Brady plc, a London-based supplier of trading and risk management software for metals, recycling, energy and other commodities, has announced that Miami-based Royce Corp. has selected Brady to handle its trading, risk management and logistics processes. Royce, founded in 1986, specializes in global trading of ferrous and nonferrous metals and plastics.
Royce will implement Brady’s physical trading software that automates trading, hedging and physical metal purchase and sale contract management, logistics and traffic operations, and automates back office functions, including invoicing, treasury, document management and financial settlement.
According to a news release issued by Brady, by using its software system Royce can combine physical contracts with their respective hedges, providing a real-time overview of its hedge position, intraday profit and loss, customer credit exposure and margin position. Royce also will implement Brady’s multi-company, multi-currency accounting package that is linked to trading and specifically designed to provide immediate access to real-time key financial data, to ensure optimal risk monitoring, treasury management and overall business control.
“Implementation of the Brady solution extends our ability to manage our price, counterparty and market risk in real time,” says Max Fischbach, chief financial officer of Royce Corp. “Brady is the best provider in this space that is able to offer the depth of knowledge we required and an integrated platform offering the ability to tightly link both physical and financial trading activities with our overall results, enabling us to analyze and manage our business effectively”.
Gavin Lavelle, CEO of Brady plc, comment, “Brady is committed to providing companies trading the full portfolio of metals, from primary metals and steel to scrap, with a solution that also manages the basis risk between locations, qualities and the marketplace, and simultaneously providing those companies exposed to market price volatility with the most advanced, real-time solution to buy, sell and transport commodities.
“We are excited about the opportunity to assist Royce in its management of the value chain and protect the margins of its trading operations,” Lavelle adds.