S&P Global Platts has changed the timing and increment guidelines for its FOB Singapore gasoline derivatives Market on Close process to allow a maximum price move of 10 cents/b per 20 seconds from Dec. 1, 2021, from 10 cents/b per 30 seconds previously. This will bring it in line with the FOB Singapore physical gasoline cargo MOC process.
In addition, Platts has shortened the time allowed for participants to repeat a bid or an offer following a trade to 30 seconds, from 60 seconds previously.
Platts first proposed this change in a subscriber note published Sept. 20: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/092021-platts-proposes-to-change-timing-increment-guidelines-for-singapore-gasoline-derivatives-moc
In the MOC process for FOB Singapore gasoline derivatives, all time-spread bids and offers will continue to need to be submitted by 16.15.00 hours Singapore time, and all outright bids and offers will need to be submitted by 16.20.00 hours Singapore time. A 60-second extension would still be triggered by any price move or a rebid/re-offer in the last 10 seconds prior to the close of the MOC at 16:30:00 Singapore time.
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. Guidelines for the publication of bids and offers in the MOC process are available in the Platts Oil Timing and Increment Guide, available here: http://plts.co/fPWe30rAZxQ.
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