TRADING ON GLX
GLX is a membership based platform. Membership of GLX is open to companies or partnerships that buy or sell physical cargoes of LNG. There is no cost to join GLX or Trade on GLX platform prior to 1 April 2018.
The GLX 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.
The GLX Membership and Trading Rules govern the processes for transacting on the platform.
If a trade results in closed trade then under the trading rules a contract is formed between the trade initiator and the successful bidder.
GLX is not party to the transaction, with all performance and payment obligations remaining with the trade initiator and successful bidder. View Trading Structure.
TRADING HOURSThe date on which an auction or tender takes place is selected by the initiator of the trade. On the selected date bidding opens at 4pm and closes at 5pm in the time zone selected by the initiator, which may be with UTC time or UTC + 08:00 time.
GLX will operate its online LNG platform in Singapore through GLX Pte Ltd (UEN : 201605068K) a Singapore-incorporated company. After discussions with International Enterprise Board Singapore (IE Singapore), and based on the duration of contracts that can currently be traded via GLX’ LNG platform, GLX has received clearance that it does not require a licence under the Commodity Trading Act (Chapter 48A of Singapore) (CTA) as a commodity market dealing in “commodity forward contracts”. GLX has also received confirmation from IE Singapore that it is exempt from licensing as a spot commodity broker.
GLX is in the process of submitting a further application to the relevant regulators in Singapore to operate a forward LNG market based in Singapore. This further application, if successful, will allow GLX to offer its members the ability to trade longer dated physical contracts on the GLX online LNG platform. Members are also reminded to assess for themselves and if necessary consult their own professional advisers as to whether they are required to hold any licence under the CTA and whether they may rely on any licensing exemptions in the Schedule to the CTA.