Platts to launch Asian paraxylene derivatives eWindow Oct 14

Platts, part of S&P Global Commodity Insights, will launch the Platts Editorial Window communication tool for the Asian paraxylene derivatives CFR Taiwan/China Market on Close assessment process effective Oct. 14, 2022.

Participants in the MOC will be able to submit outright and time spread bids and offers for publication directly through the eWindow communication tool, or through an editor who would then publish bids and offers using the software.

The eWindow instruments available will be for six forward months and two quarters.

For example in October, market participants will be able to submit outright bids and offers for November 2022 to April 2023, Q1 2023 and Q2 2023 through the eWindow communication tool. Participants will also be able to submit time spread bids and offers for Nov 22/Dec 22, Dec 22/Jan 23, Jan 23/Feb 23, Feb 23/Mar 23 and Mar 23/Apr 23, as well as Q1 23/Q2 23.

Bids, offers and trades will generate headlines on Platts Petrochemical Alert page 5 and via other Platts services.

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

TIMING: All outright and time spread bids and offers must be submitted by 16.00.00 Singapore time.

INCREMENTABILITY: Outright bids and offers may be improved at a minimum of 50 cents/mt and a maximum of $1/mt in a minimum of 30 seconds; Time spread bids and offers may be improved at a minimum of 25 cents/mt and a maximum of $1/mt in a minimum of 30 seconds.

REPEATABILITY: Maximum of 30 seconds to repeat a bid or offer following a trade.

FINAL STATE: None. Price changes can be made up to the close of the MOC at 16.30.00 hours Singapore time.

EXTENSION: Price changes, or a rebid or reoffer in the last 30 seconds will trigger a 60-second extension period in order to adequately test that bid or offer.

As per Platts editorial guidelines, market participants can withdraw their bids/offers at any time, provided no prior interest to transact has been expressed by any potential counterparty. All bids and offers are firm from the moment they are submitted through the eWindow tool to the moment they are traded, the MOC ends or the bid/offer is withdrawn from the system by the trader or a Platts editor.

Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the markets as a whole.

The eWindow provides direct entry and management of credit filters, which should mirror those normally applied in the marketplaces.

Where Platts editors publish bids and offers on behalf of a company that submits data to an editor, counterparty credit settings are set to "open" for regular participants in the assessment process unless companies have notified Platts in advance of any restrictions.

If a counterparty submitting information through an editor has not already notified Platts of any counterparty credit restrictions, it should notify Platts at least one hour prior to the start of the MOC if any counterparty credit filters need to be modified.

Guidelines for the publication of bids and offers in the MOC are available in the Platts Petrochemicals timing and increments guidelines, available here: https://www.spglobal.com/commodityinsights/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/petrochemicals-timing-increment-guidelines.pdf.

Full information relevant to these assessments can be found in the Asia-Pacific Petrochemicals guide here: https://www.spglobal.com/platts/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/asia_pacific_petrochemicals.pdf.

Please send all feedback and comments to petchems@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if they 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.