Platts clarifies timing and increment guidelines for CIF NWE naphtha crack derivative MOC

S&P Global Platts wishes to clarify the timing and increment guidelines for its Market on Close assessment process for CIF NWE naphtha cargo crack derivatives.

The MOC process for CIF NWE naphtha cargo derivatives is facilitated through the Platts Editorial Window, or eWindow, communication tool. Participants in the MOC process for this market are able to submit bids and offers for publication directly through the eWindow tool, or through an editor, who would then publish bids and offers using the software.

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

The following timing and increment guidelines would apply for CIF NWE naphtha cargo outright crack derivatives and time-spread crack derivatives:

TIMING: All bids and offers that are submitted directly through the eWindow tool will have to be submitted by 16:20:00 London time for outright crack derivatives and 16:15:00 for time-spread crack derivatives. For market participants that choose to communicate bids and offers for publication to a Platts editor for publication, the cut-off will be 16:15:00 London time for both outright and time-spread crack derivatives to ensure sufficient time to analyze the information before publication.

Following any trade, market participants who are submitting information directly through the eWindow tool will have 30 seconds to rebid or reoffer; market participants that choose to communicate information for publication through a Platts editor will continue to have 60 seconds to rebid or reoffer.

Market participants who are submitting information directly through the eWindow tool will be able to make price changes up to the close of the MOC process at 16:30:00 London time; for those that choose to communicate information for publication through a Platts editor, no price changes will be allowed in the final two minutes prior to the close.

Additionally, a rebid or re-offer following a trade in the last 20 seconds prior to the close of the MOC process would continue to trigger a 60-second extension period, in order to adequately test that bid or offer. This applies to both market participants who are submitting information for publication directly through the eWindow tool and those who choose to communicate such information to a Platts editor for publication.

INCREMENTABILITY: Bids and offers may be improved by a maximum of 15 cents/b every 20 seconds for those who are submitting information directly through the eWindow tool; and a maximum of 15 cents/b per 60 seconds for those who choose to communicate the information to a Platts editor for publication.

As per Platts editorial guidelines, market participants can withdraw a bid or offer from the MOC process at any time, so long as no other potential trading counterparty has indicated interest to buy or sell into the bid/offer.

Please send any questions or feedback to Europe_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.