Governance

Version 1.0
Last Updated: August 2019

Spark Principles:

Our Contracts:

3 step process to Spark contract creation:

  1. Market Engagement and Contract Design: extensive conversations/meetings with market participants and brokers to assess demand and preferred contract specifications.
  2. Contract Testing:
    • Release of contract for testing with brokers: feedback received and contract refined where needed.
    • Release of contract for market acceptance testing in form of trial period.
  3. Contract Implementation: launch of contract after completion of contract testing phase with all contract specifics made available to all users via the platform.

Who can submit data?

What are the requirements for Brokers to contribute and how does Spark ensure they reflect the market?

Price Assessments and Data:

How do we assess Spark prices and how can I submit?

Verification of Submitted data:

Order of importance for collated data informing the Spark Price Assessment:

Broker assessments will be primarily be based on the following types of data (in descending order of importance). However price assessments will take into account the lack of standardisation and current lack of liquidity in the LNG freight market.

  1. Concluded Transactions
  2. Bids and Offers
  3. Other Market Information

Assessment guidelines:

Corrections to assessments:

Spark will on occasion publish corrections to price assessments after the publication date. These errors may arise from clerical mistakes or miscalculation errors amongst other things. Spark will not allow retrospective submissions after the price assessment window has closed.

Spark Governance:

Ethics and compliance:

Review of methodology:

Changes to methodology:

Complaints Procedure:

Data Security and Confidentiality:

Audit:

Alignment with IOSCO Principles:

Our methodology, governance process and data policies are aligned to IOSCO principles. Please find the link to the relevant IOSCO principles here.