CTRM software house of the year: Topaz Technology

Over the past year, geopolitical tensions, unpredictable world trade policy and increased regulatory scrutiny have been extremely challenging for firms with exposure to energy.

In the face of elevated market volatility, tighter liquidity and growing portfolio complexity, it was vital for energy market participants to fully understand their exposures, positions and real-time profit and loss (P&L) to make optimal hedging and risk management decisions.

However, gaining a holistic view of positions, exposures and risk across different trading desks and portfolios can be extremely difficult, especially when there are multiple commodity trading and risk management (CTRM) software systems in use across an organisation.

Topaz Technology, winner of the Energy Risk Asia Awards 2026 CTRM software house of the year, addresses all of these challenges through its risk and valuation platform, which can be used on a standalone basis or integrated across customers’ existing CTRM systems to provide real-time, multi-commodity valuation and risk insight across entire portfolios.

“The platform brings derivatives, physicals and structured optionality into a single, consistent reporting view, reducing reconciliation effort across different systems and increasing confidence in numbers,” says Singapore-based Alex McGuire, Topaz Technology co-founder and head of quantitative analysis. “In these volatile markets, our customers have been able to make faster, better-informed decisions, manage risk proactively and act with greater confidence.”

Designed for traders, P&L analysts, risk managers and quants, the platform provides real-time P&L, positions, Greeks, market decomposition, what-if analysis, stress-testing, value‑at-risk and granular P&L explain.

The company had a standout year in 2025, achieving a 100% client renewal rate, seeing the number of live users grow by 85% and adding 75 people to the team. Additionally, Topaz landed nine top spots in the 2026 Energy Risk Software Rankings, up from seven the previous year.

Over the past 12 months, Topaz has expanded its business in Asia, adding additional deployments – primarily in liquefied natural gas trading – to well-established energy trading and risk management implementations at existing clients with very large regional businesses.

One of these customers then extended its deployment of Topaz into its power business in Japan. This follows the successful deployment of the Topaz platform in Singapore.

Topaz has also significantly enhanced its offering in recent months. In particular, it expanded its physical trade valuation capabilities, introducing flexible mark-to-market rules across complex logistics chains, with full step-by-step auditability and valuation explain. It also extended its pricing formula language to support increasingly complex and highly bespoke physical pricing structures. Governance and audit capabilities were also enhanced.

“Control and governance have been strengthened through complete historical auditability,” says McGuire, referring to a seamless drill-through from pivot reports to detailed audit trails, as well as a comprehensive book-close manager and enhanced user activity tracking.

The Topaz platform contains embedded analytics, which provide transparent, drillable P&L and valuation explanations with full historical data. “There are no black boxes,” stresses McGuire. Additionally, the framework allows clients to deploy their own proprietary valuation models while leveraging Topaz’s analytics infrastructure.

Built on a distributed, containerised architecture, the platform allows full scalability, no matter how large or complex the portfolios managed, the firm says.

“At the platform level, our modular, distributed architecture continues to prove highly scalable and adaptable,” says McGuire. “Topaz is built as containerised software running on Kubernetes, which means it can be deployed wherever a client wants it: on their own servers, in their own private cloud or as a fully managed service, which we host for them. And, because it scales simply by adding more compute, it grows with the business rather than being rebuilt as volumes rise.”