December 2019. Brady – now operating as Quor, a leading provider of trading, risk and logistics software for global commodity markets, announces that Prysmian have selected its financial trading and risk management solution to support business growth in North America.
Milan based manufacturer Prysmian has been a customer for over 10 years. The company sells over 11 billion Euros of cables, optical fibres and connectivity systems for industries such as power, construction, infrastructure and telecommunications, across 50 countries.
Quor’s financial commodity trading solution was initially deployed at Prysmian in 2008 to protect business from metal prices volatilities.
Following its acquisition of the US firm General Cables in 2018, Prysmian sought to harmonise it’s trading and risk IT landscape across the group. The solution will now be extended to meet their North American hedging and risk management needs.
“their solution has been indispensable in supporting our hedging and risk management activities across Europe for over 10 years. As our business expands to new markets, we require a robust solution to handle higher volumes of trade transactions, trade more instruments, manage larger positions and the flexibility to meet the nuances of regional exchanges. They demonstrated ease of extensibility of our existing solution to deliver on these requirements to the acquired US business.” – Pietro Longiave, Head of Base Metals Corporate Purchasing, Prysmian Group
Prysmian North America will now also benefit from the efficiencies gained through streamlined workflow across its financial metals trading operations. The solution will support key front-mid-back office activities such deal capture, market-to-market, positions, P&L, market risk exposure monitoring and settlements processing.
“We are excited to be part of Prysmian’s growth strategy.” says Claire Rosser, Head of Commodities Sales at Quor. “Their selection of us as the go-forward global financial commodity trading solution is testimony to its versatility. Its modular design and flexible architecture enable our customers to easily scale up functions as their business expands to new regions, without the excessive expenditure typically associated with large IT footprint end-to-end system installations. Furthermore, our solution can be easily adapted to meet the needs of any type of commodities market participant – whether manufacturers like Prysmian, producers, refiners or pure traders of metal.”
Prysmian Group is world leader in the energy and telecom cable systems industry. With almost 140 years of experience, sales of over €11 billion, about 29,000 employees in over 50 countries and 112 plants, the Group is strongly positioned in hightech markets and offers the widest possible range of products, services, technologies and know-how. It operates in the businesses of underground and submarine cables and systems for power transmission and distribution, of special cables for applications in many different industries and of medium and low voltage cables for the construction and infrastructure sectors. For the telecommunications industry, the Group manufactures cables and accessories for voice, video and data transmission, offering a comprehensive range of optical fibres, optical and copper cables and connectivity systems. Prysmian is a public company, listed on the Italian Stock Exchange in the FTSE MIB index.
We are the largest independent provider of trading, risk and logistics management software to global commodities and energy markets. We have 30 years of expertise in these markets.
Each year, businesses around the world depend on Quor systems to transact billions of dollars’ worth of trades. We help companies to grow net margins with the ability to identify favourable trading opportunities quickly, manage market and credit risks and optimise physical operations.
Our software solutions administer financial trading activities from standard contracts to complex derivative instruments, and manage the processes involved in the physical delivery of commodities. They help to reduce operational risk by introducing automated workflow across key trading lifecycle processes, enabling more effective cost control and regulatory compliance.