5poosoteJ by

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PousLon 1x and rague CZ
www.comLechadvlsory.com
5,6' 7#*2 )#$#33#892
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commoJlty Moooqemeot A com1ecb AJvlsoty wbltepopet

CommodlLy 1echnology Advlsory LLC, 2014 2

)6@.* #A "#-'*-'2
lnLroducLlon ................................................................................................................................................................. 3
uellverlng llexlblllLy and AglllLy ln C18M ..................................................................................................................... 4
CeneraLlon 10 - 8ulldlng SoluLlons .............................................................................................................................. 3
AglllLy, llexlblllLy and user LngagemenL ...................................................................................................................... 6
AbouL CommodlLy 1echnology Advlsory LLC ............................................................................................................... 7



commoJlty Moooqemeot A com1ecb AJvlsoty wbltepopet

CommodlLy 1echnology Advlsory LLC, 2014 3






B-'3#%=+'&#-
1he $1.6 bllllon CommodlLy 1radlng and
8lsk ManagemenL (C18M) sofLware
caLegory conLlnues Lo change and
evolve rapldly, drlven by Lhe many and
varled lssues LhaL Lhose ln commodlLy
lndusLrles face. 1oday, Lhe C18M
sofLware caLegory ls belng forced Lo
move from one LhaL ls mosLly abouL
managlng Lradlng LransacLlons afLer Lhe
facL (capLurlng volume and prlce,
managlng Lhe dellvery and Lhen
produclng an lnvolce), Lo someLhlng
dramaLlcally dlfferenL.
MulLlple lssues now face Lhose operaLlng ln Lhe commodlLy lndusLrles, lncludlng:
o 1he need Lo process, sLore and manage vasL quanLlLles of sLrucLured and unsLrucLured daLa,
o Lnsurlng compllance wlLh numerous new and onerous regulaLory requlremenLs,
o 8espondlng Lo sLrucLural change ln Lhe lndusLry such as Lhe exlL of Lhe banks, for example,
o 1he emergence of an array of new Lradlng lnsLrumenLs and markeLs,
o 1he move Lo exchange-based and exchange-cleared LransacLlons, and
o 1he need Lo reduce cosLs, lncrease efflclency and maxlmlze proflLs.
1he confluence of Lhese lssues ls drlvlng many of Lhe changes ln C18M sofLware. lor Lhose who need Lo manage
physlcal commodlLles and Lhelr supply chalns, Lhe lssues are magnlfled furLher due Lo Lhe complexlLy of Lracklng
and managlng Lhose physlcal commodlLles wlLh sLock, quallLy characLerlsLlcs, paperwork, movemenL and much
more. 1here ls more daLa, more regulaLlon and more rlsk. C18M sofLware musL lncorporaLe much more
funcLlonallLy Lo supporL Lhe modern supply chaln.
ln Lhe fuLure, C18M soluLlons wlll necessarlly need Lo offer users real-Llme analyLlcs and provlde Lhem wlLh Lhe
Lools Lhey need noL only Lo manage and reporL LransacLlons, buL also Lo help ldenLlfy Lradlng opporLunlLles,
lf yoo coot qet o oset to eoqoqe, yoote oot
ptovlJloq tbem wltb tbe collobototlve tools
tbey oeeJ to be tbe best ot tbelt job. lf tbey
oteot collobototloq oo o oolfleJ plotfotm, lts
qoloq to be Jlfflcolt to meosote petfotmooce,
mooltot octlvlty ooJ ptovlJe tbe teol-tlme
bosloess ooolytlcs tbey oeeJ to qet oo eJqe oo
tbe competltloo. 1bot eJqe comes lo tbe fotm
of lotelllqeoce, efflcleocy ooJ tlsk coottol."
8lchard Wllllamson, CLC, CeneraLlon 10 LLd.
commoJlty Moooqemeot A com1ecb AJvlsoty wbltepopet

CommodlLy 1echnology Advlsory LLC, 2014 4
address operaLlonal rlsks, effecLlvely manage and opLlmlze supply chalns, ensure compllance wlLh regulaLlons and
provlde Lradlng lnLelllgence.
1he Lremendous drlvers for change LhaL we see lmpacLlng commodlLy markeLs mean LhaL all companles musL Lake
lmmedlaLe acLlon Lo lmprove Lhelr:
MarkeL Lransparency - a need Lo develop markeL awareness drlven by daLa and malnLaln a vlgllanL eye on
macro Lrends. SLraLegles musL be formulaLed around Lhose macro Lrends and managed on markeL daLa
and real-Llme (or near real-Llme) analysls of LhaL daLa ln mulLlple formaLs and from many sources,
lncludlng qulLe posslbly even varlous forms of soclal medla.
lnLernal Lransparency - proflL ls made or losL on dally declslons. AccuraLe and Llmely poslLlon
managemenL, rlsk managemenL and buslness lnLelllgence supporL are key Lo ensure opporLunlLles are
explolLed, cosLs kepL under conLrol and rlsks addressed.
8egulaLory Lransparency - regulaLors wlll be qulck Lo move and once on Lhelr radar, buslnesses wlll be Lhe
LargeL of scruLlny for a very long Llme. ueveloplng a culLure of compllance and lmprovlng Lransparency for
regulaLors ls cruclal Lo avoldlng punlLlve and damaglng enforcemenL acLlons.
1he chances of succeedlng ln Lhe broader commodlLy lndusLrles ln Lhe fuLure are lncreaslngly dependenL on Lhe
Lradlng, Lrade managemenL and supply chaln managemenL Lechnologles deployed and uLlllzed Lo address Lhese
blg challenges, lncludlng C18M, daLa aggregaLlon and analysls, Lradlng survelllance, buslness lnLelllgence and
reporLlng.
Much llke Lhe Lraders who earn Lhelr llvlng ln Lhese unseLLled markeLs, Lhe LechnologlsLs LhaL produce C18M
sofLware are also belng challenged llke never before.
7*.&1*3&-/ C.*D&@&.&'( 6-% 0/&.&'( &- "):;
1he common facLor Lo belng successful ln meeLlng Lhese challenges ls Lo dellver C18M sofLware LhaL noL only has
Lhe requlred funcLlonallLy buL LhaL ls also boLh flexlble and aglle. Powever, when lL comes Lo sofLware of any klnd,
Lhese Lerms are overused and Lherefore somewhaL meanlngless. rovldlng aglllLy and flexlblllLy ls, ln parL, abouL
Lhe Lechnology and archlLecLure chosen Lo dellver Lhe funcLlonallLy. 1oday, Lhose appllcaLlons besL able Lo dellver
Lhese aLLrlbuLes are generally hlghly modular, web-enabled appllcaLlons LhaL make use of servlce orlenLed
archlLecLures. ConslderaLlon musL also be glven Lo Lhe user lnLerface Lo ensure LhaL lL ls noL merely conflgurable,
buL LhaL lL can Lruly be personallzed by each end user wlLhouL Lhe need for programmer lnvolvemenL. lL musL also
be graphlcal, lnLulLlve and engaglng Lo Lhe user. llnally, Lhe appllcaLlon musL be able Lo deal wlLh daLa ln mulLlple
formaLs and Lo help Lhe user exLracL Lhe maxlmum value from LhaL lnformaLlon. Powever, even when all of Lhe
above ls Lrue, lL mlghL all be for naughL lf Lhe sofLware vendor Lakes Lhe LradlLlonal approach Lo dellverlng
sofLware.
ln Lhe LradlLlonal sofLware dellvery mechanlsm, a vendor releases upgrades Lo Lhe sofLware perlodlcally. ln Lhe
fasL-movlng world of C18M, Lhere mlghL be 4 Lo 6 lncremenLal releases per year. Lach lncremenLal release needs
Lo be LesLed and Lhen lmplemenLed by Lhe user and, afLer a whlle, Lhe users lnevlLably fall behlnd on Lhe release
cycle. ln exLreme cases, Lhe end users fall so far behlnd LhaL Lhey lose Lhelr supporL (mosL vendors wlll only
supporL a flxed number of prevlous verslons of Lhelr sofLware). Clven LhaL facL and Lhe unavoldable confllcL
beLween Lhe vendor's prlorlLlzlng of cerLaln new funcLlonallLy Lo drlve sales raLher Lhan meeL Lhe speclflc needs of
lndlvldual cusLomers, Lhe lnevlLable happens: users are forced Lo creaLe spreadsheeL workarounds Lo glve
Lhemselves much-needed new funcLlonallLy. Suddenly, Lhe use of spreadsheeLs ouLslde of Lhe sysLem - Lhe very
problem LhaL Lhe new C18M soluLlon was deslgned Lo flx ln Lhe flrsL place - beglns Lo flourlsh once agaln.
Surprlslngly perhaps, anoLher lssue ls Lhe commerclal sLrucLure of Lhe sofLware llcenslng deal. MosL sofLware has
hlsLorlcally been llcensed on a one-off basls and Lhe users Lhen pay a percenLage of LhaL lnlLlal llcense fee for
annual supporL and malnLenance. Add more users and perhaps you wlll pay an lncremenLal llcense fee. Ask for
commoJlty Moooqemeot A com1ecb AJvlsoty wbltepopet

CommodlLy 1echnology Advlsory LLC, 2014 3
enhancemenLs and you wlll llkely pay an lncremenLal fee for Lhe dellvery of cusLom sofLware. ?ou mlghL also need
Lo pay addlLlonal fees for lmplemenLaLlon, daLa converslon, LesLlng and Lralnlng. 1hls model doesn'L supporL
flexlblllLy and aglllLy. 8aLher, lL slmply perpeLuaLes Lhe stotos poo LhaL ls descrlbed above. new subscrlpLlon-based
models, however, offer boLh Lhe means and Lhe lncenLlve for vendors Lo be more flexlble and more aglle - and
perhaps even more cusLomer-focused as well.
1he dellvery of Lrue flexlblllLy and aglllLy ln a C18M soluLlon requlres:
o C18M sofLware LhaL ls bullL wlLh Lhe rlghL Lools and Lechnologles on Lhe rlghL archlLecLure,
o a user lnLerface LhaL ls graphlcal, lnLulLlve and Lruly capable of belng conflgured by end users wlLhouL Lhe
need for programmlng asslsLance,
o 1he ablllLy Lo sLore and manage mulLlple Lypes of daLa and Lo be able Lo easlly analyze Lhe daLa Lo ldenLlfy
and exLracL Lrends and useful lnLelllgence,
o 1he capablllLy Lo be deployed rapldly and ln a manner LhaL allows for conLlnuous cusLomer feedback on
whlch Lhe vendor ls able Lo acL rapldly, dellverlng enhancemenLs efflclenLly and wlLhouL Lhe need for long
LesLlng and lmplemenLaLlon cycles, and
o 1haL Lhe commerclal Lerms of Lhe deal be deslgned Lo encourage and supporL such flexlblllLy.
E*-*36'&#- FG H I=&.%&-/ <#.='&#-2
CeneraLlon 10 has been around for more Lhan a decade, quleLly bulldlng and markeLlng soluLlons for a broad
range of cllenLs, lnlLlally ln Lhe world of coLLon. 1he lnLeresLlng Lhlng abouL coLLon ls lLs complexlLy. lf you can
handle coLLon properly, oLher commodlLles hold no real surprlses, regardless of wheLher Lhey're bulk or
conLalnerlzed. ln 2009, alLhough sLlll a relaLlvely small and nlche company, CeneraLlon 10 declded Lo compleLely
re-englneer lLs sofLware and lnvesL ln bulldlng an all-new producL seL from Lhe ground up. Along Lhe way,
CeneraLlon 10 used lLs Lrack record and experlence ln dellverlng soluLlons ln Lhe coLLon world Lo declde on
archlLecLures, Lools, sLrucLure as well as funcLlonallLy. WhaL lL was looklng for was Lhe ablllLy Lo be aglle and
flexlble.
1he company chose a web-based archlLecLure and bullL lLs own Lechnology plaLform - Lhe C10 lramework - Lo
serve as Lhe foundaLlon for all of lLs producLs, lncludlng lLs new C18M soluLlon, C10 CommodlLy Manager.
CeneraLlon 10 also developed a new hlghly vlsual, graphlcal user lnLerface and analyLlcs Lool called d3 AnalyLlcs.
1he C10 CommodlLy Manager ls a mulLl-commodlLy and hlghly conflgurable C18M soluLlon known for Lhe
sLrengLh and depLh of lLs loglsLlcs funcLlonallLy, whlch provldes users wlLh a hosL of supply chaln opLlmlzaLlon
buslness beneflLs. users can sLreamllne plannlng and schedullng, uLlllze capaclLy more efflclenLly, ldenLlfy Lhe besL
vendors Lo work wlLh, and manage suppllers more effecLlvely, all whlle achlevlng hlgh sLandards of care and
cusLomer servlce. users are slmply ln a beLLer poslLlon Lo galn compeLlLlve advanLage, opLlmlze workflows,
esLabllsh meLrlcs, seL benchmarks and ldenLlfy Lrends by analyzlng performance over Lhe long Lerm. lL also
provldes comprehenslve Lrade capLure, rlsk managemenL and accounLlng funcLlonallLy for a varleLy of producLs.
1he d3 AnalyLlcs soluLlon provldes lnLeracLlve, vlsual Lools Lo help users ldenLlfy Lrends, lncrease operaLlonal
Lransparency, seL benchmarks and achleve goals. users can locaLe, undersLand and acL on lnformaLlon much more
qulckly and efflclenLly. When comblned wlLh lLs llbrary of web-enabled componenLs and bespoke appllcaLlons, Lhe
C10 lramework allows CeneraLlon 10 Lo provlde cusLomers wlLh Lhe exacL capablllLles Lhey need, rapldly and
seamlessly.
All of lLs producLs have been deslgned Lo be hlghly conflgurable and personallzable by Lhe users wlLhouL
programmer lnLervenLlon. leople lo tbe locebook qeoetotloo JemooJ lotoltlve, flexlble tools to belp tbem
petfotm tbelt jobs wltb o mlolmom of foss ooJ o moxlmom of cool," says 8lchard Wllllamson, CLC of CeneraLlon
10. lLs sofLware makes lL easy Lo add new flelds, grlds, daLa collecLors, dashboards, work flows and so on wlLhouL
any programmer lnvolvemenL aL all.
commoJlty Moooqemeot A com1ecb AJvlsoty wbltepopet

CommodlLy 1echnology Advlsory LLC, 2014 6
ln addlLlon Lo lLs lnnovaLlve producLs, CeneraLlon 10's unlque buslness model ls also a dlfferenLlaLor. 1he
company provldes flexlble sofLware soluLlons and servlces vla aglle dellvery meLhods, uslng commerclal sLrucLures
LhaL lnclude Lhe use of Lhe sofLware wlLh conLlnuous upgrades - lncludlng cusLomlzed upgrades. C10 poslLlons
lLself as Lhe cusLomers' Lechnology and analyLlcs parLner largely due Lo lLs Leam of daLa analysLs, all of whom have
hands-on experlence wlLh commodlLles. 1he Leam regularly meeLs wlLh cusLomers aL Lhelr own faclllLles Lo beLLer
undersLand Lhelr sLraLegles and ensure Lhey're able Lo exLracL Lhe maxlmum value from Lhelr daLa. luncLlonallLy ls
dellvered rapldly and seamlessly vla Lhe C10 lramework, ellmlnaLlng any LempLaLlon Lo resorL Lo Lxcel
spreadsheeLs, and upgrades are dellvered conLlnuously vla Lhe cloud.
CeneraLlon 10 essenLlally dellvers on each of Lhe crlLerla for dellverlng aglllLy and flexlblllLy as follows:
o roducLs are bullL wlLh Lhe rlghL Lools and Lechnologles on Lhe rlghL archlLecLure,
o lL has a user lnLerface LhaL ls graphlcal, lnLulLlve and capable of belng Lruly conflgured by end users
wlLhouL Lhe need for programmlng asslsLance,
o lL ls able Lo sLore and manage mulLlple Lypes of daLa and can easlly analyze Lhe daLa Lo ldenLlfy Lrends and
exLracL useful lnLelllgence,
o lL has Lhe capablllLy Lo be deployed rapldly and ln a manner LhaL allows for conLlnuous cusLomer feedback
on whlch Lhe vendor ls able Lo acL rapldly, dellverlng enhancemenLs efflclenLly and wlLhouL Lhe need for
long LesLlng and lmplemenLaLlon cycles,
o lL deslgns and sLrucLures Lhe commerclal Lerms of each deal Lo encourage and supporL such flexlblllLy.
1oday, CeneraLlon 10's cllenLs are Lradlng coLLon, coffee, cocoa and sugar uslng Lhe C10 CommodlLy Manager,
whlch ls helplng Lhem Lo opLlmlze Lhelr supply chalns and beLLer conLrol all Lypes of rlsk (markeL, credlL,
operaLlonal and llquldlLy) ln real Llme. noLable cllenLs uslng Lhe C10 lramework and d3 AnalyLlcs lnclude Lhe uS
ueparLmenL of AgrlculLure (uSuA) and marlne lnsurance speclallsLs 8ekerdres & Sons lnsurance Agency.
CeneraLlon 10 has glven uSuA Lhe analyLlcal Lools lL needs Lo ldenLlfy long-Lerm Lrends ln performance and also Lo
be proacLlve ln addresslng poLenLlal problems before Lhey escalaLe - ofLen before Lhey even occur. Meanwhlle,
8ekerdres & Sons uses CeneraLlon 10's soluLlons Lo coordlnaLe hlghly complex processes and documenLaLlon
from a varleLy of sLakeholders, operaLlng on dlfferenL sysLems from all over Lhe world. Ceoetotloo 10 bos belpeJ
osbet oot compooy loto tbe oqe wbeo Joto wotks fot os, totbet tboo os bovloq to wotk fot tbe Joto. 1be mote tbe
system coo ootlclpote wbot l oeeJ ooJ qlve lt to me wltboot my bovloq to speoJ tlme lookloq fot lt ooJ moJlfyloq
lt, tbe qteotet my efflcleocy ls qoloq to be," says Mr. 8reLL Anderhub, v aL 8ekerdres & Sons.
0/&.&'(J C.*D&@&.&'( 6-% K2*3 L-/6/*$*-'
lor CeneraLlon 10, lL's noL [usL abouL dellverlng sofLware LhaL does whaL lL's supposed Lo do, buL maklng sure LhaL
lL keeps on dellverlng as lL ls supposed Lo, as well. 8y bulldlng aglllLy and flexlblllLy lnLo boLh Lhe sofLware and Lhe
buslness model, Lhe company alms Lo ensure user engagemenL wlLh Lhe sofLware as well. lLs focus ls sLrongly on
user [ob saLlsfacLlon and ensurlng conLlnued long-Lerm usefulness of Lhe sofLware. lf yoo coot qet o oset to
eoqoqe, yoote oot ptovlJloq tbem wltb tbe collobototlve tools tbey oeeJ to be tbe best ot tbelt job," Wllllamson
says. lf tbey oteot collobototloq oo o oolfleJ plotfotm, lts qoloq to be Jlfflcolt to meosote petfotmooce, mooltot
octlvlty ooJ ptovlJe tbe teol-tlme bosloess ooolytlcs tbey oeeJ to qet oo eJqe oo tbe competltloo. 1bot eJqe
comes lo tbe fotm of lotelllqeoce, efflcleocy ooJ tlsk coottol."
ln reLoollng lLs producL porLfollo, CeneraLlon 10 used lLs exLenslve experlence ln Lhe complex world of coLLon Lo
develop a Lruly mulLl-commodlLy plaLform deslgned for opLlmlzaLlon and Lransparency. lL focuses on buslness
loglc, user engagemenL and excepLlons Lo Lhe rule," Lhus dellverlng Lhe aglllLy requlred by buslnesses Loday, ln an
envlronmenL where daLa ls becomlng one of Lhe mosL valuable asseLs a company can possess. 1hey have creaLed
a sulLe of sofLware for a broader commodlLles world LhaL appears Lo dellver on Lhe premlse LhaL C18M sofLware
needs Lo be abouL real-Llme analyLlcs and provldlng users wlLh Lhe Lools LhaL Lhey need, noL [usL Lo manage and
reporL end-Lo-end LransacLlons, buL also Lo help ldenLlfy favorable Lradlng opporLunlLles, address operaLlonal
rlsks, effecLlvely manage and opLlmlze supply chalns, ensure compllance wlLh regulaLlons and provlde Lradlng
lnLelllgence.
commoJlty Moooqemeot A com1ecb AJvlsoty wbltepopet

CommodlLy 1echnology Advlsory LLC, 2014 7















0@#=' "#$$#%&'( )*+,-#.#/( 0%1&2#3( 44"
CommodlLy 1echnology Advlsory ls Lhe leadlng analysL organlzaLlon coverlng Lhe L18M and C18M markeLs. We provlde Lhe
lnvaluable lnslghLs lnLo Lhe lssues and Lrends affecLlng Lhe users and provlders of Lhe Lechnologles LhaL are cruclal for success
ln Lhe consLanLly evolvlng global commodlLles markeLs.
aLrlck 8eames and Cary vasey head our Leam wlLh a comblned 60-plus years ln Lhe energy and commodlLles markeLs,
provldlng a depLh of undersLandlng of Lhe markeL and lLs lssues LhaL ls unmaLched and unrlvaled by any analysL group. lor
more lnformaLlon, please vlslL hLLp://www.comLechadvlsory.com.
Com1ech Advlsory also hosLs Lhe C18MCenLer, your onllne porLal wlLh news and vlews abouL commodlLy markeLs and
Lechnology as well as a comprehenslve onllne dlrecLory of sofLware and servlces provlders. lease vlslL Lhe C18MCenLer aL
hLLp://www.cLrmcenLer.com.
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