Platts proposes MOC extension for swaps

Platts proposes to introduce an extension for its Market on Close assessment process for swaps in the Asian oil markets with effect from December 1, 2009.

Following the successful introduction of eWindow technology, bids and offers now frequently change in the final moments of the assessment process.

To allow for an adequate test of all bids and offers at the close, Platts proposes to introduce a window extension for any bids and offers that are updated in the final ten seconds of the MOC process. This extension would allow all such bids and offers to stand firm for up to a minute after the close.

Bids or offers may be withdrawn from the Platts assessment process at any time, including during an extension period, providing that no other counterparty has traded with the buyer or seller in the MOC process first.

Please send all comments and questions by November 27, 2009, to asia_products@platts.com and pricegroup@platts.com.