Platts to launch Asia swaps MOC extension December 1

Further to its November 10, 2009, subscriber note proposing to introduce an extension for its Market on Close assessment process for swaps in the Asian oil markets, Platts plans to implement the extension with effect from December 1, 2009.

This extension will initially allow all bids and offers that are repeated -- following a trade -- in the final ten seconds of the assessment process 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Bids or offers may be withdrawn from the Platts assessment process at any time, including during an extension period, providing that no other counterparty has traded with the buyer or seller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.

Platts will continue to review the potential to introduce the extension for all bids and offers updated in the final ten seconds of the assessment process, including those that result from bids and offers being improved upon.

Please send all comments and questions to asia_products@platts.com and pricegroup@platts.com.