S&P Global Platts will change the timing and increment guidelines for its Europe Bunkers Market on Close assessment process with effect from Oct. 14, in line with plans to launch the Platts Editorial Window (eWindow) communication tool in the market at the same time.
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Following the eWindow launch in the market Oct. 14, participants in the Platts MOC process will be able to submit bids and offers for publication directly through the eWindow software or through an editor, who would then publish bids and offers using the software.
The decision follows a proposal note published on Aug. 19, which can be found here: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/081921-platts-proposes-changing-moc-timings-for-european-bunker-assessments-for-ewindow-launch
The eWindow launch will apply to the assessments: Platts Bunker 380 CST 3.5% Dlvd Rotterdam (PUAFN00), Platts Bunker 380 CST 3.5% Dlvd Algeciras (PUAFA00), Platts Bunker 380 CST 3.5% Dlvd Gibraltar (AAKAB00), Platts Bunker 380 CST 3.5% Dlvd Piraeus (PUAFL00), Platts Bunker MF 0.5% Dlvd Rotterdam (MFRDD00), Platts Bunker MF 0.5% Dlvd Algeciras (MFAGD00), Platts Bunker MF 0.5% Dlvd Gibraltar (MFGBD00), Platts Bunker MF 0.5% Dlvd Piraeus (MFPRD00), Platts Bunker MGO 0.1% Dlvd Rotterdam (AARTG00), Platts Bunker MGO 0.1% Dlvd Algeciras (AARSH00), Platts Bunker MGO 0.1% Dlvd Gibraltar (AARSU00).
Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC process, in order to ensure an orderly and transparent price assessment process.
In the MOC process for Platts Europe Bunkers, all outright bids and offers will continue to have to be submitted by 16.05.00 hours London time, and all manually placed outright bids and offers would have to be submitted to the editor by 16.00.00 hours London time.
Under this decision, bids or offers can be improved by a maximum of $1/mt per 20 seconds, compared with a maximum of $1/mt every 60 seconds currently.
Following any trade, there would be 30 seconds to rebid or reoffer, compared with 60 seconds currently.
Under this decision, price changes can be made up to the close of the MOC process at 16.30.00 hours London time.
Currently, no prices changes are allowed in the last two minutes prior to the close.
Additionally, price move increments can be adjusted by a minimum of $0.50/mt.
A rebid or reoffer following a trade in the last 20 seconds prior to the close of the MOC process would continue to trigger a 60-second extension period, in order to adequately test that bid or offer.
Indications submitted manually by an editor will follow existing manual increments and timings for European bunkers.
Specifically, bids or offers can be improved by a maximum of $1/mt every 60 seconds, and no price changes are allowed in the last two minutes prior to the close.
Manual rebids and reoffers must be expressed to the editor within 60 seconds of the original trade.
Guidelines for the publication of bids and offers in the MOC process are available in the Platts Oil Timing and Increment Guide, available here: https://www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/oil-timing-increment-guidelines.pdf
Please send any feedback or questions to PL_Residualfuelseurope@spglobal.com and firstname.lastname@example.org by Oct. 13.
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