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| PetroExchange is a very powerful, but easy-to-use e-marketplace for both buying and selling petroleum products. On the Exchange page, the e-quivalent of a brick-and-mortar exchange floor, PetroExchange members may initiate buy and sell transactions, respond to transactions and accept appropriate responses to transactions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Initiate a transaction | To initiate a transaction, a member must click the 'new transaction' link on the Transaction Control menu bar. A new window appears that allows the initiator to choose 'manual Buy', 'manual Sell' or transaction based on a 'Use Profile'. If either 'manual Buy' or 'manual Sell' is selected, the user must enter all of the parameters requisite to the transaction, i.e. whether pricing is fixed or floating, delivery site and time, the product, quantity, units (bbl or gal), and the offer type -- either RFQ (Request For Quote) or FP (Fixed Price), commission payer, terminal, and delivery date. If a 'Use Profile'-based transaction is selected, the entry screens will have most or all of the data fields already filled in (except for quantity, price and delivery date). These are filled in from the 'Use Profile' which is a template of a typical transaction for the user. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Viewing transactions | Once a transaction has been initiated, it appears in the 'all transactions' table and in the 'my transactions' table for the user.Other users will see this transaction in their 'all transactions' table unless they are using some filter setting which would suppress it. The transactions in the 'all transactions' table may be filtered by location, product, and quantity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Respond to a transaction | To respond to a transaction, a member must first select the transaction in the 'all transactions' table by clicking the button in the leftmost column. After selecting the transaction, the member presses the 'respond to transaction' link on the 'transactions control menu bar'. This will generate a pop-up window giving the choice of responding 'With Negotiation' or 'W/O Negotiation'. If 'With Negotiation' is chosen, a new window pops up, wherein the responder may counter one or more of the transaction parameters. If 'W/O Negotiation' is chosen, a new window pops up, wherein the responder may enter a price if one is requested (RFQ) or may just agree to the stated transactions terms. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accept a response | To accept a response, that response must be selected from the 'my transactions' table which contains only those transactions (and responses) initiated by the member. After the transaction has been selected, clicking the 'accept response' option in the 'Transaction Control menu bar' closes the transaction. Acceptance of a response to a transaction by the initiator of that transaction constitutes a completed deal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| View the details of a deal | To view the details of his completed deal(s) , (e.g., names, phone numbers, companies and e-mail addresses of both parties to the transaction), the user will select 'view deals' link on the 'Transaction Control menu bar'. Both initiator and responder may view the details of the transaction to which they both are party. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| My Account | The Account consists of a 'Credit Balance' which is funded by a credit card, plus a record of deposits to and charges against that Balance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Setting up the Account |
There are three steps: (1) Registering a credit card with PetroExchange.com (2) Setting the Funding Threshold (3) Setting the Funding Amount. These items may be found by choosing 'your member info' on the exchange page and then selecting 'credit card' and 'account info', respectively under 'Personal Data.' |
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| Funding Threshold, Funding Amount |
To set up your Credit Balance, you must make a
deposit into it by charging an
amount against your registered credit card. The amount that you deposit
becomes the 'Funding Amount
described above.' When you incur transaction fees by making
deals on the exchange, these fees are automatically deducted from
your Credit Balance. When your Credit Balance falls below the
'Funding Threshold', your account will automatically be
augmented by your 'Funding Amount' from your credit card. |
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| A word about setting Funding Threshold and Amount values | Deciding on what values to use for funding amount and threshold values is best done by estimating the number and size (i.e., quantity of product) of transactions you might do per week or per month. You can get an idea of transaction fees associated with various transaction sizes by looking at the fee schedule (menu selection) on the exchange page. So, for example, if you were to estimate that you were going to do three small transactions a week, each with a fee of $10, you might choose to set your Funding Amount at $40 and your Threshold at $10 or $20. At this rate, your charge card would be used approximately once a week. Funding by a larger amount would make this interval longer. Clearly, if you anticipated a larger volume of larger transactions, you would set both values higher. Note that you can edit/change these values at any time. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Transaction | A bid or offer to buy or sell petroleum products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Response | An answer to a transaction offering. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Use Profile | A transaction template with some or all of the entry fields (except for quantity and price) filled in with values that remain essentially the same. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Open Transaction | A transaction to which responses may be made. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Suspended Transaction | A transaction the initiator has decided to take off the market temporarily. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Closed Transaction | A transaction for which a response has been accepted. The transaction is no longer open. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Timed Out Transaction | A transaction that has stayed open past its "open til" date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Linked Transaction | A copy of a transaction that appears in the bottom window next to the response made by the member. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acceptance | Saying "yes" to a response. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accepted Response | A response that has been accepted by the transaction initiator, thereby closing the deal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Codes - One- or two-letter indications of types of transactions and responses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| O | Open transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| R | Response | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| S | Suspended transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CT | Closed transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AR | Accepted Response | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| T | Timed out transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| L | Linked Transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exchange Page Layout | The Exchange Page consists of three areas or sections: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Top: contains the EXIT button | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Middle: contains two menu bars--a 'general' menu bar on top and a 'transaction control' menu bar, two rows deep, below it | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bottom: the activity window in which information, entry pages or tables generated by user menu choices appears | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| When the user selects 'my transactions' or 'all transactions' from the 'transaction control' menu bar, a table of transactions is displayed in the bottom section. If 'all transactions' is selected, the table will contain all of the transactions currently on the Exchange, subject to Filter and/or Sort Order Settings. If 'my transactions' is selected, the table will contain only those transactions and responses initiated by the user. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| leftmost column | In this column are the button controls that are accessed with the mouse pointer to select a particular transaction for processing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| # | A unique transaction identifier. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Status | A one- or two-letter code indicative of the condition of the transaction or response. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Type | Either buy or sell. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product | A description of the product involved in the transaction. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quantity | The amount of product involved in the transaction. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Units | The type of product units used in the transaction. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Terms | May be either 'Request for Quote' or 'Fixed Price'. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Price | Amount per product unit in dollars or relative to OPIS; may be RFQ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expires | A date and time when the transaction no longer will be open. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delivery Date | This may be a fixed date or floating date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delivery Site | Where the product will be delivered, i.e., terminal, pipeline or end user location | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| fee | Transaction fee, which may paid by the buyer or seller, or may be split | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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General
Menu Controls
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| Home | Returns the user to the default or opening Exchange page | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Your Member Info | Provides choice of 'personal data', 'locations' and 'use profiles'. 'Personal data' consists of Name, Address, etc, account data and credit card information. These may be edited as desired. 'Locations' and 'Use Profiles' may be created, updated/edited or deleted. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fee Schedule | Shows transactions fees by gallons or barrels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tutorial | Self-paced learning of the Exchange | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Help | You are currently in 'Help' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| My Transactions | Pressing this menu choice opens a table of all transactions and responses created by the user | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| All Transactions | Opens a table of all Open transactions on the Exchange | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Transaction | There are three choices: Manual Buy and Sell, and with Use Profile. When a member chooses Manual Buy or Manual Sell, a new window will appear into which the user will enter all the requisite parameters to define the new transaction. If the user chooses to initiate the transactions from a Use Profile, he only needs to enter data into those fields which have not been preset. This could be all fields except quantity, price and delivery date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delete Transaction | Permanently removes the selected transaction from the exchange. May only be done by initiator of the transaction. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Respond to Transaction | There are two choices: With Negotiation and W/O Negotiation. When a member chooses With Negotiation, a new window pops up showing the parameters open to negotiation. The choice of W/O Negotiation means the member accepts the elements of the transaction as presented by the initiator. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accept Response | Only the member who initiated the transaction may accept the response to that transaction. Since there may be more than one response, the initiating member must choose which response to accept. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expand Transaction | By choosing an Open transaction in 'All Transactions' or and Open or Closed transaction in 'My Transactions' and clicking Expand Transaction, a window will open show any related responses. Note that the number of associated responses is shown on the 2nd line in the '#' column. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Set Display Order |
Clicking on this selection opens a window which affords the user the opportunity to determine the order in which transactions are displayed. This is accomplished by selecting a sort order and direction for transaction type, product, expiration date and price. Any or all of the columns may be used in the sort. |
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| View Deal | Once a response has been accepted, the initiator and responder may click this control option to view the details of the transaction to which they both are party. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Set Filters | Choosing this option enables a member to create limiting criteria for viewing 'all transactions' or 'my transactions'. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
