SUBSCRIBER NOTE: Platts launches implied spreads on eWindow for Cash BFOE partials

Effective September 22, 2017, S&P Global Platts is launching implied spreads functionality on eWindow for North Sea Cash BFOE partials.

This functionality means that bids and offers for outright price Cash BFOE partials, as well as for intermonth Cash BFOE partial spreads, may result in the generation of an additional "implied" bid or offer.

An implied bid or offer represents the value for a specific instrument, as implied by bids and offers for related instruments.

For example, a bid for October Cash BFOE, combined with an offer for the October/November Cash BFOE spread, will generate an implied bid for November Cash BFOE on the eWindow software.

Similarly, a bid for October Cash BFOE, combined with an offer for November Cash BFOE, will generate an implied bid for the October/November Cash BFOE spread on the eWindow software.

Implied bids and offers in the software will not generate published headlines on Platts Global Alert but will be visible through the eWindow communication software.

In the event that an implied bid or offer is traded, the software will generate headlines with the prefix "IMPLIED" and detailing each leg and counterparty of the resultant trades.

An expression of interest to trade with one will result in one or more trades taking place on the instruments underlying the implied bid or offer.

Expressions of interest to trade with an implied bid or offer to an editor may not be published if credit filters do not allow for a "mark interest" to be published.

This functionality will be automatically applied to any bids or offers in the Cash BFOE partials MOC.

For further information, an FAQ document has been made available at the following location:

https://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpe cs/faq-emea-cash-bfoe.pdf

Please send all comments, feedback and questions 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.