Physical commodity trading, for desks the big platforms priced out.
Concentrate payables, quotational periods, provisional-to-final on assay — modelled properly, not bolted on.
One platform. Every task on the desk.
Each capability below is a workflow a physical desk runs every week — the awkward ones, not the easy ones.
Contracts that survive a real concentrate.
Multiple payable metals on one contract, each with its own index and payable percentage. Assay bands with penalties that scale per increment. Term deals with several shipments, each pricing against its own event.
- Multi-payable contracts — lead, silver, copper on one line
- Penalty ladders priced per increment, not per unit
- Multi-leg term structures with per-shipment pricing
| Grade / Quality | Origin / Dest | Qty | Tolerance | Price basis |
|---|---|---|---|---|
| Lead concentrate, Pb 62.00% / Ag 650 g/dmt | Callao / Hamburg | 5,000.000 | 10% | Formula |
| Applies To | Source Item | Pricing Item | Index % | Payable % | Exposure | Pricing Rule | Calc Method | Status |
|---|---|---|---|---|---|---|---|---|
| Material line 1 | Lead | LME-PB | 62.000 | 95.000 | 2,945.000 | Average | Cash Ask | UNFIXED |
| Material line 1 | Silver | LBMA-AG | 0.065 | 95.000 | 3.0875 | Average | Mid | UNFIXED |
Silver 5,000 × 650 g/dmt = 3,250,000 g ÷ 31.1035 = 104,489.85 toz × 95% = 99,265.36 toz × 31.50 = $3,126,858.84
3.0875 MT contained payable silver = 3,087.5 kg = 99,265.36 troy oz.
| Parameter | Contract | Actual | Threshold | Step | Rate | Basis | Increments | Penalty |
|---|---|---|---|---|---|---|---|---|
| Arsenic (As) | 0.20% | 0.40% | > 0.20% | 0.10% | 3.00 / DMT | Contract qty | 2 | -30,000.00 |
| Moisture | 8.00% | 7.60% | ≤ 10.00% | — | — | Informational | — | Within spec |
Marked against the right price, per benchmark.
A forward mark is a role, not one number. LME marks at MOC, ICE and CME at settlement, Platts at the published assessment, and where there's no published forward we build one. Priced quantity holds its struck price; unpriced quantity marks forward.
- Per-benchmark forward resolution, not one curve for everything
- Priced and unpriced quantity marked separately on the same line
- Drill from a book total to the rows that produced it
| Commodity | Benchmark | Priced Vol | Unpriced Vol | Hedged Vol | Net Exposed | Physical MTM | Deriv MTM | Net P&L |
|---|---|---|---|---|---|---|---|---|
| Copper Cathode Grade A | LME-CU | 600.000 | 400.000 | 400.000 | 600.000 | 9,506,000.00 | -16,000.00 | 9,490,000.00 |
| Lead | LME-PB | — | 2,945.000 | — | 2,945.000 | 6,037,250.00 | 0.00 | 6,037,250.00 |
| Silver troy oz | LBMA-AG | — | 99,265.36 | — | 99,265.36 | 3,126,858.84 | 0.00 | 3,126,858.84 |
| EN590 10ppm Diesel | PL-E590-ROT | 30,000.000 | — | — | 30,000.000 | 21,922,500.00 | 0.00 | 21,922,500.00 |
| Book total — reporting currency USD | 40,592,608.84 | -16,000.00 | 40,576,608.84 | |||||
Event dates that actually drive something.
A bill of lading date isn't a field on a form. It anchors the quotational period, the payment terms and the accruals — and when the vessel reroutes, you see what moves before you save.
- BL, ETA, ATA and document receipt as first-class events
- QP windows and payment dates derived, never typed
- Change preview: see what a date move does before committing
| Event | Shipment | Date | Source | Locked |
|---|---|---|---|---|
| BL Date QP anchor | GRN-2026-0188 | 2026-06-24 | Bill of lading | Locked |
| ETD | GRN-2026-0188 | 2026-06-25 | Vessel schedule | Open |
| ETA | GRN-2026-0188 | 2026-07-21 | Agent advice | Open |
| GRN / discharge | GRN-2026-0188 | 2026-07-24 | Goods movement | Open |
| QP Start derived | — | 2026-07-01 | Derived from BL Date | Locked |
| QP Close derived | — | 2026-07-31 | Derived from BL Date | Locked |
BL Date 2026-06-24 → BL month June 2026
Month following → 01 Jul 2026 – 31 Jul 2026
Change the BL date and the window moves with it. Lock it — as the discharge event above has — and it stops moving, because a fixed price has already been struck against it.
Provisional on shipment, final on outturn.
The provisional goes out on shipping weights. The final trues up against outturn weights and final assay, netting everything already invoiced including debit and credit notes. Computed server-side, traceable to the row.
- Provisional and final invoicing with automatic netting
- Third-party charges kept off the counterparty invoice
- Every figure traceable to the transaction behind it
| Component | Basis | Quantity | Rate | Amount |
|---|---|---|---|---|
| Payable lead | 62.00% index × 95.00% payable | 2,945.000 MT | 2,050.00 | 6,037,250.00 |
| Payable silver | 662 g/dmt × 95.00% payable | 101,097.95 toz | 31.50 | 3,184,585.43 |
| Treatment charge | Per DMT | 5,000.000 DMT | 195.00 | -975,000.00 |
| Silver refining charge | Per payable troy oz | 101,097.95 toz | 1.20 | -121,317.54 |
| Arsenic penalty | 2 increments × 0.10% above 0.20% | 5,000.000 DMT | 3.00 | -30,000.00 |
| Final commercial value | 8,095,517.89 | |||
Payable ounces 99,265.36 → 101,097.95 (+1,832.59 toz)
Silver value +57,726.59 − extra refining charge 2,199.11
Provisional value 8,039,990.41 → final 8,095,517.89, a +55,527.48 uplift — which is exactly the difference between the two invoices, net of the 10% retention released.
Hedge the gap between two fixations.
You don't hedge when both legs float — they move together. You hedge the leg that fixed, in the quantity the two legs differ by, and you lift it when the second leg fixes. Veridian derives that requirement from pricing events instead of asking you to track it.
- Hedge requirement derived from fixation asymmetry
- Unhedged fixed legs flagged, not silent
- Allocation from hedge to priced exposure
| Deriv No | Instr | Exchange | Commodity | Dir | Lots | Qty | Price | Prompt | Mark | MTM | Status |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DRV-2026-041 | FUTURE | LME | Copper Cathode Grade A | SELL | 16 | 400.000 | 9,505.00 | 2026-09-16 | 9,545.00 | -16,000.00 | OPEN |
| Allocated To | Contract | Counterparty | Unpriced exposure | Allocated Qty | Coverage |
|---|---|---|---|---|---|
| Contract | PC-2026-102 | Talara Resources Ltd | 400.000 | 400.000 | 100.0% |
The lot size is a property of the instrument, held on the benchmark — LME nickel is 6 MT, ICE Brent is 1,000 bbl. The quantity auto-fills; the trader is never asked to remember it.
Hedge MTM = −1 × (9,545.00 − 9,505.00) × 400 = -16,000.00
Physical unpriced 400 MT gains the same 40.00/MT as the market rises. That offset is the point — and both legs sit on one screen, netted.
Built for the full trade lifecycle.
Trade capture
Multi-payable concentrate contracts, assay bands, penalty ladders and term structures with per-shipment pricing.
Position & risk
Priced and unpriced quantity marked separately, per-benchmark forwards, and hedge requirements derived from fixation events.
Logistics
BL, ETA, ATA and document receipt drive quotational periods, payment dates and accruals — with a preview before you commit.
Settlement
Provisional on shipping weights, final on outturn and assay, with netting of prior invoices, debit and credit notes.
Workflows
Approval chains, pre- and post-trade limits and exception queues configured to your desk, not to a vendor template.
Multi-commodity
Metals first — concentrates and refined — with energy and agri running on the same pricing and settlement engine.
Built by practitioners, specified against real contracts.
Most CTRM programmes fail because the platform was designed by people who never priced a concentrate. Veridian was built the other way round — led by a Chartered Accountant and CFA charterholder, with a team drawn from physical trading and commodity finance, and specified trade by trade against real contracts: multi-payable concentrates, Platts-referenced crude, CBOT soybean back-to-backs. Every business rule was reviewed with senior practitioners working in the market today.
- Priced against real contracts, not a feature list
- Configurable without custom code
- Open APIs for ERP, banking and market data
Keep your ERP. Buy only the trading.
Most commodity functionality is sold as an ERP module — to get the parts you need, you buy the suite you don't. Veridian sits alongside whatever you already run. Your finance team keeps its ledger, its chart of accounts and its auditors. You pay for the trading system, and nothing else.
- ERP-agnostic by design — no migration, no replacement, no rip-out
- Two-way sync on goods movements: receipts and dispatches flow both ways
- Open APIs for accounting hand-off, banking and market data
- Your GL stays where it is; Veridian posts to it rather than replacing it
Priced for a desk, not a corporation.
The large platforms come with large programmes — multi-year implementations, seven-figure licences, and every change billed as a project. Veridian is deliberately the other shape.
Live in four to six weeks
One implementation, one fixed scope, one invoice. You are trading on it the same quarter you sign — not the year after next.
The roadmap is in the licence
A functional release every four months, included. Not a change request, not an upgrade project, not a consulting line item.
Sized to a mid-market desk
You are not paying for a platform built for a twenty-billion-dollar house. Pricing scales with users and volume — tell us your shape and we will tell you the number on the first call.
Ready to modernise your trading operations?
Speak with our team about CTRM, finance and advisory engagements.