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

Current Status

Submission
Initial Written Assessment
Assessment Procedure
Report Phase
With Authority
Awaiting Implementation
Implemented

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.

Progression

P377 was raised by the BSC Panel on 13 December who agreed to progress P377 straight to Report Phase. P377 will be sent out for a ten day consultation starting 17 December and will then be presented again to Panel on 10 January for a recommendation.

Next Events

P377 will be presented to the BSC Panel on 10 January 2019 for a reccomendation. The BSC Panel agreed with the Draft Modification Report , this Modification will now be sent to the Authroity for a final decision.

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