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Altra Creates Single Online Trading Platform

May 24, 1999
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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."

John Norris

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