WHY SHOULD MY COMPANY TRADE ON THE GLX PLATFORM?
The benefits are simple. GLX provides a more efficient alternative for buying and selling spot LNG cargoes and in the process provides members with access to the “best price on the day” via its online auction and tender processes.
WHAT SERVICES DOES GLX OFFER?
Members will have access to the GLX platform to initiate auctions or tenders to sell or buy spot cargoes of LNG. Members invited to participate in auctions or tenders will also be able to bid in real-time, on a transparent and objective basis.
WHAT FEES DOES GLX CHARGE TO JOIN AND USE THE GLX PLATFORM?
GLX will charge an annual membership fee and a transaction fee when a member transacts on the platform. To encourage widespread support by LNG participants, there will be no charge to join or to trade on the Platform for the first year of Platform operations, commencing 1 April 2017.
WHAT TERMS AND CONDITIONS OF SALE APPLY WHEN AN AUCTION RESULTS IN A CLOSED TRADE?
The terms and conditions of sale are set by the auction initiator. Members invited to bid in an auction do so on the basis that if their bid is successful, they are bound by the terms and conditions of sale set by the auction initiator. The auction initiator may use terms and conditions of sale provided by GLX, or the auction initiator can choose to amend GLX’s terms and conditions of sale.
IS THE IDENTITY OF MEMBERS DISCLOSED WHEN THEY JOIN THE PLATFORM?
The identity of members will be disclosed to other members when they join the platform. This enables other members to determine which parties they would like to conclude transactions on the platform with, and the basis that would occur from a credit perspective.
IS MY IDENTITY DISCLOSED IF I CHOOSE TO BID IN AN AUCTION OR TENDER I HAVE BEEN INVITED TO PARTICIPATE IN?
No. If you lodge a bid the price will be displayed on the platform, but not your identity. Your identity is only disclosed to the auction or tender initiator if your bid is successful and results in a Closed Trade.
WHEN WILL GLX START SIGNING MEMBERS?
GLX is working with a number of major oil and gas companies that have indicated they will become members and we have a strong list of industry participants ready to trial the platform.
WHICH COMPANIES HAVE INDICATED THEY WILL JOIN THE PLATFORM?
These discussions are currently confidential, but we have strong support from a range of sellers and buyers, from smaller players to supermajors and spread between the Asia-Pacific and Atlantic basins.
WHEN WILL TRADING COMMENCE ON THE PLATFORM?
We would expect the platform to be available for live trading later in 2017.
IS GLX A CLEARING HOUSE?
No, GLX is not a clearing house. When an auction or tender results in a Closed Trade a contract is formed directly between the seller and the buyer; GLX is not party to the Closed Trade.
WHO ARE THE SHAREHOLDERS OF GLX?
GLX is currently funded by high net worth independent Australian investors and is owned by those investors, together with GLX management. GLX receives no funding from any LNG producer, consumer or government.
WHAT LNG EXPERIENCE DOES THE GLX TEAM HAVE?
The GLX team has a wealth of experience in the LNG industry. Their core skill sets cover the LNG life-cycle from exploration, development and production through to marketing and trading, including technical, commercial and legal expertise.
IS GLX FOCUSED ON ANY PARTICULAR REGION?
No. GLX is a global platform for all buyers and sellers of spot cargoes of LNG. GLX has offices in Singapore and Australia, and will ultimately launch other offices as demand for GLX’s services grows.
WHICH COMPANIES SUPPORTED GLX IN BUILDING THE PLATFORM?
The GLX platform was built by Excelian, an award-winning technology consultancy which specializes in the financial services and commodities industries. Excelian is owned by Luxoft, a global IT service provider which works with some of the world’s biggest companies. The initial design and development of the user experience prototype was undertaken by Accenture.