P377: Amending Gate Closures in Market Index Data
Formal title: Amending Gate Closure references in Market Index Data to include trades up to the Submission Deadline in the Market Index Data Calculations
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.
P377 was raised by the BSC Panel on 13 December who agreed to progress P377 straight to Report Phase. P377 was sent out for a ten day consultation starting 17 December and was then presented again to Panel on 10 January for a recommendation. The BSC Panel unanimously agreed a recommendation that P377 should be approved. P377 was sent to the Authority on 16 January 2019 for a decision. On the 14 March 2019 the Authority approved P377, and will now be implemented five weeks from this date.
P377 was implemented on 18 April 2019.