BankMuscat Selects Triple Point to Launch Precious Metals Business.Triple Point expands presence in Middle East by providing Oman's largest financial provider with software solution to manage precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. consignee consignee n. a person or business holding another's goods for sale or for delivery to a designated agent. (See: consign) CONSIGNEE, contracts. One to whom a consignment is made. 2. business WESTPORT, Conn. -- Triple Point Technology([R]), the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that BankMuscat (SOAG SOAG Son of A Gun SOAG Strategic Objective Grant Agreement SOAG Software Operational Advisory Group ), with assets totaling over $13 billion USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , has selected Commodity XL for Precious Metals[TM] to manage its precious metals trading, retail commerce and inventory management across 116 branches. BankMuscat has a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank owns 49% of BMI BMI body mass index. BMI abbr. body mass index Body mass index (BMI) A measurement that has replaced weight as the preferred determinant of obesity. Bank and holds a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market. Earlier this year, BankMuscat entered the high-growth Pakistan market by acquiring a 35% stake in Saudi Pak Commercial Bank. Seeking to launch a precious metals consignee business and scale it in a risk-aware manner, BankMuscat required a solution to integrate trade information from both international supplier and regional buyer, provide buyer limit and exposure management and effectively manage organizational security and compliance. "BankMuscat joins a growing list of major banking organizations to select Triple Point's Commodity XL for Precious Metals to manage its physical and financial trading and risk," said Mike Ravo, vice president, industry solutions, Triple Point. "Commodity XL provides BankMuscat with the ability to procure bullion stock on a consignment basis from international suppliers, manage inventory from central consignment to point-of-sale and monitor exposure and margins in real-time for an enterprise view of risk." Commodity XL is the leading multi-market commodity and enterprise risk management solution that meets all of the requirements for supply, trading, marketing, logistics, scheduling, risk management and accounting in today's volatile and complex environment: multi-commodity management, business intelligence and analysis tools for proactive decision-making, real-time integration of physical and financial positions, advanced service-oriented architecture See SOA. (SOA (1) (Start Of Authority) The first record in a DNS zone file. See DNS records. (2) (Service Oriented Architecture) The modularization of business functions for greater flexibility and reusability. ) and comprehensive enterprise risk management covering the four key areas of corporate financial exposure: operational risk, market/price risk, counterparty credit risk and corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and regulatory compliance risk. Commodity XL for Precious Metals is based on 'METAGRID,' mature, market-proven technology obtained in Triple Point's acquisition of CoralGrid. About Triple Point Technology Triple Point Technology([R]) is the leading global provider of multi-market commodity and enterprise risk management software solutions. Triple Point's Commodity XL[TM] profitably integrates physical and financial markets on a real-time, service-oriented architecture (SOA) platform for commodities including power, oil, gas, coal, base and precious metals, agricultural products, biofuels and freight. In addition to Triple Point's award-winning commodity and energy trading software being used by more than 25 percent of both Global 500 commodity trading and Global 500 energy companies, other organizations with large raw material and energy exposure, including consumer package goods (CPG CPG central pattern generators. ), discrete manufacturers and big box retailers, are quickly adopting the Triple Point solution. Named to the Deloitte Technology Fast 50 for ten straight years, Triple Point added to its record-breaking organic growth in 2008 with the acquisitions of INSSINC, the leading provider of hedge accounting Why is hedge accounting necessary? Many financial institutions and corporate businesses (entities) use derivative financial instruments to hedge their exposure to different risks (eg interest rate risk, foreign exchange risk, commodity risk, etc). and fair value level software and ROME Corporation, the industry leader in credit risk software solutions. Triple Point, headquartered in Westport, Connecticut Westport is a coastal town in Fairfield County, Connecticut, in the United States. The 2004 population estimate was 26,644. The town is as affluent as other expensive Fairfield County towns, boasting a per capita income of more than $70,000. , USA, was founded in 1993 and serves clients from nine development and support centers located around the globe. More information is available at www.tpt.com. |
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