Section two in the PHysical application loosely covers the interim period from the new contract up to the preparation of the shipments.
During it, traders and traffic staff use CMStrade to advance the contract in the context of their own and world data. Examples:
■ Buy-sell-stock match reservations.
■ Hedging.
■ Price fixation.
■ Costing adjustments.
■ Shipment planning.
No rigid order is imposed on these operations (except related ones) freeing the staff to react to events as they occur.
To inform them on these operations, the software provides specific reports plus detailed position and valuation reports.
This CMStrade concept of advancing the contract also allows the trader and traffic staff to finalise or refine available choices within the initial constraints of the contract, e.g. from an approximate to a precise commodity specification, or exercising physical options e.g. packing, port, etc.
A key element of this concept is to preserve such replaced specifications and thus keep a full history of the contract.
All the operations are easy to do but are tested thoroughly for correctness, even relative to the new elements added in the contract’s advancement, to ensure that the full contract stays coherent.
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