Praxinet Inc. Launches HedgeManager to Address FAS-133 Compliance for Oil & Gas Traders

Praxinet Inc. announces the launch of HedgeManager, a dynamic, web-based hedge tracking application that provides management controls, in-depth analytics, and hedge reporting compliance. With HedgeManager, oil and gas companies can track their hedging activities and perform in-depth analysis over the web, make more informed hedging decisions, and maintain compliance with FAS-133.

(PRWEB) April 30, 2003 -based hedge tracking application that provides management controls, in-depth analytics, and hedge reporting compliance. Through its unique development skills and financial process knowledge, Praxinet designed HedgeManager to address challenges brought on by the Financial Accounting Standards Board Rule 133, Accounting for Derivative Instruments and Hedging Activities." Specifically, HedgeManager was designed to fill a niche in the oil, propane, and natural gas industry.
   
FAS-133 has forced companies to rethink the way they account for hedging and derivatives, and more importantly, to evaluate the ability of their information technology systems to support compliance. We conducted a market analysis of FAS-133 compliance solutions," says Peter McKinney, Vice President of Praxinets Internet Practice. We found that the existing solution vendors do not adequately meet the specific needs required by companies hedging oil, propane, and gas futures. So, we developed HedgeManager to fill this gap."

This web-native solution simplifies the tracking and analysis of energy-related commodity hedging activities using advanced, but proven Internet technology. HedgeManager maintains information on individual commodity trades, provides management controls to preserve data integrity and regulate trader activity, preserves trade history for reporting and analysis, stores actual mark to market trades, maintains an audit trail for general ledger integration purposes, and provides sensitivity analysis and FAS 133 compliance reporting capabilities.

With HedgeManager, oil and gas companies can track their hedging activities and perform in-depth analysis over the web, make more informed hedging decisions, and maintain compliance with FAS-133.

About Praxinet
Praxinet Inc. provides consulting and software solutions that improve business performance across the enterprise. Praxinet leverages its core competencies in Strategic Consulting, Internet technologies, and Business Intelligence to enable its clients to manage and grow their business more efficiently and intelligently. Praxinet has designed and developed mission-critical solutions across multiple industries for major clients such as Pitney Bowes, GE, Citibank, Pfizer, Verizon, UPS, Tishman Speyer Properties, and Star Gas Partners. For detailed information about Praxinet, visit www.praxinet.com.