Learn about what LEAP does, how we go about doing it, and the types of companies we have as members.

LEAP's Mission:

The mission of LEAP is to promote efficient and reliable transaction processing within the trading of crude oil and refined petroleum products by means of automation and standardization.

In connection therewith, LEAP may do the following:

* Pursue the automation of data processed between trading counterparties and companies that provide ancillary inspection, storage, pipeline movement, and related services,
* Promote simplifying business standards and practices,
* Develop and promote the use of non-proprietary electronic data standards, conventions and dictionaries, favoring industry standards over proprietary ones,
* Retain control wherever possible over such intellectual property, while making freely available to industry participants by means of licensing for use in accordance with the principles of these bylaws,
* Encourage cooperation among the energy trading parties and other industry participants/associations towards achieving our mission,
* Encourage broad based participation in LEAP, and
* Provide equal access to the standards for all members.

Membership in LEAP is open on a nondiscriminatory basis to energy trading entities
(defined as crude oil, petroleum products, ethanol and possible power and gas).
All members must be legal entities, not natural persons.

LEAP's Purpose:

LEAP was formed in 2006, its mission is to  promote efficient and reliable transaction processing within the trading of crude oil and refined petroleum products by means of automation and standardization. Our founders are a group of oil majors, banks and independent traders, who are the main beneficiaries of automation. The major goals of LEAP include increased accuracy and timeliness, consistency, efficiency, managed risk, and regulatory credibility through voluntary automation and standardization of energy trades. LEAP believes that the automation of transactions presents counterparties with the opportunity to cut down on front office volume limitations and bottlenecking caused by manual processes.

Here is a brief description iof what LEAP has accomplished to date:

Methodology:

LEAP's methodology consists of 5 stages, representing the broad steps towards achieving LEAP’s automation mission.

1. Expose the Opportunity

2. Endorse a Standard

3. Enable Automation

4. Encourage Adoption

5. Measure Results

We believe that using this framework consistently across all committees will improve understanding and help our members track LEAP’s progress on the journey towards fulfilling our mission. While LEAP will be involved in all 5 stages above, we expect that LEAP’s role will evolve as we progress through the stages: LEAP will be the primary driver behind the first two stages, while the individual LEAP member companies will be the primary drivers behind the remaining stages. Throughout all 5 stages LEAP will provide consistency, sharing of best practices, and very importantly tracking of industry progress through self reporting on key metrics.

Fellow Organizations:

There are a number of other industry organizations which share some of LEAP's aspirations for improving industry transactions processing efficiency and reliability. LEAP's primary focus is on energy trading automation, with a specific emphasis on physical energy trading. LEAP actively seeks to engage with other industry organizations to share information about our automation and standardization activities and initiatives, and to avoid confusion or duplication of effort.