Westport, CT (PRWEB) April 27, 2006
Triple Point Technology, the only provider of real-time, multi-commodity trading and risk management solutions, announces today that Old Lane, LP, a New York-based investment firm, has chosen Triple Point’s software solution for trading energy commodities and related derivative instruments. Building on the momentum of recent Triple Point wins at Lehman Brothers and other major financial institutions, the selection by Old Lane reinforces Triple Point’s position as the leading solution for financial organizations.
Old Lane, which launched a multi-asset and multi-commodity hedge fund in April, was founded last year by a group of former top executives at Morgan Stanley, a long-time Triple Point client. After an extensive search, Old Lane chose Triple Point because it offered the only solution that met all the firm’s requirements. Old Lane wanted to implement a system rapidly—in 3 months—and required a single platform capable of supporting both physical and financial trading of energy commodities, including power, natural gas, and oil; was intuitive to use for diverse users; and could easily scale to meet the fund’s future needs. The firm licensed Triple Point’s flagship product, Commodity XL, in January and went live with the full solution at the beginning of this month.
“We are very excited to have deployed Commodity XL for an industry-leading hedge fund like Old Lane. Our financial services clients demand the most from us. Functionally, they have the most sophisticated requirements for pricing, risk management, and decision support and analysis. Technically, they demand real-time processing and unmatched scalability driven by high transaction volumes and complex trading strategies,” said Peter F. Armstrong, president and CEO, Triple Point Technology. “We invest over 25% of our revenues in R&D to meet these and future demands, and we’re happy to see it pay off.”
Built specifically from the ground up for high-volume, complex transaction management organizations, Triple Point Commodity XL is a true next-generation solution. It provides the essential capabilities for commodity organizations trading in today’s highly volatile environment: multi-commodity capabilities, real-time integration of physical and financial positions, comprehensive risk management, and scalability. Comprised of a family of commodity-specific products that can be deployed alone or in seamless combination with each other, Commodity XL manages every aspect of global cross-industry supply, trading, marketing, and logistics operations. Triple Point also offers an ASP model appropriate for smaller hedge funds.
“As we win more and more premier financial institution deals, not only do we know we’re on the right track with our current solution, but we ensure product leadership for years to come,” said Armstrong.
About Triple Point Technology Inc.
Triple Point Technology is the leader in trading, risk management, scheduling and logistics solutions for commodities, including power, oil, gas, coal, metals, agricultural products, and freight. Triple Point Commodity XL profitably integrates physical and financial markets from the front-to-back office for all commodities on a real-time next-generation platform. Triple Point's award-winning solutions are used by more than 25 percent of both Global 500 commodity trading companies and Global 500 energy companies. Founded in 1993, and headquartered in Westport, Connecticut, USA, Triple Point serves clients from five development and support centers located around the globe. More information is available at http://www.tpt.com.