SUBSCRIBER NOTE: Platts changes MOC timings for Chicago BCX gasoline, ULSD

Please note that S&P Global Platts has changed the timing and increment guidelines for the gasoline and ULSD Chicago Buckeye Complex (BCX) Market on Close assessment process, with effect from April 15, 2019.

The change brings greater efficiency to the MOC process that is used to assess these benchmark prices.

The maximum price increment for firm bids and offers during the MOC for these markets has been changed to $0.0025/gal every 30 seconds, from $0.0025/gal every 60 seconds previously; the reaction time to repeat an order following a trade has changed to 30 seconds, from 60 seconds currently; and the cutoff time for price changes has changed to 1:29:00.000 pm CT, from 1:28:00:00 pm CT previously.

In addition, any repeat of a firm bid or offer in the last 20 seconds prior to the 1:30 pm CT market close will trigger an extension state that would last one minute after the 1:30 pm CT close.

Before April 15, any repeat of a firm bid or offer in the last 30 seconds prior to the 1:30 pm CT market close would have triggered an extension state that would last two minutes.

The changes coincide with the launch of Platts Editorial Window instruments for the Chicago BCX gasoline and ULSD MOC, and bring the methodology in line with similar timings and incrementability standards in other US refined product markets that are facilitated by the eWindow tool.

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

The changes were announced in a subscriber note published April 10. The note can be found here: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/041019-pl atts-to-change-moc-timings-for-chicago-bcx-gasoline-ulsd.

Please send any feedback or questions to americas_products@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.