CLARIFICATION: Trades reported in MOC process following erroneous bids, offers

S&P Global Platts Market on Close assessment process considers bids and offers that reflect typical trading practices, and are executable under normal conditions.

Where an MOC participant has submitted a bid/offer in error, including instances of an off market value, incorrect time basis or different product, this could result in a trade being reported during the MOC process. In the event that a trade occurs as a result of a manifest error during the MOC process, counterparties should reach out to each other directly to discuss possibilities that include: canceling the trade by mutual agreement, revaluing the trade by mutual agreement, or any other form of resolution that is mutually agreed between both parties.

Counterparties should come to a reasonable mutual agreement swiftly and in a reasonable amount of time. A failure to do so would be deemed a failure to meet Platts guidelines for participation in the MOC process. Upon reaching a mutual agreement, counterparties are to separately and independently inform Platts of the agreed resolution. Trades reported outside of the observed market range may not be reflected in Platts assessments and these may appear in published Exclusions as part of the daily assessment. Trades reported in the MOC process may be subject to Platts editorial review to ensure market practices and performance in the transaction have been followed.

A failure to meet Platts guidelines for participation and performance in the MOC process may lead to an event-driven review. Event-driven reviews are designed to help ensure that transactional information and other data inputs used as the basis for Platts price assessments are representative of market value on an ongoing basis.

Please send all comments, feedback and questions to 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.