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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:

gC NEWC

gC RB 

gC DES ARA

gC INDO

Kind regards

 

globalCOAL®

Tel:   +44(0)20 7776 5917

Fax:  +44(0)20 7776 5902

www.globalcoal.com

 


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Market Dojo’s sourcing solution selected by Global Commodities Holdings Limited to extend online commodity trading to a wider audience

 

UK, Bristol - 15th February 2022 - Market Dojo, a UK based SaaS procurement software provider, has announced its sourcing solution has been selected by Global Commodities Holdings Limited (GCHL) to enable the online trading of non-standardised commodities in response to customer demand.

 

GCHL will utilise Market Dojo’s sourcing solution to host eAuctions on behalf of their market participants, outside of their existing standardised coal offering, which is tradeable on “globalCOAL”, their online trading platform. The eAuction functionality provides GCHL with the opportunity to offer a greater diversity of coal types, as well as other commodities, such as gas, oil, biofuels, metals and soft commodities that can be traded by a wider audience, yet follow a consistent online process.

 

The sourcing process provides transparency and the ability to adhere to compliance requirements throughout as well as providing auditability. Flexibility within the eAuction functionality is available in who is invited to participate, whether that be a specific audience or GCHL’s wider customer network.

 

GCHL will continue to offer the 21 different standardised coal types via their own online trading platform, underpinned by their Standard Coal Trading Agreement (SCoTA), which enables participants to know exactly what they are buying as the product specifications and the T&Cs are standardised. GCHL will also have the ability to assess demand and liquidity of products offered on the eAuction platform with a view to potential standardisation of further products.

 

Alun Rafique, CEO and Co-Founder, Market Dojo said: “We’re pleased to fulfil Global Commodities Holdings Limited’s requirements in extending their product offering to a wider audience and with a streamlined process. With a global reach, efficient and consistent processes are essential for saving time and our sourcing solution complements their existing online trading platform to enable them to start trading additional products quickly and easily.”

 

Martin Abbott, CEO of Global Commodities Holdings Limited, said: “In the software space, buy versus build is always an internal debate. The vast functionality and the flexibility of Market Dojo’s eAuction platform, coupled with years of continued development and investment, made this decision for us very straightforward. We are delighted to be able to extend our product offering to our customers and new market participants, who will quickly benefit from buying and selling non-standardised grades of physical commodities, backed by the reassurance of a flexible and fully compliant platform.”

To learn more about Market Dojo’s sourcing solution, or how any of their additional supplier engagement solutions can help your business, get in touch with a member of the team today at info@MarketDojo.com

- End -

About Market Dojo

Market Dojo helps procurement professionals worldwide solve inefficient sourcing and supplier management processes by digitalising these activities quickly and easily. More flexible and cost-effective than legacy software and more effective than emails and spreadsheets, Market Dojo empowers procurement professionals to control their costs, mitigate risk and centralise data. Unlike other software providers, Market Dojo provides transparent, on-demand pricing and enables the platform to be entirely self-service. With free access, users can make informed decisions before they commit. To find out more, visit MarketDojo.com and follow Market Dojo on LinkedIn.

 

About Global Commodities Holdings Limited

Global Commodities Holdings Limited provides a venue for online trading of thermal and metallurgical coal. Its standard specifications and delivery terms and conditions (SCoTA®) enable quick and efficient transactions, whether online or offline. The reliable and objective data its trading platform generates has helped bring much needed transparency and price visibility in the seaborne thermal and metallurgical coal markets. For more information, please visit www.globalcoal.com.

 

Media Enquiries

Jenny Burt, Head of Marketing & PR, Market Dojo

Email: Jennifer.Burt@MarketDojo.com Tel: +44(0)117 230 9200

 

Laurence Poloni, Market Manager, London, globalCOAL

Email: Laurence.poloni@globalcoal.com, Tel: +44 (0)20 7776 5910

 

Richard Richardson, Head of Asia, Singapore, globalCOAL

Email: Richard.Richardson@globalcoal.com, Tel: +65 6311 4570

 

Alison Ellmann, Marketing and Communications, London, globalCOAL

Email: Alison.ellmann@globalcoal.com Tel: +44 (0)20 7776 5905


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