GLX is an online trading platform that allows members to buy or sell physical cargoes of LNG. The platform also enables members to bid on offers to sell or requests to purchase initiated by other members.
HOW THE PLATFORM WORKS
- The platform offers members the choice of an online auction system or an online tender system to buy or sell physical cargoes of LNG.
- Auctions or tenders on the platform may be initiated by sellers (Offer to Sell) or buyers (Request to Purchase) for single cargo lots.
- The initiator of an auction or tender sets the commercial terms and invites only those other members of GLX to its auction or tender that it is prepared to transact with.
- Each auction or tender takes place on a date selected by the initiator and is conducted over a 1 hour period from 4pm to 5pm (UTC or UTC +8).
- Bidding in an auction or tender is anonymous, and invited participants are able to bid and re-bid.
- Each trade on the GLX platform is objectively determined by the best price in US$/MMBtu.