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Triple Point Technology: Scotiabank Licenses Triple Point Software for Power and Gas Commodity Management

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^{Published in Business and Finance on Tuesday, May 26th 2009 at 8:50 GMT, Last Modified on 2009-05-26 08:52:00 by Market Wire}  

WESTPORT, CT and TORONTO--(Marketwire - May 26, 2009) - [ Triple Point Technology ]®, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that Scotiabank has licensed Commodity XL™ for Power and Gas to support the launch of its commodities business.

With more than $509 billion in assets as of January 31, 2009, Scotiabank is one of North America's premier financial institutions and Canada's most international bank. Scotiabank and its affiliates serve approximately 12.8 million customers in 50 countries around the world and staff over 69,000 employees. The bank offers a diverse range of products and services including personal, commercial, corporate and investment banking. Scotiabank trades on the Toronto (TSX: [ BNS ]) and New York Exchanges (NYSE: [ BNS ]).

"We are very pleased to implement Commodity XL," said Matt Giffen, MD and head of global energy solutions, Scotia Capital. "Energy is a strategic focus for Scotia Capital and of increasing importance to our clients. This platform positions us to better serve our clients."

Today's power and gas markets are increasingly interconnected and complex. Challenged with volume and price volatility, power market restructuring and the shift from zone-based to nodal pricing, Scotiabank required an energy trading and risk management platform that ensured successful and rapid expansion into power and gas trading.

"Commodity XL is an award-winning, end-to-end solution that supplies complete control and transparency over trading and enterprise risk activities," said Mike Ravo, VP, industry solutions, Triple Point. "Scotiabank's implementation of Commodity XL further underscores Triple Point's leadership position in the commodity and financial services sectors."

In March 2009 Gartner, Inc. positioned Triple Point to the Leaders Quadrant of the 'Financial Services Commodity Trading and Risk Management' Magic Quadrant report -- an in-depth analysis of the leading commodity trading and risk management platforms. Triple Point's ranking as a leader within the Magic Quadrant was based on its ability to execute and completeness of vision.

About Triple Point Technology

Triple Point Technology® is the leading global provider of multi-market commodity and enterprise risk management software solutions. Triple Point's [ Commodity XL ] profitably integrates physical and financial markets on a real-time, service-oriented architecture (SOA) platform for commodities including power, oil, gas, coal, emissions, 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 products (CP), 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 and fair value level software and ROME Corporation, the industry leader in credit risk software solutions. Triple Point, headquartered in Westport, Connecticut, 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 ].