SAKONNET TECHNOLOGY’S XENON VERSION 3.5 INTRODUCES
5-MINUTE GRANULARITY
London, May 19 2003 – Sakonnet Technology announced today the release of Version 3.5 of its Xenon™ energy trading and risk application. Key to the new release is enabling users to capture and review positions in time-periods down to five minutes—currently the smallest unit of granularity in the market.
“Xenon’s original design created no restrictions on underlyings or trading time-period,” said Alarik Myrin, Sakonnet’s Technology’s Chief Technology Officer. “So for covering European power markets, we could quickly code in clients’ ability to “shatter” curves down to five minutes. The speed with which users obtain summary risk reports is largely unaffected, even for books with many long-term OTC trades.”
The new release includes many other functionality extensions to deepen support for European power trading. Users can now handle different pre-set prices or volumes through the life of a transaction via a stepped fixed physical trade type and a module enabling import of custom load shapes. When capturing a multi-legged transaction or deal, there is now no limit on the number of subsidiary trades a user can enter. Eric Min, Sakonnet’s Chief Operating Officer, commented: “This features lets users execute higher value added transactions with their clients, while capturing their risk impact within the application immediately.”
Some major technical upgrades also arrive in Version 3.5. JBoss, an open source application, replaces BEA Weblogic on the application server tier, for enhanced robustness at a lower operating cost, whether the application is deployed in-house or on an application service provider (ASP) basis. A custom XML interface helps clients link Xenon quickly to their other applications. Value-at-Risk (VaR) calculations and trading book End of Day (EOD) processing are now faster as Sakonnet software engineers have re-optimized the logic for distributing compute tasks across servers.
Thurstan Bannister, Chief Executive Officer commented: “The extensions and performance improvements in Version 3.5 are helping clients process trades and reports faster, aggregate risk across their businesses more easily, and capture non-standard deals right away.”
About Sakonnet Technology
Sakonnet Technology is the market leader in Software as a Service (SaaS) for energy trading and risk management. Sakonnet's expert international teams provide an unrivalled level of hosting, support, upgrade and consulting services linked to its advanced Xenon® platform. These services along with Xenon's streamlined interfaces and workflow, transform the end-user experience, resulting in higher productivity, stronger risk control and a trading edge. Sakonnet addresses the needs of energy companies, banks and hedge funds trading in power, natural gas, crude oil and related markets and has offices in New York and London.
www.sknt.com
Media Contacts:
Alastair Turner
SPARX Communications
+44 (0)1753 893000
alastair@sparxgroup.co.uk
Sakonnet Technology
New York Office London Office
+1 212 343 3170 +44 (0) 207 960 6043
www.sknt.com
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