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Unveiling the Evolution of Energy and Commodity Trading: Insights from the CEO of Digiterre

todayAugust 7, 2023

Background

In a recent interview, Ben Hillary, Managing Director of Commodities People, sat down with Ian Murrin, the CEO of Digiterre, a leading software and data engineering consultancy in the energy and commodity trading sector. The conversation delved deep into the evolution of the digital landscape in energy and commodity trading and the exciting technological advancements on the horizon.

Ian Murrin, an industry veteran, highlighted the significant strides in digitisation over the past two decades. Initially, the focus was on creating systems that consolidated information repositories to streamline trading workflows. Fast forward to today, and the industry is witnessing a massive surge in data-driven decision-making. Along with automated trading, where machines make decisions based on vast amounts of data, is becoming increasingly prevalent. Ian cited an example of a client in the gas market where over 50% of their trading activity is now automated.

When asked about the technological areas that excite him the most, Ian's response was “Gen AI.” He explained the origins of this technology, tracing it back to Google's Transformer engine, which revolutionised language translation by focusing on context rather than individual words. This contextual understanding, Ian believes, will be instrumental in helping traders navigate the complexities of the market, especially when considering both the financial and logistical aspects of trades.

Ian also gave a sneak peek into his upcoming presentation at Energy Trading Week in September. Where he plans to discuss the future characteristics of energy markets, the challenges of inconsistent data, and the need for real-time trading platforms. The shift towards real-time data in energy markets, he emphasised, presents both challenges and opportunities, especially as markets move to smaller time slices.

Reflecting on the rapid advancements in the industry, Ian mused whether such challenges could have been foreseen a decade ago. He pointed out that trying to predict a dynamic environment is always tricky. Factors like regulatory demands and geopolitical events, such as the recent Ukraine war, have significantly influenced market dynamics.

Towards the end of the conversation, Ben congratulated Ian on Digiterre's recent win at the Commodity Trading Awards 2023. When asked about the secret behind their success, Ian attributed it to Digiterre's unique approach that combines technology capability, domain knowledge, and agile ways of working. This combination, he believes, allows them to rapidly deliver value to their clients by understanding and solving real-world problems.

In conclusion, the conversation with Ian Murrin offered a deep dive into the evolving world of energy and commodity trading. As technology continues to reshape the industry, it's clear that companies like Digiterre will be at the forefront, guiding the way with their expertise and innovative solutions.

For those interested in further insights from Ian Murrin or Ben Hillary, they can be reached on LinkedIn or at the upcoming Energy Trading Week event in late September.

Written by: Commodities People


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