S&P Global Platts plans to launch the Platts Editorial Window, or eWindow, communication tool for its Los Angeles pipeline gasoline and diesel Market on Close assessment process on April 15, 2021. As part of this launch, Platts proposes to change the timing and increment guidelines for the MOC process, also with effect from April 15.
Following the launch, 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.
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.
Under the proposed change, the maximum price increment for bids and offers during the MOC process for these markets would change to $0.0025/gal every 30 seconds, from $0.0025/gal every 60 seconds currently. Market participants would have 30 seconds to repeat a bid or offer following a trade, compared with the current 60 seconds. No more price changes would be allowed after 1:29:00.000 pm Central Time, from 1:28:00:00 pm CT currently.
In addition, any repeat of a bid or offer in the last 20 seconds prior to the 1:30 pm CT market close would trigger an extension state that would last one minute after the close. Currently, any repeat of a bid or offer in the last 30 seconds prior to the 1:30 pm CT market close triggers an extension state that would last two minutes.
The proposed timing and increment changes will take effect with the launch of eWindow instruments for Los Angeles pipeline in CARBOB and suboctane gasoline and their premium gasoline counterparts, as well as CARB diesel and ULSD (EPA) assessments.
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