GLX: Creating the world’s first online LNG trading platform
The global market for liquefied natural gas (LNG) is worth approximately $US150 billion and expected to expand by 50% within five years. However, the trading landscape has changed little in decades. Identifying a clear opportunity for greater efficiency, GLX has launched an ambitious venture built on cloud technologies to create a 21st-century global digital exchange for flexible spot trading of LNG.
Excelian were engaged to design and deliver the architecture, including the entire technology stack, all within a very tight timeframe. Along with complex technical requirements, the platform needed to deliver the high availability and elasticity to guarantee scalability; stringent security controls to minimize risk; and an optimized user experience to ensure rapid adoption of the new service.
By customizing a mix of innovative technologies, Excelian has delivered a wholly cloud-hosted global exchange combining real-time online auctions with transparent spot pricing and dynamic market analytics. As a complete greenfield development, there was no prior precedent for the design. Excelian undertook full architecture development to create a comprehensive platform.
In contrast to the conventional LNG trading model, the new solution will make it easier for customers to drive value via equal access to trading rights, market intelligence, standard terms and conditions, credit management arrangements, benchmark pricing, efficient administration and detailed reporting.