Platts, part of S&P Global Commodity Insights, has launched new instruments for European toluene and MX on the Platts Editorial Window, or eWindow, communication tool for the European toluene and MX CIF ARA Market on Close assessment processes effective Dec. 5.

This allows market participants to directly submit bids and offers for CIF ARA on an outright price basis and as spreads over Eurobob FOB ARA gasoline in the European toluene and MX MOC, through the eWindow communication tool or through an editor, who would then publish the information using the software.

The assessments affected are:

Bids and offers for CIF ARA toluene and MX will generate headlines on Platts Petrochemical Alert.

For bids and offers submitted directly through the eWindow communication tool, the cut-off time is 4.05.00 pm London time.

Market participants will be able to improve their bids and offers by a minimum $0.25/mt per 20 seconds and a maximum of $1/mt per 20 seconds right up until the close of the MOC at 4:30:00 pm London time.

Following any trade, there will be 30 seconds to rebid or re-offer.

A one minute extension period will be triggered by any price move or a rebid/re-offer in the 20 seconds prior to the close of the MOC.

Bids and offers submitted through an editor for publication must be received by 4:00:00 pm London time.

Market participants will be able to improve their bids and offers by a minimum of 25 cents/mt per 60 seconds and a maximum of $1/mt per 60 seconds until 4.28.00 pm London time.

A three-minute extension period will be triggered by a rebid/re-offer in the last 20 seconds prior to the close of the MOC.

Full information relevant to these assessments can be found in the European Petrochemicals specifications guide here: https://www.spglobal.com/commodityinsights/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/petchemeuropemethodology.pdf

Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the markets as a whole.

The eWindow provides direct entry and management of credit filters which should mirror those normally applied in the marketplaces.

Where Platts editors publish bids and offers on behalf of a company that submits data to an editor, counterparty credit settings are set to "open" for regular participants in the assessment process unless companies have notified Platts in advance of any restrictions.

If a counterparty submitting information through an editor has not already notified Platts of any counterparty credit restrictions, it should notify Platts at least one hour prior to the start of the MOC if any counterparty credit filters need to be modified.

Please send all feedback and comments to petchems@spglobal.com and 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.