Press Release
gC Index Methodology- Proposed change effective from 3rd October 2022
We would like to you to inform of a proposed change to gC NEWC, gC RB, gC DES ARA and gC INDO index methodology that will be implemented on 3rd October 2022.
The minor change relates to the qualifying criteria for bids and offers that are placed within the spot months of the trading platform. Currently firm bids and offers for any delivery period within the prompt 3 months following the current calendar month are included in the index qualification criteria for the gC NEWC and gC DES ARA indices and prompt 2 months following the current calendar month for the gC RB and gC INDO indices.
We intend to update the methodologies so firm bids and offers qualify if they are placed within the prompt 3 months following the current Index Month for the gC NEWC and gC DES ARA indices and prompt 2 months following the current Index Month for the gC RB and gC INDO indices.
This change means the qualifying criteria for bids and offers matches those of trades at the end of a month where the qualifying spot months roll on an index as opposed to calendar basis. An example related to the gC NEWC and gC DES ARA indices is provided below
Current index methodology
Thursday 25th August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of September, October, November
- Bids and offers qualify if they are placed in the spot months of September, October, November
Friday 26th August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of September, October, November
- Bids and offers qualify if they are placed in the spot months of September, October, November
Monday 29th August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of October, November and December
- Bids and offers qualify if they are placed in the spot months of September, October, November
Tuesday 30th August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of October, November and December
- Bids and offers qualify if they are placed in the spot months of September, October, November
Wednesday 31st August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of October, November and December
- Bids and offers qualify if they are placed in the spot months of September, October, November
Thursday 1st September 2022
- Trades qualify if the transaction is for coal delivered in the spot months of October, November and December
- Bids and offers qualify if they are placed in the spot months of October, November and December
Updated index methodology
Thursday 25th August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of September, October, November
- Bids and offers qualify if they are placed in the spot months of September, October, November
Friday 26th August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of September, October, November
- Bids and offers qualify if they are placed in the spot months of September, October, November
Monday 29th August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of October, November and December
- Bids and offers qualify if they are placed in the spot months of October, November and December
Tuesday 30th August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of October, November and December
- Bids and offers qualify if they are placed in the spot months of October, November and December
Wednesday 31st August 2022
- Trades qualify if the transaction is for coal delivered in the spot months of October, November and December
- Bids and offers qualify if they are placed in the spot months of October, November and December
Thursday 1st September 2022
- Trades qualify if the transaction is for coal delivered in the spot months of October, November and December
- Bids and offers qualify if they are placed in the spot months of October, November and December
We shall also update the definition of ‘Listed Public Holiday’ in the following index methodologies.
The index methodologies provide that orders and trades which take place on certain days (bank holidays) do not qualify for inclusion in the indices. For gC NEWC, gC RB and gC DES ARA, the days are certain UK bank holidays defined as New Year’s Day, Easter Friday, Easter Monday, Christmas Day and Boxing Day. This definition shall be updated to ensure that the non-index qualifying days are the relevant bank holidays rather than the feast days themselves (e.g. the Monday, 28 December 2021 Boxing Day holiday rather than the Saturday, 26 December Boxing Day).
Current index methodology
‘Listed Public Holidays’ do not qualify for inclusion in the Index calculation. They are defined here as New Year’s Day, Easter Friday, Easter Monday, Christmas Day and Boxing Day.
Updated index methodology
‘Listed Public Holidays’ do not qualify for inclusion in the Index calculation. They are the following national public holidays in England, as published by the UK government: defined here as New Year’s Day, Easter Friday, Easter Monday, Christmas Day and Boxing Day
The amended methodologies are below. The new versions for all indices shall be published on the globalCOAL website on 3rd October 2022:
Kind regards
globalCOAL®
Tel: +44(0)20 7776 5917
Fax: +44(0)20 7776 5902
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