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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
The Energy Institute (EI) held the first meeting of its newly formed GTC (Genera ...
The Energy Institute (EI) held the first meeting of its newly formed GTC (General Terms and Conditions) Hydrocarbon Trading Committee on 5 October. The Committee will help develop and maintain voluntary standard GTCs for hydrocarbon physical trades on behalf of the wider trading community.
The EI is providing coordination and technical support to the Committee through an independent Chairman (Chris Moorhouse) and Secretary (Paul Harrison). Reed Smith Richards Butler (RSRB), who instigated the initiative, is providing expert legal advice.
The Committee currently has eight members, comprising oil companies and trading companies. However, membership is open to all those involved in hydrocarbon physical trades and new members are welcome.
The objectives of the Committee are:
To develop commercially neutral model physical hydrocarbon trading contracts through the involvement and consensus of a representative section of the trading community.
To publish the model GTCs as they are developed.
To maintain those GTCs and to develop additional standard documents as required to meet market needs.
These voluntary GTCs will aim to ensure a clear and full allocation of legal liability for all reasonably foreseeable events which may occur during the course of the contract. Adoption of these GTCs should:
Facilitate contract certainty for traders operating in this market and reduce transaction costs which arise if clauses have to be negotiated for individual deals.
Facilitate moves towards electronic deal confirmation.
Remove potential barriers to trades, leading to increases in volumes.
The Committee has already established links with the International Swaps and Derivatives Association (ISDA) and the Leadership for Energy Automated Processing (LEAP) initiative to ensure seamless coordination.
To find out more, please contact the Committee Secretary, Paul Harrison, at e: melvcon@aol.com
The EI is providing coordination and technical support to the Committee through an independent Chairman (Chris Moorhouse) and Secretary (Paul Harrison). Reed Smith Richards Butler (RSRB), who instigated the initiative, is providing expert legal advice.
The Committee currently has eight members, comprising oil companies and trading companies. However, membership is open to all those involved in hydrocarbon physical trades and new members are welcome.
The objectives of the Committee are:
To develop commercially neutral model physical hydrocarbon trading contracts through the involvement and consensus of a representative section of the trading community.
To publish the model GTCs as they are developed.
To maintain those GTCs and to develop additional standard documents as required to meet market needs.
These voluntary GTCs will aim to ensure a clear and full allocation of legal liability for all reasonably foreseeable events which may occur during the course of the contract. Adoption of these GTCs should:
Facilitate contract certainty for traders operating in this market and reduce transaction costs which arise if clauses have to be negotiated for individual deals.
Facilitate moves towards electronic deal confirmation.
Remove potential barriers to trades, leading to increases in volumes.
The Committee has already established links with the International Swaps and Derivatives Association (ISDA) and the Leadership for Energy Automated Processing (LEAP) initiative to ensure seamless coordination.
To find out more, please contact the Committee Secretary, Paul Harrison, at e: melvcon@aol.com
News Item details
Region: UK
Organisation: Energy Institute
Subjects: Banking, finance and investment, Trading, Economics, business and commerce, Allocation, Oil
