DIRECT DEAL

Package Overview

Codeli offers a wide variety of automated tools to increase process efficiency in the crude oil marketplace. Direct Deal is an additional feature of the Net Energy Exchange (NE2) trading platform that allows traders and back office personnel to create and confirm deal tickets for any crude oil trades they have conducted whether within or outside of the NE2 platform. Direct Deal is a very fast and efficient way of automating the processing of trades seamlessly from a single entry and retrieving them from a single repository.

Direct-Deal Business Process Flow

The business process flow for the Direct Deal system allows a user to initiate a deal ticket with a counterparty in a wide variety of standard or bespoke transaction types, and then notify that counterparty immediately online of the pending deal ticket. The counterparty may then amend the deal ticket to correct any terms and re-send it back to the original user, or confirm the deal ticket. Once confirmed, the deal ticket is processed as any NE2 transaction would be, providing the transaction detail for pull down from online reports, export from the NE2 download site, or through push-driven messaging using our FIX API.

Straight-Through Processing and Automation

Transactions confirmed through Direct Deal may be automated throughout the various internal systems and checkpoints that firms have in their organizational structure. The benefits from using Direct Deal can come either from providing a single reporting and download link for deals from any platform or broker, or from streamlining the entry of transactions into a deal capture system in real-time. In either scenario, firms save time and money spent in manually entering transactions from various sources into multiple systems and accuracy and reliability are improved through instantaneous confirmation and data entry.

Standard Data Repository

Direct Deal also acts as a standardized, confidential and secure data repository for tracking and reconciliation of deal tickets. By utilizing a standard source, firms can simplify the process of mining transaction records for internal audit, corporate governance or regulatory purposes. Transaction records may also be consolidated for position tracking and reporting requirements.

Online Deal Ticket Entry

The first step in using Direct Deal is to create a deal ticket to send to your counterparty. Accessing Direct Deal is as simple as clicking on the NENA Option sidebar from inside any NE2 trader login, then clicking “Create a New Direct Deal”. This opens up a deal ticket template, which allows you to enter the buyer, seller, and deal parameters:

Amend & Confirm

Direct Deal allows the buyer and seller to ensure accuracy of their confirmation directly through the online amendment tool. Once the buyer or seller originates the deal ticket, the counterparty can amend that deal ticket and send it back to the source so the amendment can be confirmed. Once both parties agree on the terms the confirmation is processed. Either party can initiate future amendments at any time, but any changes must be confirmed by both the buyer and seller to amend the transaction record.

About Net Energy Exchange

Net Energy Exchange is the leading and most diverse crude oil marketplace in Canada. Net Energy Exchange provides the full spectrum of voice brokerage, electronic transaction and market information services to clients throughout the world for trade in both physical and financial crude oil products.