Trading platform and data specialist ipushpull has launched a new solution to streamline the trade booking process for North American natural gas.
On Thursday (18 September), the company announced the launch of Trade Capture & Booking in partnership with Koch Energy Services, a physical gas trader in North America.
The platform says it has integrated and enhanced Koch’s DealStream solution into its own system to automate trade booking via chat, leveraging advanced AI technology to improve accuracy and efficiency.
“Being chosen by one of North America’s leading physical gas trading houses demonstrates the increasing importance of automating chat workflows in energy and commodities trading,” said Matthew Cheung, CEO of ipushpull.
“We are thrilled to be working with Koch, deploying our AI-enabled solution to ensure bilateral trades conducted through chat are booked via the firm’s ETRM system efficiently and correctly.”
Cheung said that securing Koch as a partner shows the company is addressing an industry-wide challenge: how to mitigate ‘costly fat finger errors’ or instances where traders forget to book trades altogether, in markets increasingly dominated by chat.
“For us, demonstrating the effectiveness of our technology in the physical gas market is a stepping stone to expanding into other energy and commodities trading markets and cements our presence in North America,” he added.
Darnell Bortz, Director of Natural Gas Trading at Koch Energy Services, said: “We have 25 traders and have executed more than 35,000 trades through the platform with impressive results. It decreased trade input time by about 75%, significantly reduced errors and enhanced overall employee experience.
“Our team adopted the technology quickly because the process was easy and we saw immediate benefits. The tool has greatly improved our day-to-day work, and I believe this is just the beginning. I look forward to the future opportunities Koch and ipushpull working together can provide our business.”
