P377 Amending Gate Closure references in Market Index Data

Summary

BSC Section T 1.5.3(b)(iii) defines ‘short term’ in relation to Market Index Data as a time period in reference to Gate Closure. Following BSC Modification P342 implemented in November 2017, the deadline for contracts for delivery in a Settlement Period has moved from Gate Closure to the Submission Deadline. P342 did not change the Market Index Definition Statement (MIDS) to reflect this. The 2018 MIDS Review is proposing to amend references of Gate Closure to the Submission Deadline to include trades taken in the hour prior to a Settlement Period in Market Index Data which will impact Market Index Data Providers. This change to the MIDS will need BSC Panel approval in November and approval from the Authority.

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