Platts to change Latin America, Caribbean MOC timings for March 11 eWindow launch of Guyana crude grades

Platts, part of S&P Global Commodity Insights, will change the timing and increment guidelines for its Latin America and Caribbean Platts Market on Close assessment process, with effect from March 11, 2024.

This is in line with plans to launch the Platts Editorial Window (eWindow) communication tool for Guyana crude grades Liza, Unity Gold and Payara Gold at the same time.

Following the eWindow launch in this market on March 11, participants in the MOC for Guyana crude grades Liza, Unity Gold and Payara Gold will be able to submit bids and offers for publication directly through the eWindow software or through an editor, who would then publish bids and offers using the software.

The eWindow launch will apply to the following assessments:

• Liza (ALIZA00)
• Liza vs Latin American Brent Futures Strip (ALIZC00)
• Liza vs Latin America Dated Brent Strip (ALIZB00)
• Liza vs Latin America WTI Strip (ALIZD00)
• Unity Gold (AUNIA00)
• Unity Gold vs Latin American Brent Futures Strip (AUNIB00)
• Unity Gold vs Latin American WTI Strip (AUNIC00)
• Unity Gold vs Latin American Dated Brent Strip (AUNID00)
• Payara Gold (AYARA00)
• Payara Gold vs Latin American Brent Futures Strip (AYARC00)
• Payara Gold vs Latin American WTI Strip (AYARD00)
• Payara Gold vs Latin American Dated Brent Strip (AYARB00)

Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC in order to ensure an orderly and transparent price assessment process, which can be found here.

Under these changes to the MOC for Americas Crude - Latin America and Caribbean, all outright and floating bids and offers will continue to have to be submitted by 1:45:00 Eastern Standard Time. However, bids and offers submitted for publication via eWindow will be subject to new timing and increment guidelines, which may vary from existing manual timing and increment guidelines, as detailed in the following table:

Platts originally proposed a Final State of one minute, but has changed that to a two-minute Final State. The change to a two-minute final state, which means existing positions cannot change price during that time, is to be consistent with other Americas crude eWindow timing and increment guidelines.

Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the market as a whole, and apply to these new instruments as well.

Where Platts publishes bids and offers on behalf of a company that submits data through an editor, counterparty credit settings are set to "open" for reviewed participants in the assessment process, unless companies have notified Platts in advance of any restrictions. Companies should provide notification on any changes to counterparty credit filters at least one hour prior to the cut off timing for submission of bids and offers in the MOC.

eWindow provides direct entry and management of credit filters, which should be those normally applied in the marketplace, for companies participating directly through the software.

Please send any comments or questions to americas_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 to the public upon request.