OILspace Delivers Oil Industry Leading Risk, Position and Operations Management with New Version of Web-based ASPect Office Suite.Business Editors NEW YORK--(BUSINESS WIRE)--May 13, 2002 The general release today of version 2.0 of the ASPect(TM) office suite empowers physical oil professionals to use the latest, most sophisticated tools available to manage their positions, risks and operations - and to accomplish this using any PC with a browser browser Software that allows a computer user to find and view information on the Internet. The first text-based browser for the World Wide Web became available in 1991; Web use expanded rapidly after the release in 1993 of a browser called Mosaic, which used and Internet access See how to access the Internet. . Version 2.0 of the ASPect office suite offers oil professionals new enhancements that include advanced operations functionality, real-time marked-to-market feeds, forward curve creation and Value at Risk (VaR) calculations. These enhancements provide oil professionals with increased access and control over their front-, mid- and back- office operations, allowing them to better: -- Communicate with colleagues, customers and partners -- Access news, prices and market information from leading oil industry sources -- Negotiate and execute contracts -- Secure shipping, financial and other critical services -- Manage risk, finances and operations Designed to meet the unique position, risk and operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. requirements of physical oil professionals, ASPect office supports a wide range of deal types, including: physical, future, EFP EFP Explosively Formed Penetrator EFP Electronic Field Production EFP Explosively Formed Projectile EFP Exempted Fishing Permit EFP Environmental Farm Planning (Canada) EFP Exempted Fishing Permits , swap, European option European Option An option that can only be exercised at the end of its life. Notes: In other words, you must ride the rollercoaster until the maturity date, and only then can you cash in. , American Option American Option An option that can be exercised anytime during its life. The majority of exchange-traded options are American. Notes: Since investors have the freedom to exercise their American options at any point during the life of the contract, they are more valuable and Open spec. Every entry and change within the suite is recorded, providing clear audit trails for all transactions. Price risk, volatility risk Volatility risk The risk in the value of options portfolios due to the unpredictable changes in the volatility of the underlying asset. , correlation risk and other types of risk can be monitored, and the sensitivity of positions to market changes can also be quantified. "By combining the most advanced technology with modern risk analytics, ASPect office version 2.0 empowers companies to maximize their returns and minimize exposure," said Steve Hellman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of OILspace. "And since we deliver all of our services via the web, oil professionals worldwide can use the ASPect office suite without having to install and maintain expensive computer hardware and software," OILspace's ASP model -- Lower costs, Improved Performance OILspace members can take advantage of the ASPect office suite's new features with immediate effect and without paying the expensive upgrade fees and consultant costs associated with traditional risk management software installation projects. This is due to the ASPect office suite's Application Service technology, which means that data and software are securely stored centrally and accessed through any web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. . As a result, the ASPect office suite provides advanced risk management and position keeping at a fraction of the cost of locally installed legacy software. The Power of Integration OILspace has integrated the ASPect office suite with its other physical oil online services, the OILwatch(TM) information system and the Nexus(TM) negotiation platform. OILspace online services can also be seamlessly integrated with companies' existing legacy information systems since all OILspace services have been developed using open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced such as XML/XSLT and Java. This integration provides OILspace members with a single point of entry to manage all their business communications, negotiations and operations, while at the same time reducing the need for costly data reconciliation efforts. About OILspace OILspace (www.oilspace.com) provides secure online services to physical oil professionals, empowering them to attain better business results. Inside OILspace these professionals can: -- Communicate with colleagues, customers and partners -- Access news, prices and market information from leading oil industry sources -- Negotiate and execute contracts -- Secure shipping, financial and other critical services -- Manage risk, finances and operations The OILspace environment's powerful analytical tools help oil professionals discover new opportunities. With OILspace oil professionals gain an overall perspective on their business- helping them find new ways to streamline operations, improve productivity, and maximize the value of all their assets. OILspace Inc. has headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and maintains offices in London, Singapore, Dubai, Moscow, Caracas and Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. . You can learn more about OILspace at www.oilspace.com. OILspace - the resource enriched. OILspace, Nexus, ASPect, TeamWorks, and OILwatch, are registered trademarks of OILspace, Inc. All other names are trademarks and/or registered trademarks of their respective owners. |
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