Iran Energy Exchange Integrated Settlement System
Central Securities Depository of Iran designed and implemented a comprehensive system for the settlement of financial transactions taking place on Iran Energy Exchange (IRENEX) trading floor as part of a broad infrastructure covering the energy physical market in commodity exchanges back in 2017.
The project went through several phases namely analysis, proposal, process analysis, design, implementation and finally test-launch of the software. The software is capable of performing all pre- and post-trade settlement processes electronically in an integrated platform.
The system will electronically communicate with other existing systems among them banking and guarantee management systems, the supervisory system of Securities and Exchange Organization (SEO) and transactions system.
In the meantime, supervisory bodies along with other beneficiaries would obtain access to the data provided by the system upon submitting documents.
The modular design of the system has made upgrading and applying modifications to the system easy and fast.
Among other technical features of the system we can refer to the latest to date technology and hardware applied in designing the software that make the most complex calculations work on large volumes of data possible.
The registry of basic data, commodities, supplies, order sales and purchase orders, settlement and delivery are the main processes operated by the system. Additionally, the users can check the latest status on their accounts as well as that of the market.
Another interesting feature of the system is that the operator can enter the prices manually and that means the system can be hailed for its add-on module which allows the Depository to price any shares or services and settle the relative transactions in multiple foreign currencies.
The system also contributes to market development and matches various inquiries through offering various methods and types of settlement of transactions including cash, bank guarantees, on credit, split payment and conditional.
The dematerialization of non-essential procedures has meanwhile sped up the processes. It is worth mentioning that the system can meanwhile produce reports automatically or on-demand.
Last but not least, the following are among the greatest benefits of Iran Energy Exchange Integrated Settlement System:
• Minimum operational risk
• Maximum speed and accuracy in operations
• Top-notch security
• High-quality reporting at all stages
• Demat services
• Electronic communications with other relative systems
• Instant payment service
• Compatibility with market needs
• Instability and upgradability
• User-friendly design