Market Dojo, a UK based SaaS procurement software provider, has announced its sourcing solution has been selected by Global Commodities Holdings Limited (GCHL) to enable the online trading of non-standardised commodities in response to customer demand.
GCHL will utilise Market Dojo’s sourcing solution to host eAuctions on behalf of their market participants, outside of their existing standardised coal offering, which is tradeable on “globalCOAL”, their online trading platform. The eAuction functionality provides GCHL with the opportunity to offer a greater diversity of coal types, as well as other commodities, such as gas, oil, biofuels, metals and soft commodities that can be traded by a wider audience, yet follow a consistent online process.
The sourcing process provides transparency and the ability to adhere to compliance requirements throughout as well as providing auditability. Flexibility within the eAuction functionality is available in who is invited to participate, whether that be a specific audience or GCHL’s wider customer network.
GCHL will continue to offer the 21 different standardised coal types via their own online trading platform, underpinned by their Standard Coal Trading Agreement (SCoTA), which enables participants to know exactly what they are buying as the product specifications and the T&Cs are standardised. GCHL will also have the ability to assess demand and liquidity of products offered on the eAuction platform with a view to potential standardisation of further products.
Alun Rafique, CEO and Co-Founder, Market Dojo said: “We’re pleased to fulfil Global Commodities Holdings Limited’s requirements in extending their product offering to a wider audience and with a streamlined process. With a global reach, efficient and consistent processes are essential for saving time and our sourcing solution complements their existing online trading platform to enable them to start trading additional products quickly and easily.”
Martin Abbott, CEO of Global Commodities Holdings Limited, said: “In the software space, buy versus build is always an internal debate. The vast functionality and the flexibility of Market Dojo’s eAuction platform, coupled with years of continued development and investment, made this decision for us very straightforward. We are delighted to be able to extend our product offering to our customers and new market participants, who will quickly benefit from buying and selling non-standardised grades of physical commodities, backed by the reassurance of a flexible and fully compliant platform.”
To learn more about Market Dojo’s sourcing solution, or how any of their additional supplier engagement solutions can help your business, get in touch with a member of the team today at info@MarketDojo.com.