing operational bottlenecks. Value Creed’s expertise facilitates this integration, ensuring smooth communication between systems for enhanced efficiency and effectiveness.
Making EOD event-driven and more real-time is an ongoing process that requires continuous monitoring, evaluation, and refinement. With Value Creed’s support, businesses can implement iterative improvements, staying agile and adaptable to evolving market dynamics and business needs.
 |
This case study highlights how Value Creed optimized end-of-day processes for a global trading firm:
|
|---|
With a commitment to delivering tailored solutions, Value Creed harnesses the power of tools like Endur and integrates seamlessly with industry-standard workflow orchestration platforms. This strategic approach enables businesses to not only maintain competitiveness but also build resilience in the dynamic energy trading landscape. Contact us today to embark on a journey towards streamlined operations and sustainable profitability in the ever-evolving energy sector.
Let Us Know
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.
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.
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.
As per the CFTC compliance requirement, a UPI replaces the current simplistic OTC derivative taxonomy values.
ICE eConfirm updated its core REST API Schema and URL.
ICE implemented changes to their authentication cookies, replacing them with Single Sign-On (SSO) tokens.
Certificates need to be configured on the ETRM Systems and mapped with the ICE portal.
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:
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.
Relying on manual methods for broker confirmation can cause delays in Accounts Receivable, impacting cash flow and overall operational efficiency.
Failure to adhere to ICE Schema changes for CFTC compliance (Part 43/45) can result in fines and regulatory scrutiny.
Inefficient processes increase operational costs for energy companies, with outdated systems incurring higher expenses due to labor hours, error correction, and compliance-related expenses.
Technological enhancements and updates offer a competitive advantage by automating processes and integrating real-time data.
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.
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.
Inadequate incorporation of eConfirm schema updates disrupts workflow, necessitating seamless integration for efficient trading and risk management.
Schema adjustments introduce new or modified fields, demanding ETRM systems’ data mapping configurations. Without updates, correct data interpretation may falter, risking critical process errors.
Schema alterations affect reporting mandates, obligating ETRM systems to produce and transmit reports. Non-compliance can incur penalties and reputational harm.
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.
We keep abreast of impending schema changes through ICE and other channels, proactively monitoring updates' impact on ETRM systems.
Count on us to incorporate changes seamlessly, ensuring your ETRM system remains current and efficient.
Our team conducts comprehensive post-implementation testing to guarantee smooth transitions and optimal performance.
We bridge communication gaps, liaising directly with ICE representatives to implement custom integrations or configurations as needed.
Let Us Know