Market Orders and Bids
Market orders offer product to a partner or authorized Buyer at the Seller’s offered price. Once the Buyer places the order and other requirements are met, the trade is matched and becomes final. Bids are used by partner or authorized Buyers to submit a price lower than the Seller’s offer. If the Seller allows, the trade will match and become final when the offer price comes down to the Buyer’s bid price and the Seller’s requirements are met. The Seller also has the option to manually accept the bid.
Prompt Offers and Forward Offers
Prompt offers represent a Seller’s offer to partner Buyers on currently available products at a currently published price. Buyers can place a market order or submit a bid on a prompt offer to obtain the product that they need now. Forward offers represent a Seller’s offer to partner Buyers on products that will be available on specified months, for up to 12 months out. Buyers can place a market order or submit a bid on a forward offer to obtain the product that they expect to need in the future.
Getting Started on the Exchange
Once you have signed an agreement with your DTN Sales Account Representative, DTN Exchange Support will work with you to get you up and running. We will show you how to define the products you want to offer and the terminals where those products can be lifted. We will help you set up transaction terms and class of trade differentials. We will show you how to create pricing rules and activate offers. We will also show you how to monitor bids and trades, and accept bids — all through the DTN Exchange.
And when you are ready, we will contact the Buyers with which you want to partner and help them with set up training also.