Danske Commodities Expands U.S. Operations with ION Allegro
The international energy leader goes live on ION Allegro's CTRM software as it expands into U.S. power markets
NEW YORK, Nov. 7, 2019 /PRNewswire-PRWeb/ -- ION, the largest global provider of trading, analytics, and risk management solutions for commodities and treasury management, today announced Danske Commodities has expanded its ION Allegro license to U.S. markets and successfully gone live on the Allegro platform.
Danske is an international energy trading and services company founded in 2004 and based in Aarhus, Denmark. The company operates in 39 countries. As a leading energy trading house, Danske trades power and gas and uses its market knowledge and 24-hour trading setup to support its customers through tailor-made services designed for renewable producers, conventional assets, and energy suppliers.
Danske has been an Allegro customer in EMEA for 2 years and has completed 5.5 million trades on the platform in that time. Once Danske began its growth into U.S. power markets in July 2019, it needed Allegro's advanced CTRM capabilities for support in the region.
"As an international energy company, Danske Commodities is exposed to a variety of risks through its daily trading activities," said Jakob Sørensen, Chief Risk Officer at Danske Commodities. "Allegro's system has been an important factor in maturing our processes in EMEA and will also be important in helping us expand into the complex and volatile U.S. power markets."
Allegro's enterprise CTRM software and advanced analytics empowers energy companies with decision-support analysis, risk management tools, corporate governance controls, and the market insight they need to find profit-making opportunities, expand margins, and manage a greater volume of physical and financial deals.
"In EMEA, Danske Commodities relies on Allegro to support over 9,000 trades per day, and we're excited to help them expand their business into the U.S.," said Frank Brienzi, ION Commodities Chief Executive Officer. "Allegro will help ensure Danske is in a position to mitigate risk, capture more opportunities, and achieve success in the U.S. power markets."
Danske recently featured Allegro in its 2018 Annual Report (https://www.allegrodev.com/blog/danske-commodities-secures-top-tier-risk-management-allegro/) and highlighted Allegro's role in the company's growth strategy of prioritizing the automation and digitalization of its risk management. The report notes that Allegro allowed Danske to challenge imminent unpredictability and stringent reporting requirements, while outpacing the competition with faster response times and an optimized value chain.
The report stated:
"Danske Commodities has implemented a new top-tier ETRM system, Allegro, which has replaced the legacy proprietary solution. During Allegro's first year in operation, more than three million trades were processed from deal capture to settlement. The benefits of the new ETRM system are manifold and primarily stem from the fact that the data structure has improved significantly. This optimizes straight-through processing of trades, providing better efficiency, scalability, and greater transparency for further analysis."
About ION Group
ION provides mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments, and corporates. For more information, visit http://www.iongroup.com.
SOURCE ION Group
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