Platts launches WIM derivatives eWindow on May 7

S&P Global Platts has launched the Platts Editorial Window, or eWindow, communication tool for the West India Marker, or WIM, derivatives MOC process on May 7, 2021.

Participants in the Platts MOC assessment process will be able to submit WIM derivative bids and offers for publication directly through the eWindow communication tool or through an editor, who would then publish bids and offers using the communication tool starting from May 7.

Participants may improve the price of their published bids and offers by a minimum of 1 cent/MMBtu and a maximum of 5 cents/MMBtu every 60 seconds when reporting their indications directly through eWindow.

For bids and offers reported to Platts editors, buyers and sellers may improve the price every 120 seconds, as per incrementability standards in the manual process. The cutoff to register new price indications in the Platts derivatives MOC via the eWindow will be 16.09.59.59 Singapore time and final state will be 16:29:00:00. Buyers and sellers will also have maximum of 60 seconds to repeat a bid or offer following a trade. A 60-second extension will be triggered in the event a repeat bid or offer is made in the last 60 seconds of the MOC via the eWindow.

Transactions for LNG derivatives reported in the MOC process are typically bilateral trades between counterparties, and should reflect their standard credit and trading terms. Subsequent to Platts publishing an expression of interest to trade a bid or offer, companies must communicate directly with each other to consummate the trade and confirm the same to Platts. Participants need to demonstrate ability to trade bilaterally on the MOC process.

Counterparties are expected to perform on trades with counterparties in the MOC based on their typical bilateral trading and credit terms that have been applied and accepted by both counterparties in the open market. Any company submitting a bid or offer that can only be traded on a cleared basis, and which would been to be processed as a block cleared derivative before final confirmation, should state as such in their bid or offer at the time of submitting for publication.

For more information on Platts WIM LNG prices and how they are assessed, please visit: https://www.spglobal.com/platts/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/global_lng.pdf.

Platts MOC guidelines are a key component of its assessment methodology, essential to an orderly and transparent price discovery process. They are aimed at bringing greater clarity and transparency to the assessment process used in assessments for these WIM derivative prices.

Besides information published in the MOC process, Platts editors also engage directly with producers, consumers, traders, brokers and shippers to gather price information. Platts will publish bids, offers and interest to trade from approved participants in the WIM derivative MOC process in line with the following editorial standards and guidelines.

For more information on the counterparty review process, please visit https://www.spglobal.com/platts/en/our-methodology/participation-review. Entities that wish to participate in the MOC process should contact pricegroup@spglobal.com.

Platts clarified its WIM derivatives MOC guidelines in a subscriber note published on May 3, 2021: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/050321-platts-clarifies-guidelines-for-wim-lng-derivative-moc-to-launch-ewindow-on-may-7. Please send any comments, questions or feedback to LNGeditorialteam@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.