Embedding Best Practice
Entering a concentrates trade in a system designed for commodities trades takes hours. The user must enter multiple details before they can be saved. The web-based Alchemy platform saves time by allowing users to complete multiple tasks in parallel rather than the traditionally slow linear approach that means users have to complete and save one screen before being able to work on another task.
“You could have multiple instances running at the same time. . . you could be working in the contract level, and then you can be working in the execution level. You can be also working on your hedging all at the same time. With other systems, you can't do that… you can only have one of them open at one time.”
David Glasspool
"All the data is in one place, within the system. It captures multiple different data sets, the contracts and the execution, different pricing terms, execution levels and as many different weights and assays as needed."
Data validations throughout the platform prevent the user going down the wrong path when entering the data. And the platform offers guidance on errors, so that the user can go back and correct issues. Not forcing users to delete historic data, as many platforms do, is key to effective auditing. “So we capture all historic data so you never have to override it, you can always go back in and view that data. What weights were entered, what assays were entered, all this information is stored. With other systems, it’s one data set. If you want to change it, you have to delete it, and it's gone forever,” says David Glasspool
“Alchemy captures a whole load of data including historical results – nothing needs to be deleted or overwritten. With data validations, the system tries to prevent the user from bad data entry. All data is accessible for reporting purposes.”
MRI, Trading firm Alchemy user
Alchemy automates assumptions within contracts. For example, if the price or content of gold rises above a certain threshold, then the payable percentage of the gold can change. Alchemy automates that condition. It also supports approximations of weights or assays. And there is no need for the user to enter formulas to price the trade. It’s built into the user interface and takes just a few mouse clicks. All the data is in one place, within the system. It captures multiple different data sets, the contracts and the execution, different pricing terms, execution levels and as many different weights and assays as needed. Consolidated data, a single source of truth, is key to accurate actionable metrics and to audit and compliance.
"Alchemy is extremely rich in functions and allows therefore a lot of possibilities in terms of data attribution or downstream reporting. Amphora as a company is very open to new additions to the system in use."
MRI, Trading firm Alchemy user
