Clarity of intention in MOC assessment process

Platts editorial processes require full clarity when communicating bids, offers and intentions to trade.

When expressing an intention to hit a bid or lift an offer in the Market on Close assessment process, any message must include the specific price of the trade and the name of the counterparty.

For example, "Buyer 1 wants Seller 1 gasoil cargo offer at April plus $40/mt" would be best practice. Additionally, when lifting an offer that has a volume range, the volume must be declared at the time of execution.

When lifting an offer, or hitting a bid where the seller or the buyer has given the date range option to the other counterparty, that option must be declared at the time of execution.

Platts will only consider an indication to trade as complete when the above conditions have been met.

Comments please to europe_products@platts.com, asia_products@platts.com or americas_products@platts.com with a CC to pricegroup@platts.com.