SUBSCRIBER NOTE: Guidelines for 3.5% CIF Med/3.5% FOB Med derivatives on eWindow from September 16

Effective September 16, S&P Global Platts intends to launch 3.5% CIF Med/3.5% FOB Med fuel oil derivatives in the eWindow communication tool for its Market on Close assessment process. From that date, Platts will publish bids, offers and intentions to trade in its MOC process for 3.5% CIF Med/3.5% FOB Med fuel oil derivatives on the eWindow platform. Indications from market participants received by Platts via instant messenger, telephone or other acceptable means will also be published on eWindow.

Certain guidelines that are applied to publishing bids, offers and intentions to trade during the MOC process will be updated to reflect efficiencies associated with the addition of eWindow as a communication tool, which are summarized below:

TIMING: The cut-off for placing bids or offers each day in eWindow will be 16:20:00 London time. For entities that choose to communicate bids and offers for publication to a Platts editor, the cut-off will remain 16:15:000 London time to ensure sufficient time to analyze information before publication.

INCREMENTABILITY: Bids and offers may be improved by up to $1/mt every 20 seconds. Repeat bids and offers should be communicated through eWindow within 30 seconds of a transaction being reported. For entities that choose to communicate bids and offers for publication to a Platts editor, the manual incrementability rule of up to $1/mt per 60 seconds will apply.

BID/OFFER FREEZE: For bids and offers published using the eWindow communication tool, there will be no price freeze, meaning that prices may change until the close of the MOC process at 16:30:00 London time. As previously, any bid or offer may be withdrawn so long as no interest to trade has been expressed. For entities that choose to send bids and offers for publication to a Platts editor through other communication tools, a freeze of two minutes after 16:28:00 London time will remain.

EXTENSION: To further test the repeatability of a transaction, when a price change or repeat bid/offer is communicated to Platts between 16:29:40 and 16:30:00, a one-minute extension will apply for those repeated indications, with a market close extended to 16:31:00:999.

MOC CONTACT DETAILS: Market participants may find the following contact details useful for the MOC: Telephone: +44 (0)20 7176 6213, ICE IM: Platts_EMEA_FOSwaps, Email: *PL_Residualfuelseurope@spglobal.com