SOCAR, the Azerbaijan-based oil and natural gas producer, was reconciling trade transactions by hand; a process that could take hours to complete and left the back office working to keep pace with the trading desk. Without a clear, timely view of positions on Marex Brokerage trades, SOCAR carried financial risk that grew heavier as data volumes increased.
The same fragmentation showed up on the Trayport platform, where complex and often one-off transactions could take a week or longer to fully reconcile. The longer a discrepancy went unresolved, the greater the chance it became a costly, hard-to-unwind problem for the risk management team.
Not knowing their position on trades left SOCAR exposed to financial risk that was often invisible until it was too late.
