SUBSCRIBER NOTE: Platts to remove pricing freeze in Brent CFD MOC

Following industry feedback, S&P Global Platts will remove the two minute pricing freeze in the Brent Contract for Difference (CFD) Market on Close assessment process effective August 1, 2018.

Currently, any company bidding and offering a Brent CFD is unable to change the price of their indication after 16:28 London time, creating a two minute pricing freeze ahead of the 16:30 London close.

With this change, Platts will remove this pricing freeze, allowing market participants to change their bids and offers up to the 16:30 London close. Platts reserves the right to determine whether any indication outstanding at this period has adequately tested a new market value for use in the MOC assessment process.

This change applies to Brent CFD price indications and Brent CFD spreads.

Platts has observed that the CFD market continues to evolve throughout the last two minutes of active pricing in the over-the-counter broker market. Since the introduction of eWindow in June 2008, the practical need for this pricing freeze has become less evident as most bids and offers are conducted directly through the eWindow system and not through a Platts editor.

Platts believes that, as a result of this trend, there is no longer a need to freeze pricing changes in the Brent CFD window ahead of the 16:30 London close.

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.