SUBSCRIBER NOTE: Platts to reduce repeat time for Cash BFOE instruments in the Platts MOC

Platts will reduce the time limit within which companies in the Cash BFOE Platts Market on Close assessment process may repeat their bid or offer following a trade, effective May 1, 2018.

This decision follows on from a proposal published December 12, 2017 and available here: https://www.platts.com/subscriber-notes-details/26855359

Currently, a company whose Cash BFOE bid or offer trades in the Platts MOC can repeat its indication at any time within the next 15 seconds. This time would be reduced to 10 seconds following a trade.

This decision applies to Cash BFOE partial outright price indications, Cash BFOE partial spreads, and to Cash BFOE full cargoes.

Following the introduction of implied indications functionality in the Platts MOC in September 2017, Platts has observed an increase in the efficiency of transaction execution.

Platts believes that, as a result of this trend, the current time allowed to repeat a bid or offer following a trade is now longer than the time required by the market to do so.

Furthermore, the increased reactivity of the Cash BFOE instrument means that bids and offers repeated more than 10 seconds after trading may create greater uncertainty than they did prior to the introduction of implied indications.

Please send any further comments and feedback to europe_crude@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.