Our CCO Justin Howat features in a new CTRM Center piece on where the platform goes next. The piece covers how Topaz extends valuation and P&L across physical cargo, and into Japanese power markets.
Topaz built its reputation on sophisticated risk and valuation analytics. The next chapter stretches those same strengths across the entire physical logistics lifecycle. This is the part of the trade where value is often lost in spreadsheets and blind spots.
Valuation, P&L and risk, now across the physical lifecycle
Our new physical cargo model, built for large physical traders in oil, LNG, and refined metals, carries Topaz's valuation and P&L drill-down all the way from position to delivery. It handles the messy realities of physical trading:
Shipments and inventory movements, tracked and valued as they happen
Cargo splits, with value attributed cleanly when a parcel is divided
Ship-to-ship transfers, captured without breaking the P&L trail
The model is especially relevant for physical oil and LNG, commodities where sanctions, export restrictions, and rerouted shipping lanes have made it harder than ever to keep track of where value sits. In a trading environment this fluid, a single, drillable view of value across every stage of the physical chain matters more than ever.
The model is in testing with select customers today.
Scaling up in power
Japan's power market is undergoing rapid transformation, driven by surging AI and semiconductor demand and major market reforms, including JEPX's shift to real-time, API-based trading. As volatility increases and trading moves toward 30-minute settlement, ETRM systems and spreadsheets are struggling to keep pace.
Topaz is capitalising on this shift, going live with a Japanese power customer generating significant transaction volumes — its largest power deployment to date. The platform has supported power trading for some time; this launch marks a step-change in scale, and Justin sees it as a strong reference point as Topaz builds out its presence in the region.
Wide appeal
Topaz occupies an unusual position in the market and rarely competes head to head with other CTRM and risk platforms. Its sweet spot is medium to large physical trading businesses that need sophisticated valuation and risk capability as well is smaller pure derivatives players . Topaz has long supported the valuation of LNG cargo destination optionality, such as routing a Henry Hub cargo to Europe versus Asia. Customer interest in this has grown sharply as regional trade flows shift, and RFIs from North American oil and energy majors have also increased.
You can read the full article here.
About CTRM Center:
Commodity Technology Advisory is the leading analyst organization covering the Energy and Commodity Trading and Risk Management (E/CTRM) technology markets. We provide invaluable insights, backed by primary research and years of experience, into the issues and trends affecting both the users and providers of the applications and services that are crucial for success in markets constantly roiled by globalization, regulation and innovation.
For more information visit https://www.ctrmcenter.com/?login=success
About Topaz Technology:
Topaz Technology is a software company founded by expert technologists, quants and traders. We help commodity traders and risk managers manage and report on risk across the full spectrum of their trading activity in real-time. The Topaz platform is cross-commodity, fast and scalable, and has extensive analytics capability built in.
For more information visit https://topaz.technology
Jo Finnigan
COO – Topaz Technology
jo@topaz.technology
