Create a Market

Security Note: You need the Allow the user to maintain markets configuration security right in the Marketing user group security rights group for this activity.

Activity Steps

  1. Open the Market/Commodity Editor.
  2. Select the Markets tab.
  3. Right-click in the Markets field group and select New from the menu.
  4. Complete the following fields.
    • Market
    • Code—Example: COMEX
    • Description
  5. To use prompt dates to determine which forward prices to use when actual prices are not available:
    1. Select the Prompt Calendars used to determine the business days for the prompt dates of prices in the price series that use this source market. If prompt calendars are specified for a market, forward prices are determined from prompt dates. For example, if an actual price is not yet available for 3 January, and the prompt date for that price is 5 January, the forward price for 5 January is used. If prompt calendars are not specified for a market, and an actual price is not yet available for 3 January, the forward price for 3 January is used. Select from the calendars defined on the Calendar Editor.
    2. Select the default Non-working Day Behaviour. For non-working days in the specified Prompt Calendars, the default direction in which the prompt date should be moved. For example, 1 January is a non-working day in most calendars. If 1 January is the prompt date for a price in a related price series, 2 January is used as the prompt date (assuming the behaviour is Move Forwards). If any dates need to be moved in the other direction, or not used at all, these dates can be specified on the Move Forwards / Move Backwards tab. Select from:
      • Move Backwards
      • Move Forwards (default)
    3. If any dates are exceptions to the default non-working day behaviour:
      1. Select the Move Backwards / Move Forwards tab.

        If the default Non-working Day Behaviour is Move Forwards, this tab is called Move Backwards. If the default Non-working Day Behaviour is Move Backwards, this tab is called Move Forwards.

      2. Right-click in the table and select New from the menu.
      3. Complete the following fields.
        • Date—Prompt date that is an exception to the default Non-working Day Behaviour.

          If the default Non-working Day Behaviour is Move Forwards, this date is moved backwards if N/A is unchecked. If N/A is checked, the prompt date is not used.

          If the default Non-working Day Behaviour is Move Backwards, this date is moved forwards if N/A is unchecked. If N/A is checked, the prompt date is not used.

        • N/A—Default: Unchecked.
      4. To delete an exception date, right-click the date and select Delete from the menu.
    4. Specify prompts as required:
      1. Select the Prompts tab.

        Table of prompts published by the selected market. If a prompt is selected in a price series, prompt dates are calculated for each effective date in the price series. If the actual price is not yet available for the effective start date in the price series, the price at the prompt date in the forward price series is used.

      2. Right-click in the table and select New from the menu.
      3. Update the Name if required.
      4. Select the prompt Basis from:
        • Offset (default)
        • Day Of Month
        • Day Of Week
        • Last Business Day Of Month
      5. If the basis is Offset, enter the Offset and select the Offset Type from Days (default), Weeks and Months. This offset is added to the price date; therefore, entering 0 is the same as entering no offset. The default offset is 2.
      6. If the basis is Day Of Month, enter the Day Of Month. If the price date is later than the prompt date, MineMarket uses the following month.
      7. If the basis is Day Of Week, enter the Day Of Week. If the price date is later than the prompt date, MineMarket uses the following week.
      8. If the basis is Last Business Day Of Month, enter the Offset. To use the last business day of the month, enter 1. For the second-last day, enter 2 and so on. If the price date is equal to or later than the prompt date, MineMarket uses the # last business day from the following month.
      9. To delete a prompt, right-click the prompt and select Delete from the menu.
  6. Click Save.