ABSTRACT
The introduction of market-on-close (MOC) created something of a boom for the price reporting agency (PRA) industry that is still filtering through in the recent corporate activity in the sector. Two key elements in the MOC methodology represented a real departure for the PRA industry, namely: the time aspect of pricing and the use of a screen for price discovery. MOC brought the price discovery process out of the PRAs' offices and onto the screen. The most notable figure that the PRA sector has produced since Warren Platt, Jorge Montepeque created the MOC methodology while working for Platts in Singapore. In the words of Platts, the MOC approach to methodology operates on the principle that price is a function of time. The guidelines on incrementability are a fixed feature of MOC, although they vary between each different market that Platts assesses.
