Why Traders Need a Streamlined Workflow for Submission

by Kevin Gallagher on May 15, 2023

When it comes to trading, one of the most critical factors is the ability to quickly and efficiently decide which trades to submit.

With limited time available to research and finalize bids, it's essential to have a streamlined trading workflow that enables you to move seamlessly from idea to execution. However, if you're relying on manual submission through ISO portals or internal tools, you may be wasting valuable time that could be better spent refining your trades. By using streamlined tools and services that simplify the submission process, traders can optimize their workflows and improve their chances of success.

Submitting Directly Through the Portals

Submitting trades directly through ISO portals can be a highly manual process that is prone to errors. A previous blog post, The Wacky World of ISOs, provided a tour of each ISO portal and highlighted some of the challenges involved in submitting trades. For instance, ERCOT's MIS requires users to manually enter each individual bid via a pop-up window in their browser, which can be extremely time-consuming, particularly when submitting multiple trades. By using more streamlined tools and services that simplify the submission process, traders can reduce the risk of errors and save valuable time.

Internal Tools

When it comes to submitting bids to multiple ISOs, companies may choose to build their own internal tools to streamline the process. However, these internal solutions can often be quite basic and may lack the advanced functionality needed to submit bids accurately and efficiently.

One key example is trade validation, which can help to ensure that bids are in the correct format. Without these features,companies may need to jump through hoops to ensure that their bids are submitted correctly. This can involve manually reviewing bids to ensure they meet the specific requirements of each ISO, or spending significant time and resources developing custom solutions to address specific formatting or data validation issues.

Another potential issue with internally-built solutions is that they may not be able to keep pace with the constantly evolving requirements of ISOs. As ISOs update their specifications and requirements, companies may need to invest significant resources into updating their internal tools to ensure that bids can still be submitted correctly.

Overall, while internally-built solutions can offer some benefits when it comes to submitting bids to multiple ISOs, they also come with significant challenges and limitations. Companies need to carefully weigh the pros and cons of developing tools in-house or working with third-party providers.

SPP and MISO Have Very Different Bid Curve Formats

SPP’s MUI

MISO’s MUI

Submission Services

Submission Services™ is a comprehensive tool from Yes Energy that simplifies the process of submitting trades to multiple ISOs. One of the key advantages of Submission Services is that it is embedded into the same tools that traders use to research and model their trades. This means that traders can seamlessly integrate the submission process into their existing workflow, without needing to switch between different platforms or tools.

Submission Services also uses the same API endpoints that feed into traders' models, which can help to ensure that trade data is accurate and up-to-date. By using the same API endpoints for both trade research and submission, traders can reduce the risk of errors or discrepancies that can arise when data is manually entered or transferred between different systems.

Another benefit of using Submission Services is it streamlines the process of submitting trades to multiple ISOs. Rather than needing to manually enter trade data into different systems or portals, traders can submit their trades through a single platform, which saves time and helps to reduce the risk of errors.

Overall, the integration of Submission Services into traders' existing tools and workflows offers significant benefits when it comes to submitting trades to multiple ISOs. By using the same API endpoints and streamlining the submission process, traders can ensure their trades are accurate and submitted in a timely manner.

Research Trades and Easily Add Them to your Portfolio