Altra Creates Single Online Trading Platform
Altra said last week it completed the previously announced
merger of the Streamline and Quicktrade electronic energy trading
systems, achieving a major goal Altra set when it bought Quicktrade
in January. Altra said the combined package will increase
Streamline user numbers 30% and boost liquidity.
"A single platform was the solution to evolving these markets
into a seamless enterprise," said Rusty Braziel, chairman of
Altra's board of directors.
"We realized when we bought Quicktrade that there couldn't be
two different platforms co-existing under one roof," said Stacey
Williams, an Altra spokesperson.
The company said the new system combines the best of both
predecessor systems. It will facilitate 5 Bcf/d of natural gas
trades, 500,000 b/d in liquid fuel transactions and increasing
volumes in the electric power market.
All real-time electronic trading products will now be called
Altrade, including systems for power, gas and natural gas liquids.
David Hanson, vice president of electronic trading services and a
former Quicktrade vice president, said the gas system will be an
upgraded version of the Quicktrade platform. "In terms of
contracts, it was easier to switch people to Quicktrade than it was
vice-versa. Also the old Altra platform could not duplicate some of
the pricing points that Quicktrade's platform can." Hanson added
that the Altrade Power and Altrade Liquids (better known in the
industry as Chalkboard) systems will be out well before the end of
the summer. Unlike Altrade Gas, the other two systems will be based
from the Streamline model.
The convergence signified the end result of the merger between
the two companies. "Everything else is done and the process went
very smoothly," Hanson said. "There were no layoffs, and in fact,
we've increased our employee base. After the dust settles from the
convergence, Altra will focus all of its efforts to create a new
generation platform, that will come out sometime next year."
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