Easy Street Commodities, a London-based provider of outsourced risk and hedging services to a wide range of oil and commodities trading firms, has upgraded its AspectCTRM cloud-based trade and risk management solution to support a large and growing client base.

Having installed the Lite Edition of AspectCTRM during the first half of 2012, Easy Street has now moved to the more powerful Standard Edition of Aspect’s software-as-a-Service (SaaS) solution. The implementation includes full front office to back-office functionality and will in time be integrated with the firm’s ledger system.

Aspect was chosen for its proven track record in the oil business, its ability to provide native Russian language support and the presence of a technical and support center in Russia, local to Easy Street’s own regional office in the country.

Easy Street chief executive, Konstantin Babourine, said the upgrade of the Aspect solution suite was an important step for his company. “Tracking paper-based trading positions and managing risk can be very challenging in what is an operationally intense and geographically diverse environment. Aspect’s solution allows us to achieve this remotely and in real time which is a big win for us.”

Part of Easy Street’s business is with companies using railcars for distribution and this area is a particular strength of Aspect’s solution according to the company’s CTRM sales director for EMEA Yagnesh Savania. “We work with a number of companies involved in the railcar distribution of oil products and believe we are one of the most experienced in the sector. This latest deal with Easy Street reinforces that ability and will open up further opportunities, particularly in Russia.”

Built on the (SaaS) architecture, all of Aspect’s applications are delivered in the Cloud. Their inherent scalability and the speed with which they can be deployed contrasts dramatically with traditional ETRM/CTRM software systems which typically take a year or more to implement and which fail to effectively scale downwards to support smaller trading operations. Over the past 12 months, Aspect has invested heavily in its logistics and operations functionality, adding to its robust front end trade and risk capabilities.