Open consultation on calculation of averages on the Fastmarkets platform

This consultation will be open until Tuesday January 24, 2023, with changes, if confirmed, due to be implemented from Wednesday February 1, 2023.

Currently, the average function, when used for assessments, calculates the midpoint of the monthly average high assessment and monthly average low assessment. To align with market convention, Fastmarkets proposes to change the platform average function to represent the monthly average of the midpoint of each pricing session during the month.

The same method will apply to quarterly and annual averages.

Although the new platform average function calculation may result in a difference of +/- 0.01 when calculating averages to two decimal places, it will typically be no higher or lower. No average will be changed in retrospect.

This six-week open consultation begins on Tuesday December 13 and will close on January 24, 2023.

Please send responses in writing, preferably in electronic format, to pricing@fastmarkets.com. Please add the subject heading ‘FAO Chris Ellis re: average pricing consultation.’ Please specify whether your response is confidential. Opinions offered in confidential responses may be referenced but will not be attributed in any way.

Fastmarkets will publish the outcome of this consultation by Friday January 27, 2023, including a summary of any feedback – except for those responses marked as confidential.

To see all Fastmarkets’ pricing methodology and specification documents, please visit this link.