Commodity trading firms run know-your-customer checks on every counterparty, yet very few run the same checks on the software vendor that will hold their trades, positions and P&L for years. Amphora's CEO, Chris Mudry, a former trader, says buyers rarely ask a CTRM vendor how it is financed, what has been written about it or how long its people have stayed. This guide turns those checks into seven sets of questions any buyer can put to any vendor, Amphora included, and sets out Amphora's own answers.
Why should a trading firm run KYC on its CTRM vendor?
Because the vendor becomes one of your longest-standing counterparties. It holds your trade history, your positions and your P&L, and you will depend on its people for years. Chris Mudry started his career trading jet and diesel at Cargill in Geneva and spent around 15 years in operations, risk management and systems at a large trading house before joining Amphora. In his experience, the checks every trading desk takes for granted almost never reach the software purchase.
"There's very little question of KYC."
Chris Mudry, CEO, Amphora, on the questions vendors receive during a CTRM selection
His concern is that buyers judge vendors on reputation alone, when a software company's position can change within a few years. "You could be a very good company 5 years ago, but things escalated," he says.
What should a CTRM vendor KYC cover?
The same ground as a counterparty check, plus the questions only a software purchase raises: who will support you, whether the product keeps moving and whether you can leave. The seven sets below come from Chris Mudry and David Glasspool's advice to buyers. If you are earlier in the process, start with our buyer's guide to the CTRM selection process.
Identity and financial standing
The same first step as any counterparty check.
- How is the business financed, and what debt does it carry?
- How long has it been in the market?
Adverse media
David Glasspool's advice is to do your own research rather than rely on the vendor's account: search the financial press and use AI tools to see what has been written.
- What has been written about the vendor in the financial and trade press?
- Has headcount fallen sharply in the past year?
Management stability
Chris Mudry's view is that a buyer should expect an hour with the vendor's CEO before signing. He offers every new prospect exactly that.
- How long has the CEO been in post?
- How many CEOs has the company had in the past five years?
- Will the CEO give you an hour before you sign?
The people who will support you
A CTRM is complex. Chris Mudry's view is that a support team whose members have all joined in the past year has not worked together long enough to know the software or to back each other up.
- How large is the support team, and how long have its members been with the company?
- Will the vendor's own staff implement the system, or a system integrator?
- Will the people who ran your demo still be involved after you sign?
Proof the product keeps moving
"People claim to do upgrades often, but often it's not proven. So I will ask for the proof of that." Chris Mudry
- When was the last significant release, and how often do releases ship?
- Can you see evidence of upgrades, not just a claim?
- Are all clients on the same version, or do some sit on their own branch?
- What happens to a customisation built for you when the person who built it leaves?
Hands-on evidence
A demonstration run by someone who knows exactly where to click tells you little about how the system feels when your own team enters a trade alone.
- Can your users work in the system themselves before you sign, with your own scenarios?
- If the vendor will not give you an environment to try, why not?
Contract and payment terms
"The fact that some vendors ask for that should be an alarm bell that there is a problem." Chris Mudry, on five-year lock-ins
- What is the minimum contract term?
- Can user numbers go down as well as up?
- Is the implementation paid against milestones, and can you stop if it is not going well?
The CTRM vendor KYC questionnaire
Every question above on two printable pages, with space to compare three vendors side by side. Take it into your next vendor meeting.
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How does Amphora answer these questions?
Below are Amphora's own answers, given on the record by its CEO and its director of sales and marketing in October 2026. "We are by far not perfect, but we are honest," says Chris Mudry.
| Question | Amphora's answer |
|---|---|
| Time in the market | Founded in 1997. |
| CEO | One CEO: Chris Mudry, in post for eight years. |
| Time with the CEO before signing | An hour with Chris Mudry for every new prospect. |
| Who implements | Amphora's own staff. System integrators are rarely involved, so the implementation team knows the latest release. |
| Sales after signing | The director of sales and marketing stays involved through implementation and holds regular calls with clients after go-live. |
| Releases | Some large clients, with around 800 users, take a new patch twice a month. |
| Versions and customisation | All clients are on the same branch. A customisation built for one client goes into the main branch, so it stays supported for every client. |
| Hands-on trial | A paid, guided trial in a cloud environment set up for the prospect, typically five to six days. The fee is refunded if the client goes on to choose Amphora. |
| Contract term | One-year rolling contracts. User numbers can be adjusted every quarter, down as well as up. |
| Implementation payments | Paid in milestones. A client can stop the implementation and owes nothing further. Amphora aims to have the client's environment running the Monday after signature. |
| Information security | Certified to ISO/IEC 27001:2022. Read the announcement. |
