The Physicals Trading Module (TRADE) handles the recording of all contract related information and the movement of the product from inception to final liquidation. ITAS CTRM is set up according to each companies operations settings to perform checks on allocation of contracts, invoicing and other operational activities. Alerts notify the user of a mismatch on any activity, or will prevent the user from proceeding with an unauthorised activity. The seamless integration of ITAS CTRM ensures that users follow logical operational procedures. For example, the user will have to first reverse an invoice by creating a credit note, before the order can be de-allocated from the already invoiced contract.
Key features of the Physicals Module include:
Trade Contract Negotiations, Physicals Maintenance and Administration
Record of physical trade from Quote to Execution to final Realization and Archiving. Contract maintenance may include various amendments to the trade such as: splitting, pooling, shipping, warehousing, processing, allocating, delivering and invoicing (provisional and final). All of these activates and others e.g. insurance claims, declarations, trust receipts, loans, hedging are recorded using the physical maintenance application.
Once a trade has been entered Users can calculate and view the detailed profit and loss per contract split either on actual allocation to another contract or on market value, foreign currency and / or futures hedge for the contract. Cost estimates can also be entered for profit margin and variance analysis.
Open Positions Valuation
Cost estimates functionality allows users to calculate and view the detailed / summary trading profit and loss per contract total or by contract split.
Invoices are checked by the system against relevant data previously entered including Provisional and final Invoicing including washouts and internals.
Purchase and sale trade contacts can be assigned to a vessel / charter. Maintenance of shipping, warehouse, warrants, rotation, declaration and call-off details are immediately available.
Position Management includes both physical and future trades, allowing real-time open position valuation and tracking of cost and P&L per split.
Traffic Operations Functions
Traffic Operation functionality is an integral part of the Physical Module and can be accessed via the trading screen (TRADE). Intelligent and logical work flow software for efficient handling of product from afloat to warehouse, with advanced shipping / chartering options, contract allocation / split, call-off, weight adjustments, deliveries, tenders, survey, provisional / final invoicing, quality analysis and letter of credit administration.
The movement of goods from afloat, landed, warehouse, delivery, etc. has the additional capability of recording weight adjustments for any difference due to weight gain or loss during movement of the goods, or due to excess or short delivery of contracted quantity.